,i #aaeth ,,congress #b;d ,session ,h4 ,r4 #gcge ,,in ,,the ,,house ,,of ,,representatives ,december #bj1 #bjah,ms4 ,jones of ,michigan 7for herself and ,mrs4 ,lawrence7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means1 and in addition to the ,committees on ,natural ,resources1 ,financial ,services1 and the ,budget1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to eliminate certain tax breaks and benefits and use the savings for investment in affordable housing for extremely low- and very low-income families1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,stronger1 ,healthier ,environment for ,low-,income ,tenants and ,economic ,renewal ,act of #bjah or the ,,shelter ,act of #bjah4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4 ,title ,i--,eliminating fossil fuel tax breaks ,sec4 #aja4 ,modifications of foreign tax credit rules applicable to major integrated oil companies which are dual capacity taxpayers4 ,sec4 #ajb4 ,limitation on deduction for intangible drilling and development costs2 amortization of disallowed amounts4 ,sec4 #ajc4 ,limitation on percentage depletion allowance for oil and gas wells4 ,sec4 #ajd4 ,limitation on deduction for tertiary injectants4 ,sec4 #aje4 ,modification of definition of major integrated oil company4 ,title ,,ii--,outer ,continental ,shelf oil and natural gas ,sec4 #bja4 ,repeal of outer ,continental ,shelf deep water and deep gas royalty relief4 ,title ,,iii--,investment in affordable housing ,sec4 #cja4 ,use of savings for ,housing ,trust ,fund investment4 ,sec4 #cjb4 ,treatment of area median incomes and income ceilings4 ,title ,,iv--,budgetary effects ,sec4 #dja4 ,compliance with ,pay-,go4 ,i ,eliminating fossil fuel tax breaks #aja4 ,modifications of foreign tax credit rules applicable to major integrated oil companies which are dual capacity taxpayers 7a7 ,in general ,section #ija of the ,internal ,revenue ,code of #aihf is amended by redesignating subsection 7n7 as subsection 7o7 and by inserting after subsection 7m7 the following new subsection3 7n7 ,special rules relating to major integrated oil companies which are dual capacity taxpayers 7#a7 ,general rule ,notwithstanding any other provision of this chapter1 any amount paid or accrued by a dual capacity taxpayer which is a major integrated oil company 7within the meaning of section #afg7;h77#e77 to a foreign country or possession of the ,united ,states for any period shall not be considered a tax-- 7,a7 if1 for such period1 the foreign country or possession does not impose a generally applicable income tax1 or 7,b7 to the extent such amount exceeds the amount 7determined in accordance with regulations7 which-- 7i7 is paid by such dual capacity taxpayer pursuant to the generally applicable income tax imposed by the country or possession1 or 7ii7 would be paid if the generally applicable income tax imposed by the country or possession were applicable to such dual capacity taxpayer4 ,nothing in this paragraph shall be construed to imply the proper treatment of any such amount not in excess of the amount determined under subparagraph 7,b74 7#b7 ,dual capacity taxpayer ,for purposes of this subsection1 the term dual capacity taxpayer means1 with respect to any foreign country or possession of the ,united ,states1 a person who-- 7,a7 is subject to a levy of such country or possession1 and 7,b7 receives 7or will receive7 directly or indirectly a specific economic benefit 7as determined in accordance with regulations7 from such country or possession4 7#c7 ,generally applicable income tax ,for purposes of this subsection-- 7,a7 ,in general ,the term generally applicable income tax means an income tax 7or a series of income taxes7 which is generally imposed under the laws of a foreign country or possession on income derived from the conduct of a trade or business within such country or possession4 7,b7 ,exceptions ,such term shall not include a tax unless it has substantial application1 by its terms and in practice1 to-- 7i7 persons who are not dual capacity taxpayers1 and 7ii7 persons who are citizens or residents of the foreign country or possession4 4 7b7 ,effective ,date 7#a7 ,in general ,the amendments made by this section shall apply to taxes paid or accrued in taxable years beginning after the date of the enactment of this ,act4 7#b7 ,contrary treaty obligations upheld ,the amendments made by this section shall not apply to the extent contrary to any treaty obligation of the ,united ,states4 #ajb4 ,limitation on deduction for intangible drilling and development costs2 amortization of disallowed amounts 7a7 ,in general ,section #bfc7;c7 of the ,internal ,revenue ,code of #aihf is amended to read as follows3 7c7 ,intangible drilling and development costs in the case of oil and gas wells and geothermal wells 7#a7 ,in general ,notwithstanding subsection 7a71 and except as provided in subsection 7i71 regulations shall be prescribed by the ,secretary under this subtitle corresponding to the regulations which granted the option to deduct as expenses intangible drilling and development costs in the case of oil and gas wells and which were recognized and approved by the ,congress in ,house ,concurrent ,resolution #ej1 ,seventy-ninth ,congress4 ,such regulations shall also grant the option to deduct as expenses intangible drilling and development costs in the case of wells drilled for any geothermal deposit 7as defined in section #fac7;e77#b77 to the same extent and in the same manner as such expenses are deductible in the case of oil and gas wells4 ,this subsection shall not apply with respect to any costs to which any deduction is allowed under section #ei7;e7 or #bia4 7#b7 ,exclusion 7,a7 ,in general ,this subsection shall not apply to amounts paid or incurred by a taxpayer in any taxable year in which such taxpayer is a major integrated oil company 7within the meaning of section #afg7;h77#e774 7,b7 ,amortization of amounts not allowable as deductions under subparagraph 7,a7 ,the amount not allowable as a deduction for any taxable year by reason of subparagraph 7,a7 shall be allowable as a deduction ratably over the #fj-month period beginning with the month in which the costs are paid or incurred4 ,for purposes of section #abed1 any deduction under this subparagraph shall be treated as a deduction under this subsection4 4 7b7 ,effective date ,the amendment made by this section shall apply to amounts paid or incurred in taxable years beginning after ,december #ca1 #bjah4 #ajc4 ,limitation on percentage depletion allowance for oil and gas wells 7a7 ,in general ,section #fac;,a of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subsection3 7f7 ,application with respect to major integrated oil companies ,in the case of any taxable year in which the taxpayer is a major integrated oil company 7within the meaning of section #afg7;h77#e771 the allowance for percentage depletion shall be zero4 4 7b7 ,effective date ,the amendment made by this section shall apply to taxable years beginning after ,december #ca1 #bjah4 #ajd4 ,limitation on deduction for tertiary injectants 7a7 ,in general ,section #aic of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subsection3 7d7 ,application with respect to major integrated oil companies 7#a7 ,in general ,this section shall not apply to amounts paid or incurred by a taxpayer in any taxable year in which such taxpayer is a major integrated oil company 7within the meaning of section #afg7;h77#e774 7#b7 ,amortization of amounts not allowable as deductions under paragraph 7#a7 ,the amount not allowable as a deduction for any taxable year by reason of paragraph 7#a7 shall be allowable as a deduction ratably over the #fj-month period beginning with the month in which the costs are paid or incurred4 4 7b7 ,effective date ,the amendment made by this section shall apply to amounts paid or incurred in taxable years beginning after ,december #ca1 #bjah4 #aje4 ,modification of definition of major integrated oil company 7a7 ,in general ,paragraph 7#e7 of section #afg7;h7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subparagraph3 7,c7 ,certain successors in interest ,for purposes of this paragraph1 the term major integrated oil company includes any successor in interest of a company that was described in subparagraph 7,b7 in any taxable year1 if such successor controls more than #ej percent of the crude oil production or natural gas production of such company4 4 7b7 ,conforming amendments 7#a7 ,in general ,subparagraph 7,b7 of section #afg7;h77#e7 of the ,internal ,revenue ,code of #aihf is amended by inserting except as provided in subparagraph 7,c71 after ,for purposes of this paragraph14 7#b7 ,taxable years tested ,clause 7iii7 of section #afg7;h77#e77;,b7 of such ,code is amended-- 7,a7 by striking does not apply by reason of paragraph 7#d7 of section #fac;,a7d7 and inserting did not apply by reason of paragraph 7#d7 of section #fac;,a7d7 for any taxable year after #bjjd2 and 7,b7 by striking does not apply in subclause 7,,ii7 and inserting did not apply for the taxable year4 7c7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after ,december #ca1 #bjah4 ,,ii ,outer ,continental ,shelf oil and natural gas #bja4 ,repeal of outer ,continental ,shelf deep water and deep gas royalty relief 7a7 ,in general ,sections #cdd and #cde of the ,energy ,policy ,act of #bjje 7#db ,u4,s4,c4 #aeijd1 #aeije7 are repealed4 7b7 ,administration ,the ,secretary of the ,interior shall not be required to provide for royalty relief in the lease sale terms beginning with the first lease sale held on or after the date of enactment of this ,act for which a final notice of sale has not been published4 ,,iii ,investment in affordable housing #cja4 ,use of savings for ,housing ,trust ,fund investment 7a7 ,use of savings ,for each of the years #bjai through #bjbh1 the ,secretary of the ,treasury shall determine the amount of revenues accruing to the general fund of the ,treasury by reason of the enactment of titles ,i and ,,ii of this ,act and shall credit an amount equal to such revenues to the ,housing ,trust ,fund established under section #acch of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib 7#ab ,u4,s4,c4 #defh74 7b7 ,environmental rehabilitation activities ,of any amount credited to the ,housing ,trust ,fund for a year pursuant to subsection 7a71 #aj percent shall be allocated for and distributed to ,states1 in accordance with the formula established pursuant to subsection 7c77#c7 of such section #acch1 for use only to conduct activities to remediate environmental hazards1 including activities for reduction1 elimination1 and abatement of lead-based paint hazards1 in housing for extremely low- and very low-income households4 7c7 ,childhood lead prevention ,section #acch 7g77#b77;,d7 of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib 7#ab ,u4,s4,c4 #defh7;g77#b77;,d77 is amended-- 7#a7 in clause 7v71 by striking and at the end2 7#b7 in clause 7vi71 by striking the period at the end and inserting 2 and2 and 7#c7 by adding at the end the following new clause3 7vii7 the ratio of children living in an applicant's jurisdiction that suffer from blood lead levels higher than #e micrograms per deciliter4 4 #cjb4 ,treatment of area median incomes and income ceilings ,subparagraph 7,d7 of section #c7;b77#b7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;a7b77#b77;,d77 is amended-- 7#a7 in the second sentence1 by inserting and ,wayne ,county in the ,state of ,michigan1 after ,state of ,new ,york12 7#b7 in the third sentence1 by striking such metropolitan statistical area and inserting the metropolitan statistical area in which ,westchester and ,rockland ,counties are located but2 and 7#c7 by inserting after the period at the end of the third sentence the following3 ,in determining such area median incomes or establishing such income ceilings or limits for the portion of the metropolitan statistical area in which ,wayne ,county is located but that does not include ,wayne ,county1 the ,secretary shall determine or establish area median incomes and income ceilings and limits as if such portion included ,wayne ,county4 ,in determining such income ceilings or limits for the portion of such metropolitan statistical areas that include ,detroit1 ,michigan1 the ,secretary shall determine for units in ,detroit such income ceilings or limits exclusive of ,livonia1 ,michigan44 ,,iv ,budgetary effects #dja4 ,compliance with ,pay-,go ,the budgetary effects of this ,act1 for the purpose of complying with the ,statutory ,pay-,as-,you-,go ,act of #bjaj1 shall be determined by reference to the latest statement titled ,budgetary ,effects of ,,paygo ,legislation for this ,act1 submitted for printing in the ,congressional ,record by the ,chairman of the ,senate ,budget ,committee1 provided that such statement has been submitted prior to the vote on passage4