[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 1361 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                S. 1361

 To amend the Internal Revenue Code of 1986 to extend and improve the 
                   Indian coal production tax credit.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 18, 2015

 Mr. Daines (for himself, Mr. Barrasso, Mr. Tester, Mr. Moran, and Ms. 
   Heitkamp) 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 and improve the 
                   Indian coal production tax credit.

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

SECTION 1. EXTENSION AND IMPROVEMENT OF INDIAN COAL PRODUCTION TAX 
              CREDIT.

    (a) Repeal of Limitation Based on Date Facility Is Placed in 
Service.--Section 45(d) of the Internal Revenue Code of 1986 is amended 
to read as follows:
            ``(10) Indian coal production facility.--The term `Indian 
        coal production facility' means a facility that produces Indian 
        coal.''.
    (b) Repeal of Limitation on Period During Which Coal Must Be 
Produced and Sold; Treatment of Sales to Related Parties.--Section 
45(e)(10)(A) of the Internal Revenue Code of 1986 is amended by 
striking ``per ton of Indian coal--'' and all that follows and 
inserting the following: ``per ton of Indian coal--
                            ``(i) produced by the taxpayer at an Indian 
                        coal production facility, and
                            ``(ii) sold (either directly by the 
                        taxpayer or after sale or transfer to one or 
                        more related persons) to an unrelated 
                        person.''.
    (c) Repeal of Limitation on Treatment as a Specified Credit.--
            (1) In general.--Section 38(c)(4)(B) of the Internal 
        Revenue Code of 1986 is amended by redesignating clauses (iv) 
        through (ix) as clauses (v) through (x), respectively, and by 
        inserting after clause (iii) the following new clause:
                            ``(iv) the credit determined under section 
                        45 to the extent that such credit is 
                        attributable to section 45(e)(10) (relating to 
                        Indian coal production facilities),''.
            (2) Conforming amendment.--Section 45(e)(10) of such Code 
        is amended by striking subparagraph (D).
    (d) Effective Date.--The amendments made by this section shall 
apply to coal produced and sold after the date of the enactment of this 
Act, in taxable years ending after such date.
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