[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 1718 Introduced in Senate (IS)]







107th CONGRESS
  1st Session
                                S. 1718

  To amend the Internal Revenue Code of 1986 to extend section 29 to 
                           other facilities.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           November 16, 2001

   Mr. Burns introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to extend section 29 to 
                           other facilities.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EXTENSION OF CREDIT FOR PRODUCING FUEL FROM A 
              NONCONVENTIONAL SOURCE.

    (a) In General.--Section 29 of the Internal Revenue Code of 1986 is 
amended by adding at the end the following new subsection:
    ``(h) Extension for Other Facilities.--
            ``(1) In general.--In the case of a facility described in 
        paragraph (2) which was placed in service after June 30, 1998, 
        and before January 1, 2007, this section shall apply to fuel 
        produced at such facility during the 5-year period beginning on 
        the later of--
                    ``(A) the date such facility was placed in service, 
                or
                    ``(B) the date of the enactment of this subsection.
            ``(2) Covered facilities.--A facility is described in this 
        paragraph if such facility produces a qualified fuel described 
        in subsection (c)(1)(C) using a technology that results in--
                    ``(A) a qualified emission reduction, and
                    ``(B) a qualified enhanced value.
            ``(3) Qualified emission reduction.--For purposes of this 
        subsection, the term `qualified emission reduction' means a 
        reduction of at least 20 percent of the emissions of sulfur 
        dioxide and nitrogen oxide released when burning the qualified 
        fuel (excluding any dilution caused by materials combined or 
        added during the production process), as compared to the 
        emissions released when burning the feedstock coal or 
        comparable coal predominantly available in the marketplace as 
        of January 1, 2002.
            ``(4) Qualified enhanced value.--For purposes of this 
        subsection, the term `qualified enhanced value' means an 
        increase of at least 50 percent in the market value of the 
        qualified fuel (excluding any increase caused by materials 
        combined or added during the production process), as compared 
        to the value of the feedstock coal or comparable coal 
        predominantly available in the marketplace as of January 1, 
        2002.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to fuel sold after the date of the enactment of this Act.
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