I 112th CONGRESS 2d Session H. R. 4816 IN THE HOUSE OF REPRESENTATIVES April 25, 2012 Mr. Tierney (for himself, Mr. Bishop of New York, Mr. Courtney, Mr. George Miller of California, Mr. Hinojosa, Mr. Levin, Mr. Stark, Mr. Kildee, Mr. Peters, Ms. Chu, Ms. Sewell, Mr. Pascrell, Mr. Holt, and Ms. Slaughter) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To amend the Higher Education Act of 1965 to extend the reduced interest rate for Federal Direct Stafford Loans, and for other purposes.

1.

Short title

This Act may be cited as the Stop the Rate Hike Act of 2012.

2.

Interest rate extension

Section 455(b)(7)(D) of the Higher Education Act of 1965 (20 U.S.C. 1087e(b)(7)(D)) is amended— (1)in the matter preceding clause (i), by striking and before July 1, 2012, and inserting and before July 1, 2013,; and (2)in clause (v), by striking and before July 1, 2012, and inserting and before July 1, 2013,.

3.

Deduction for income attributable to domestic production activities not allowed with respect to oil and gas activities of major integrated oil companies

(a)

In general

Subparagraph (A) of section 199(d)(9) of the Internal Revenue Code of 1986 is amended by inserting (9 percent in the case of any major integrated oil company (as defined in section 167(h)(5))) after 3 percent. (b)

Effective date

The amendment made by subsection (a) shall apply to taxable years beginning after the date of the enactment of this Act.