[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 3279 Introduced in Senate (IS)]







110th CONGRESS
  2d Session
                                S. 3279

 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.


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                   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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

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

SEC. 2. 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)).

SEC. 3. 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.
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