S.3561 - HEATR Act of 2008110th Congress (2007-2008)
|Sponsor:||Sen. Clinton, Hillary Rodham [D-NY] (Introduced 09/24/2008)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 09/24/2008 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.3561 — 110th Congress (2007-2008)All Information (Except Text)
Introduced in Senate (09/24/2008)
Home Energy Affordability Tax Relief Act of 2008 or the HEATR Act of 2008 - Amends the Internal Revenue Code to allow individual taxpayers an income-based refundable tax credit for residential energy costs. Limits such credit to the lesser of 33% of such costs or $500.
Eliminates for major integrated oil companies: (1) the tax deduction for intangible drilling and development costs in taxable years in which the average price of crude oil is greater than $34.71 per barrel and the average price of natural gas is greater that $4.34 per 1,000 cubic feet; and (2) the tax credit for enhanced oil recovery costs in taxable years in which the average price of crude oil is greater than $34.71 per barrel. Denies such oil companies and certain producers or refiners of crude oil a foreign tax credit for payments to certain foreign countries or U.S. possessions from which they receive a specified economic benefit as a dual capacity taxpayer.