3.0.0 3690 2024-06-11T16:04:39Z 2024-06-11T16:04:39Z House H HR 2023-05-25 118 [Congressional Record Volume 169, Number 89 (Thursday, May 25, 2023)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. ESTES:H.R. 3690.Congress has the power to enact this legislation pursuantto the following:Article 1 Section 8 Clause 1The single subject of this legislation is:Expanding Master Limited Partnerships to energy powergeneration projetcs[Page H2640]]]> hswm00 Ways and Means Committee House Standing Referred to 2023-05-25T13:09:35Z Financing Our Energy Future Act 118 2641 S 2023-07-27 Read twice and referred to the Committee on Finance. Related bill CRS 2023-05-25 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2023-05-25 Introduced in House IntroReferral Intro-H 9 Library of Congress 2023-05-25 Introduced in House IntroReferral 1000 9 Library of Congress E000298 Rep. Estes, Ron [R-KS-4] Ron Estes R KS 4 N T000460 Rep. Thompson, Mike [D-CA-4] MIKE THOMPSON D CA 4 2023-05-25 True F000468 Rep. Fletcher, Lizzie [D-TX-7] Lizzie Fletcher D TX 7 2023-10-11 False L000585 Rep. LaHood, Darin [R-IL-16] Darin LaHood R IL 16 2023-11-07 False V000134 Rep. Van Duyne, Beth [R-TX-24] Beth Van Duyne R TX 24 2023-11-07 False M001205 Rep. Miller, Carol D. [R-WV-1] Carol Miller R WV D. 1 2023-11-07 False K000376 Rep. Kelly, Mike [R-PA-16] Mike Kelly R PA 16 2023-12-14 False C001126 Rep. Carey, Mike [R-OH-15] Mike Carey R OH 15 2024-02-13 False D000617 Rep. DelBene, Suzan K. [D-WA-1] Suzan DelBene D WA K. 1 2024-02-13 False P000096 Rep. Pascrell, Bill [D-NJ-9] Bill Pascrell D NJ 9 2024-05-08 False Taxation Taxation 2023-06-21T14:45:59Z 00 2023-05-25 Introduced in House 2024-02-22T17:45:16Z Financing Our Energy Future Act

This bill expands the types of partnerships that qualify for treatment as publicly traded partnerships instead of as corporations for tax purposes.

Under current law, partnerships that meet certain gross income requirements (i.e., at least 90% of the partnership's gross income in a taxable year consists of qualifying income) are excepted from being treated as a corporation for tax purposes. This bill expands the sources of income that are considered qualifying income and make a partnership eligible for such an exception.

Specifically, the bill provides that income derived from the generation of specified alternative energy, alternative fuel projects, or the associated property, storage, or transportation for such projects (e.g., the conversion of renewable biomass into renewable fuel or the storage or transportation of such fuel) is considered qualifying income.

]]> Financing Our Energy Future Act Display Title 45 Financing Our Energy Future Act 2024-06-11T16:04:39Z Short Title(s) as Introduced 101 Financing Our Energy Future Act 2024-05-24T13:39:25Z Introduced in House IH Official Title as Introduced 6 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. 2024-03-18T20:53:49Z Introduced in House IH Introduced in House 2023-05-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118hr3690ih/xml/BILLS-118hr3690ih.xml 2023-05-25 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.