[Congressional Record Volume 154, Number 129 (Thursday, July 31, 2008)]
[Senate]
[Page S7978]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 5258. Mr. GREGG submitted an amendment intended to be proposed by 
him to the bill S. 3268, to amend the Commodity Exchange Act, to 
prevent excessive price speculation with respect to energy commodities, 
and for other purposes; which was ordered to lie on the table; as 
follows:

       On page 43, after line 17, insert the following:

                    TITLE II--HOME ENERGY ASSISTANCE

     SEC. 21. SHORT TITLE.

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

     SEC. 22. 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. 23. 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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