S.3323 - Weatherization, Assistance, and Relief for Middle-Income Households Act of 2008110th Congress (2007-2008)
|Sponsor:||Sen. Gregg, Judd [R-NH] (Introduced 07/24/2008)|
|Committees:||Senate - Finance|
|Latest Action:||07/24/2008 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.3323 — 110th Congress (2007-2008)All Information (Except Text)
Introduced in Senate (07/24/2008)
Weatherization, Assistance, and Relief for Middle-Income Households Act of 2008 or the WARM Act of 2008 - Makes additional appropriations in FY2008 for the Low-Income Home Energy Assistance Program (LIHEAP) and the Weatherization Assistance Program for Low-Income Persons.
Amends the Internal Revenue Code to: (1) allow a income-based tax credit for 50% of home heating oil expenditures made on or after June 1, 2008, and before January 1, 2009, up to $1,000 ($2,000 for joint returns); (2) deny major integrated oil companies a tax deduction for income attributable to domestic production, refining, processing, transportation, or distribution of oil, gas, or primary products thereof; and (3) establish a fair market value standard for determining foreign oil and gas extraction income.