[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 3291 Introduced in Senate (IS)]







110th CONGRESS
  2d Session
                                S. 3291

To amend the Internal Revenue Code of 1986 to treat certain income and 
   gains relating to fuels as qualifying income for publicly traded 
                             partnerships.


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                   IN THE SENATE OF THE UNITED STATES

                July 21 (legislative day, July 17), 2008

 Mr. Harkin (for himself and Mr. Lugar) 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 treat certain income and 
   gains relating to fuels as qualifying income for publicly traded 
                             partnerships.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Biofuels Pipeline Act of 2008''.

SEC. 2. CERTAIN INCOME AND GAINS RELATING TO FUELS TREATED AS 
              QUALIFYING INCOME FOR PUBLICLY TRADED PARTNERSHIPS.

    (a) In General.--Subparagraph (E) of section 7704(d)(1) of the 
Internal Revenue Code of 1986 (defining qualifying income) is amended 
by inserting ``, or the transportation, storage, or marketing of any 
fuel which meets the registration requirements for fuels and fuel 
additives established by the Environmental Protection Agency under 
section 211 of the Clean Air Act (42 U.S.C. 7545)'' after ``timber)''.
    (b) Effective Date.--The amendment made by this section shall take 
effect on the date of the enactment of this Act, in taxable years 
ending after such date.
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