3.0.0 2641 2024-07-24T15:20:44Z 2024-07-24T15:20:44Z Senate S S 2023-07-27 118 ssfi00 Finance Committee Senate Standing Referred to 2023-07-27T20:01:58Z Financing Our Energy Future Act 118 3690 HR 2023-05-25 Referred to the House Committee on Ways and Means. Related bill CRS 2023-07-27 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2023-07-27 Introduced in Senate IntroReferral 10000 9 Library of Congress C001088 Sen. Coons, Christopher A. [D-DE] Christopher Coons D DE A. N M000934 Sen. Moran, Jerry [R-KS] Jerry Moran R KS 2023-07-27 True K000383 Sen. King, Angus S., Jr. [I-ME] Angus King I ME S. 2023-07-27 True B001310 Sen. Braun, Mike [R-IN] Mike Braun R IN 2023-07-27 True W000805 Sen. Warner, Mark R. [D-VA] Mark Warner D VA R. 2023-07-27 True S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI 2023-07-27 True C001035 Sen. Collins, Susan M. [R-ME] Susan Collins R ME M. 2023-09-05 False C000880 Sen. Crapo, Mike [R-ID] Mike Crapo R ID 2023-10-04 False B001261 Sen. Barrasso, John [R-WY] John Barrasso R WY 2023-10-04 False C000174 Sen. Carper, Thomas R. [D-DE] Thomas Carper D DE R. 2023-11-07 False M001198 Sen. Marshall, Roger [R-KS] Roger Marshall R KS 2023-12-07 False Taxation Taxation 2023-08-29T19:45:33Z 00 2023-07-27 Introduced in Senate 2024-02-22T19:33:57Z 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 2024-07-24T15:20:44Z Short Title(s) as Introduced 101 Financing Our Energy Future Act 2024-05-24T13:37:14Z Introduced in Senate IS Official Title as Introduced 6 A bill 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. 2024-02-24T09:08:23Z Introduced in Senate IS Introduced in Senate 2023-07-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118s2641is/xml/BILLS-118s2641is.xml 2023-07-27 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.