3.0.0 262 2023-01-11T13:34:51Z 2023-01-11T13:34:51Z Senate S 2017-02-01 115 ssfi00 Finance Committee Senate Standing Referred to 2017-02-01T22:10:00Z Steel Industry Preservation Act 115 792 HR 2017-02-01 Referred to the House Committee on Ways and Means. Identical bill CRS 2017-02-01 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-02-01 Introduced in Senate IntroReferral 10000 9 Library of Congress C001047 Sen. Capito, Shelley Moore [R-WV] Shelley Capito R WV Moore N B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2017-02-01 True P000449 Sen. Portman, Rob [R-OH] Rob Portman R OH 2017-02-01 True C001070 Sen. Casey, Robert P., Jr. [D-PA] Bob Casey D PA 2017-02-01 True S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI 2017-02-01 True P000595 Sen. Peters, Gary C. [D-MI] Gary Peters D MI 2017-09-18 False H000338 Sen. Hatch, Orrin G. [R-UT] ORRIN HATCH R UT GRANT 2018-11-15 False Taxation Alternative and renewable resources Business expenses Coal Income tax credits Income tax deductions Industrial facilities Manufacturing Metals Oil and gas Tax administration and collection, taxpayers Taxation 00 2017-02-01 Introduced in Senate 2017-02-10T14:27:28Z Steel Industry Preservation Act

This bill amends the Internal Revenue Code to extend and modify the production tax credit for steel industry fuel.

(Under current law, steel industry fuel is a fuel which is: (1) produced through a process of liquefying coal waste sludge and distributing it on coal, and (2) used as a feedstock for the manufacture of coke.)

The bill modifies the tax credit for steel industry fuel to:

  • extend the credit period and the placed-in-service date,
  • revise the definition of "steel industry fuel" to allow blends of coal and petroleum coke or other coke feedstock in the fuel,
  • set forth ownership requirements, and
  • specify requirements for treating an owner as producing and selling steel industry fuel.

A taxpayer that produces steel industry fuel may elect to accept an increased tax credit in lieu of certain deductions for expenses in connection with the production of steel industry fuel.

The bill specifies the treatment of the credit for the purpose of the alternative minimum tax. It also exempts transactions related to steel industry fuel from rules that restrict deductions and other tax benefits for activities that are not engaged in for profit or that do not have economic substance.

]]> Steel Industry Preservation Act Display Title Steel Industry Preservation Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to extend and modify the section 45 credit for refined coal from steel industry fuel, and for other purposes. Introduced in Senate IS Short Titles as Introduced Steel Industry Preservation Act Introduced in Senate 2017-02-01T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s262is/xml/BILLS-115s262is.xml 2017-02-01 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.