S. 3279 – Reading Mode

110th CONGRESS

2d Session

S. 3279

IN THE SENATE OF THE UNITED STATES

July 17, 2008

Mr. Gregg (for himself and Mr. Sununu) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To provide funding for the Low-Income Home Energy Assistance Program, and to amend the Internal Revenue Code of 1986 to deny the deduction for income attributable to domestic production of oil, gas, or primary products thereof for major integrated oil companies.

Short title

This Act may be cited as the Home Energy Assistance Today Act.

Low-income home energy assistance appropriations

In addition to any amounts appropriated under any other provision of Federal law, there is appropriated, out of any money in the Treasury not otherwise appropriated, for fiscal year 2008—

(1)

$1,265,000,000 (to remain available until expended) for making payments under subsections (a) through (d) of section 2604 of the Low-Income Home Energy Assistance Act of 1981 (42 U.S.C. 8623); and

(2)

$1,265,000,000 (to remain available until expended) for making payments under section 2604(e) of the Low-Income Home Energy Assistance Act of 1981 (42 U.S.C. 8623(e)), notwithstanding the designation requirement of section 2602(e) of such Act (42 U.S.C. 8621(e)).

Denial of deduction for major integrated oil companies for income attributable to domestic production of oil, gas, or primary products thereof

(a)

In general

Subparagraph (B) of section 199(c)(4) of the Internal Revenue Code of 1986 (relating to exceptions) is amended by striking or at the end of clause (ii), by striking the period at the end of clause (iii) and inserting , or, and by inserting after clause (iii) the following new clause:

(iv)

in the case of any major integrated oil company (as defined in section 167(h)(5)(B)), the production, refining, processing, transportation, or distribution of oil, gas, or any primary product thereof during any taxable year described in section 167(h)(5)(B).

(b)

Primary product

Section 199(c)(4)(B) of such Code is amended by adding at the end the following flush sentence:

For purposes of clause (iv), the term primary product has the same meaning as when used in section 927(a)(2)(C), as in effect before its repeal.

(c)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2008.