II 110th CONGRESS 2d Session S. 3291 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.

1.

Short title

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

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.