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<distribution-code display="yes">II</distribution-code><congress>117th CONGRESS</congress><session>1st Session</session><legis-num>S. 1034</legis-num><current-chamber>IN THE SENATE OF THE UNITED STATES</current-chamber><action><action-date date="20210325">March 25, 2021</action-date><action-desc><sponsor name-id="S337">Mr. Coons</sponsor> (for himself, <cosponsor name-id="S347">Mr. Moran</cosponsor>, <cosponsor name-id="S363">Mr. King</cosponsor>, <cosponsor name-id="S277">Mr. Carper</cosponsor>, <cosponsor name-id="S376">Ms. Ernst</cosponsor>, <cosponsor name-id="S252">Ms. Collins</cosponsor>, <cosponsor name-id="S327">Mr. Warner</cosponsor>, <cosponsor name-id="S397">Mr. Braun</cosponsor>, <cosponsor name-id="S284">Ms. Stabenow</cosponsor>, <cosponsor name-id="S266">Mr. Crapo</cosponsor>, and <cosponsor name-id="S330">Mr. Bennet</cosponsor>) introduced the following bill; which was read twice and referred to the <committee-name committee-id="SSFI00">Committee on Finance</committee-name></action-desc></action><legis-type>A BILL</legis-type><official-title>To amend the Internal Revenue Code of 1986 to extend the publicly traded partnership ownership structure to energy power generation projects and transportation fuels, and for other purposes.</official-title></form><legis-body><section id="S1" section-type="section-one"><enum>1.</enum><header>Short title</header><text display-inline="no-display-inline">This Act may be cited as the <quote><short-title>Financing Our Energy Future Act</short-title></quote>.</text></section><section id="H7DFAF768D12E4FA7B48D0FEB500BD6C8" commented="no"><enum>2.</enum><header>Green energy publicly traded partnerships</header><subsection id="H2C2996CE302E426B922D41A805EB4F2B" commented="no"><enum>(a)</enum><header>In general</header><text><external-xref legal-doc="usc" parsable-cite="usc/26/7704">Section 7704(d)(1)(E)</external-xref> of the Internal Revenue Code of 1986 is amended—</text><paragraph id="H3EDF3933A1C4457DB5216A1473BB0C73" commented="no"><enum>(1)</enum><text>by striking <quote>income and gains derived from the exploration</quote> and inserting </text><quoted-block id="HCF1BB91798014D6CAE02E9E8D60F4825" style="OLC" display-inline="yes-display-inline"><text>income and gains derived from—</text><clause id="HDB0530A296E749E19FD236E43F0F77B0" commented="no"><enum>(i)</enum><text>the exploration</text></clause><after-quoted-block>,</after-quoted-block></quoted-block></paragraph><paragraph id="H2626F09FF6664725AB2921CE88FF3D48" commented="no"><enum>(2)</enum><text>by inserting <quote>or</quote> before <quote>industrial source</quote>, and</text></paragraph><paragraph id="H18D7E8FE7F7F410D939253A7283B232D" commented="no"><enum>(3)</enum><text display-inline="yes-display-inline">by striking <quote>, or the transportation or storage</quote> and all that follows and inserting the following:</text><quoted-block style="OLC" id="H1339C12CC7A5462193E51C1BBEB98045" display-inline="no-display-inline"><clause id="HC732F321C98A4253955D2BEA45901ACE" commented="no"><enum>(ii)</enum><text display-inline="yes-display-inline">the generation of electric power or thermal energy exclusively using any qualified energy resource (as defined in section 45(c)(1)),</text></clause><clause id="H780D919BF9D9433AA8B045E90D31A256" display-inline="no-display-inline" commented="no"><enum>(iii)</enum><text display-inline="yes-display-inline">the operation of energy property (as defined in section 48(a)(3), determined without regard to any date by which the construction of the facility is required to begin),</text></clause><clause id="HD45DA76E91C542DF86330B6C7A6F0D52"><enum>(iv)</enum><text>in the case of a facility described in paragraph (3) or (7) of section 45(d) (determined without regard to any placed in service date or date by which construction of the facility is required to begin), the accepting or processing of open-loop biomass or municipal solid waste,</text></clause><clause id="H324F15513BB44E23A99E3F56CD8F3C42" commented="no"><enum>(v)</enum><text display-inline="yes-display-inline">the storage of electric power or thermal energy exclusively using equipment (other than equipment primarily used in the transportation of goods or individuals and not for the production of electricity) which—</text><subclause id="H3E12B6EE76F3400DA205AE3CBC6D7160"><enum>(I)</enum><text>uses batteries, compressed air, pumped hydropower, hydrogen storage (including hydrolysis and electrolysis), thermal energy storage, regenerative fuel cells, flywheels, capacitors, superconducting magnets, or other technologies identified by the Secretary, after consultation with the Secretary of Energy, to store energy for conversion to electricity and has a capacity of not less than 5 kilowatt hours, or</text></subclause><subclause id="H5B7C552A171842B68C604824E97CADDA"><enum>(II)</enum><text>stores thermal energy to heat or cool (or provide hot water for use in) a structure (other than for use in a swimming pool),</text></subclause></clause><clause id="H749B9F0C0CED4D13B0BE8CC7AD334C76" commented="no"><enum>(vi)</enum><text display-inline="yes-display-inline">the generation, storage, or distribution of electric power or thermal energy exclusively using energy property that is combined heat and power system property (as defined in section 48(c)(3), determined without regard to subparagraph (B)(iii) thereof and without regard to any date by which the construction of the facility is required to begin),</text></clause><clause id="HAC6CDE8E488C40409D724CC7C67E45B6" commented="no"><enum>(vii)</enum><text>the transportation or storage of any fuel described in subsection (b), (c), (d), or (e) of section 6426,</text></clause><clause id="HBBBC440BBA294559B745EF2975DE7BE9"><enum>(viii)</enum><text display-inline="yes-display-inline">the conversion of renewable biomass (as defined in subparagraph (I) of section 211(o)(1) of the Clean Air Act (as in effect on the date of the enactment of this clause)) into renewable fuel (as defined in subparagraph (J) of such section as so in effect), or the storage or transportation of such fuel,</text></clause><clause id="HD5E07AE45E7F4297BE81CE3DCA9096BB" commented="no"><enum>(ix)</enum><text>the production, storage, or transportation of any fuel which—</text><subclause id="HA14DCF46124E4871B48B32EA3447B4FA" commented="no"><enum>(I)</enum><text>uses as its primary feedstock carbon oxides captured from an anthropogenic source or the atmosphere,</text></subclause><subclause id="H1023A5CECF6B46DCBC8C78291D83DC06"><enum>(II)</enum><text display-inline="yes-display-inline">does not use as its primary feedstock carbon oxide which is deliberately released from naturally occurring subsurface springs, and</text></subclause><subclause id="HF67640053B054ADD86A885973CEDC86A" commented="no"><enum>(III)</enum><text>is determined by the Secretary, after consultation with the Secretary of Energy and the Administrator of the Environmental Protection Agency, to achieve a reduction of not less than a 60 percent in lifecycle greenhouse gas emissions (as defined in section 211(o)(1)(H) of the Clean Air Act, as in effect on the date of the enactment of this clause) compared to baseline lifecycle greenhouse gas emissions (as defined in section 211(o)(1)(C) of such Act, as so in effect),</text></subclause></clause><clause id="HE8CD2C79BD1F43D3911D6E3C7B8732B8" commented="no"><enum>(x)</enum><text>the generation of electric power from a qualifying gasification project (as defined in section 48B(c)(1) without regard to subparagraph (C)) that is described in section 48B(d)(1)(B),</text></clause><clause id="H13016C7AED7E4C049779B40AC386BB04" commented="no"><enum>(xi)</enum><text display-inline="yes-display-inline">in the case of a qualified facility (as defined in section 45Q(d), without regard to any date by which construction of the facility is required to begin) not less than 50 percent (30 percent in the case of a facility placed in service before January 1, 2022) of the total carbon oxide production of which is qualified carbon oxide (as defined in section 45Q(c))—</text><subclause id="HD28644C3BCD9458480316979A78F1D5E"><enum>(I)</enum><text>the generation, availability for such generation, or storage of electric power at such facility, or</text></subclause><subclause id="H21A6EAE05FE44EB1A290AF8F2CF5F7BF"><enum>(II)</enum><text>the capture of carbon dioxide by such facility,</text></subclause></clause><clause id="id68AE17C38A594500A7A2DFB82286EAC3"><enum>(xii)</enum><text>the generation of electric power or energy from any advanced nuclear facility (as defined in section 45J(d)(2), determined by substituting <quote>December 31, 2018</quote> for <quote>December 31, 1993</quote>), or</text></clause><clause id="idE1789E313F1B4CDC8FB759912BAC1582"><enum>(xiii)</enum><text>the production, storage, or transportation of any renewable chemical which—</text><subclause id="idB795DF0EF4F246B7A00B3DBD12C65343"><enum>(I)</enum><text>is produced in the United States (or in a territory or possession of the United States) from renewable biomass,</text></subclause><subclause id="id767C0E70D2EA478D8C1E28B65FDCB12B"><enum>(II)</enum><text>is not less than 95 percent biobased content,</text></subclause><subclause id="id9F962B5A121242F197665D34A89895DA"><enum>(III)</enum><text>is not sold or used for the production of any food, feed, fuel, or pharmaceuticals,</text></subclause><subclause id="id2F9A05DF02BD4B6E9850361A76EF0CEA"><enum>(IV)</enum><text>is approved to use the USDA Certified Biobased Product label under section 9002(b) of the Farm Security and Rural Investment Act of 2002 (<external-xref legal-doc="usc" parsable-cite="usc/7/8102">7 U.S.C. 8102(b)</external-xref>), and</text></subclause><subclause id="id1A5C1D3C844F4CDA83E5AC27632590B2"><enum>(V)</enum><text>is a chemical intermediate (as such term is defined in section 3201.109 of title 7, Code of Federal Regulations (or successor regulations)),</text></subclause></clause><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection><subsection id="H3259FE49F4334EEC9C6C36BC702067EC" commented="no"><enum>(b)</enum><header>Effective date</header><text>The amendments made by this section shall apply to taxable years beginning after December 31, 2021.</text></subsection></section></legis-body></bill> |
