[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 2754 Introduced in Senate (IS)]







110th CONGRESS
  2d Session
                                S. 2754

To amend the Internal Revenue Code of 1986 to modify the definition of 
                             refined coal.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 13, 2008

 Mr. Conrad (for himself, Mr. Bunning, Mr. Hatch, and Mr. Rockefeller) 
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 modify the definition of 
                             refined coal.

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

SECTION 1. MODIFICATION OF DEFINITION OF REFINED COAL.

    (a) Modification.--
            (1) In general.--Subparagraph (A) of section 45(c)(7) of 
        the Internal Revenue Code of 1986 is amended by inserting 
        ``and'' at the end of clause (ii), by striking clauses (iii) 
        and (iv), and by inserting after clause (ii) the following new 
        clause:
                            ``(iii) meets the requirements of either 
                        clause (i) or (ii) of subparagraph (B).''.
            (2) Requirements.--Section 45(c)(7) of such Code is amended 
        by redesignating subparagraph (B) as subparagraph (C) and 
        inserting after subparagraph (A) the following new 
        subparagraph:
                    ``(B) Requirements.--
                            ``(i) Certification of qualified emission 
                        reduction.--A fuel meets the requirements of 
                        this clause if such fuel is certified by the 
                        taxpayer as resulting (when used in the 
                        production of steam) in a qualified emission 
                        reduction.
                            ``(ii) Reduced emission reduction and 
                        market value requirements.--A fuel meets the 
                        requirements of this clause if such fuel--
                                    ``(I) is certified by the taxpayer 
                                as resulting (when used in the 
                                production of steam) in a qualified 
                                emission reduction (determined by 
                                substituting `20 percent' for `40 
                                percent' in subparagraph (C)), and
                                    ``(II) is produced in such a manner 
                                as to result in an increase of at least 
                                50 percent in the market value of the 
                                refined coal (excluding any increase 
                                caused by materials combined or added 
                                during the production process), as 
                                compared to the value of the feedstock 
                                coal.''.
            (3) Modification of qualified emissions reduction.--
        Subparagraph (C) of section 45(c)(7) of such Code, as 
        redesignated by paragraph (2), is amended by inserting ``at 
        least 40 percent of the emissions of'' after ``nitrogen oxide 
        and''.
    (b) Effective Date.--The amendments made by this section shall 
apply to coal produced and sold after the date of the enactment of the 
Act.
                                 <all>