[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 287 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                 S. 287

  To amend the Internal Revenue Code of 1986 to provide for the full 
  deduction allowable with respect to income attributable to domestic 
             production activities, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 21, 2009

  Mr. Inhofe introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to provide for the full 
  deduction allowable with respect to income attributable to domestic 
             production activities, and for other purposes.

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

SECTION 1. ACCELERATION OF PHASEIN OF DOMESTIC PRODUCTION ACTIVITIES 
              DEDUCTION.

    (a) In General.--Subsection (a) of section 199 of the Internal 
Revenue Code of 1986 (relating to allowance of deduction) is amended to 
read as follows:
    ``(a) Allowance of Deduction.--There shall be allowed as a 
deduction an amount equal to 9 percent of the lesser of--
            ``(1) the qualified production activities income of the 
        taxpayer for the taxable year, or
            ``(2) taxable income (determined without regard to this 
        section) for the taxable year.''.
    (b) Conforming Amendment.--Paragraph (2) of section 199(d) of such 
Code is amended by striking ``subsection (a)(1)(B)'' and inserting 
``subsection (a)(2)''.
    (c) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2008.

SEC. 2. RESTORATION OF FULL DOMESTIC PRODUCTION ACTIVITIES DEDUCTION 
              FOR OIL RELATED PRODUCTION ACTIVITIES.

    (a) In General.--Section 401 of the Energy Improvement and 
Extension Act of 2008 is repealed.
    (b) Effective Date; Administration of Code.--
            (1) Effective date.--The repeal made by this section shall 
        apply to taxable years beginning after December 31, 2008.
            (2) Administration of code.--The Internal Revenue Code of 
        1986 shall be applied and administered as if section 401 of the 
        Energy Improvement and Extension Act of 2008, and the 
        amendments made by such section, had not been enacted.
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