3.0.0 2993 2022-11-01T06:17:30Z 2022-11-01T06:17:30Z House HR 2019-05-23 116 [Congressional Record Volume 165, Number 87 (Thursday, May 23, 2019)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. KELLY of Pennsylvania:H.R. 2993.Congress has the power to enact this legislation pursuantto the following:The Congress enacts this bill pursuant to Article I Section8 of the United States Constitution.[Page H4166]]]> hswm00 Ways and Means Committee House Standing Referred to 2019-05-23T13:05:30Z Steel Industry Preservation Act 116 1627 S 2019-05-23 Read twice and referred to the Committee on Finance. Related bill CRS 2019-05-23 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2019-05-23 Introduced in House IntroReferral Intro-H 9 Library of Congress 2019-05-23 Introduced in House IntroReferral 1000 9 Library of Congress K000376 Rep. Kelly, Mike [R-PA-16] Mike Kelly R PA 16 N D000482 Rep. Doyle, Michael F. [D-PA-18] MIKE DOYLE D PA 18 2019-05-23 True H001058 Rep. Huizenga, Bill [R-MI-2] Bill Huizenga R MI 2 2019-09-11 False R000610 Rep. Reschenthaler, Guy [R-PA-14] Guy Reschenthaler R PA 14 2019-09-11 False K000380 Rep. Kildee, Daniel T. [D-MI-5] Daniel Kildee D MI T. 5 2019-09-24 False L000588 Rep. Lamb, Conor [D-PA-17] Conor Lamb D PA 17 2019-09-24 False M001194 Rep. Moolenaar, John R. [R-MI-4] John Moolenaar R MI R. 4 2019-09-24 False L000581 Rep. Lawrence, Brenda L. [D-MI-14] Brenda Lawrence D MI L. 14 2019-09-25 False T000467 Rep. Thompson, Glenn [R-PA-15] Glenn Thompson R PA 15 2019-10-28 False D000624 Rep. Dingell, Debbie [D-MI-12] Debbie Dingell D MI 12 2019-10-28 False K000395 Rep. Keller, Fred [R-PA-12] Fred Keller R PA 12 2019-12-03 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 2019-05-23 Introduced in House 2019-06-14T14:49:48Z Steel Industry Preservation Act

This bill extends and modifies 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 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 House IH Short Title(s) as Introduced Steel Industry Preservation Act Introduced in House IH Introduced in House 2019-05-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr2993ih/xml/BILLS-116hr2993ih.xml 2019-05-23 Referred to the House Committee on Ways and Means. 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.