,i  #aacth ,,congress  #b;d ,session    
,h4 ,r4 #chef  ,,in ,,the ,,house ,,of  
,,representatives  ,january #ac1        
#bjad,mr4 ,foster introduced the        
following bill2 which was referred to   
the ,committee on ,ways and ,means  ,a  
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to provide a #b-year    
extension of the exclusion from gross   
income for the discharge of qualified   
principal residence indebtedness1 and   
for other purposes4  #a4 ,short title   
,this ,act may be cited as the          
,homeowners ,debt ,relief ,extension    
,act of #bjad4  #b4 ,extension of       
exclusion from gross income of discharge
 of qualified principal residence       
indebtedness  7a7 ,in general           
,subparagraph 7,e7 of section           
#ajh7;a77#a7 of the ,internal ,revenue  
,code of #aihf is amended by striking   
,january #a1 #bjad and inserting        
,january #a1 #bjaf4  7b7 ,effective date
 ,the amendment made by this section    
shall apply to indebtedness discharged  

after ,december #ca1 #bjac4  #c4        
,limitation on section #aii deduction   
attributable to oil1 natural gas1 or    
primary products thereof  7a7 ,denial of
 deduction ,paragraph 7#d7 of section   
#aii7;c7 of the ,internal ,revenue ,code
 of #aihf is amended by adding at the   
end the following new subparagraph3     
7,e7 ,special rule for certain oil and  
gas income ,in the case of any taxpayer 
who is a major integrated oil company   
7as defined in section                  
#afg7;h77#e77;,b77 for the taxable year1
 the term domestic production gross     
receipts shall not include gross        
receipts from the production1           
transportation1 or distribution of oil1 
natural gas1 or any primary product     
7within the meaning of subsection       
7d77#i77 thereof4  4  7b7 ,effective    
date ,the amendment made by subsection  
7a7 shall apply to taxable years        
beginning after ,december #ca1 #bjac4   
#d4 ,debt reduction ,the net amount of  
any savings realized as a result of the 

enactment of this ,act and the          
amendments made by this ,act shall be   
deposited in the ,treasury of the       
,united ,states and used only to redeem 
outstanding ,federal debt4