[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 1034 Introduced in Senate (IS)]

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117th CONGRESS
  1st Session
                                S. 1034

   To amend the Internal Revenue Code of 1986 to extend the publicly 
   traded partnership ownership structure to energy power generation 
       projects and transportation fuels, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 25, 2021

Mr. Coons (for himself, Mr. Moran, Mr. King, Mr. Carper, Ms. Ernst, Ms. 
   Collins, Mr. Warner, Mr. Braun, Ms. Stabenow, Mr. Crapo, and Mr. 
    Bennet) 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 the publicly 
   traded partnership ownership structure to energy power generation 
       projects and transportation fuels, and for other purposes.

    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 ``Financing Our Energy Future Act''.

SEC. 2. GREEN ENERGY PUBLICLY TRADED PARTNERSHIPS.

    (a) In General.--Section 7704(d)(1)(E) of the Internal Revenue Code 
of 1986 is amended--
            (1) by striking ``income and gains derived from the 
        exploration'' and inserting ``income and gains derived from--
                            ``(i) the exploration'',
            (2) by inserting ``or'' before ``industrial source'', and
            (3) by striking ``, or the transportation or storage'' and 
        all that follows and inserting the following:
                            ``(ii) the generation of electric power or 
                        thermal energy exclusively using any qualified 
                        energy resource (as defined in section 
                        45(c)(1)),
                            ``(iii) the operation of energy property 
                        (as defined in section 48(a)(3), determined 
                        without regard to any date by which the 
                        construction of the facility is required to 
                        begin),
                            ``(iv) in the case of a facility described 
                        in paragraph (3) or (7) of section 45(d) 
                        (determined without regard to any placed in 
                        service date or date by which construction of 
                        the facility is required to begin), the 
                        accepting or processing of open-loop biomass or 
                        municipal solid waste,
                            ``(v) the storage of electric power or 
                        thermal energy exclusively using equipment 
                        (other than equipment primarily used in the 
                        transportation of goods or individuals and not 
                        for the production of electricity) which--
                                    ``(I) uses batteries, compressed 
                                air, pumped hydropower, hydrogen 
                                storage (including hydrolysis and 
                                electrolysis), thermal energy storage, 
                                regenerative fuel cells, flywheels, 
                                capacitors, superconducting magnets, or 
                                other technologies identified by the 
                                Secretary, after consultation with the 
                                Secretary of Energy, to store energy 
                                for conversion to electricity and has a 
                                capacity of not less than 5 kilowatt 
                                hours, or
                                    ``(II) stores thermal energy to 
                                heat or cool (or provide hot water for 
                                use in) a structure (other than for use 
                                in a swimming pool),
                            ``(vi) the generation, storage, or 
                        distribution of electric power or thermal 
                        energy exclusively using energy property that 
                        is combined heat and power system property (as 
                        defined in section 48(c)(3), determined without 
                        regard to subparagraph (B)(iii) thereof and 
                        without regard to any date by which the 
                        construction of the facility is required to 
                        begin),
                            ``(vii) the transportation or storage of 
                        any fuel described in subsection (b), (c), (d), 
                        or (e) of section 6426,
                            ``(viii) the conversion of renewable 
                        biomass (as defined in subparagraph (I) of 
                        section 211(o)(1) of the Clean Air Act (as in 
                        effect on the date of the enactment of this 
                        clause)) into renewable fuel (as defined in 
                        subparagraph (J) of such section as so in 
                        effect), or the storage or transportation of 
                        such fuel,
                            ``(ix) the production, storage, or 
                        transportation of any fuel which--
                                    ``(I) uses as its primary feedstock 
                                carbon oxides captured from an 
                                anthropogenic source or the atmosphere,
                                    ``(II) does not use as its primary 
                                feedstock carbon oxide which is 
                                deliberately released from naturally 
                                occurring subsurface springs, and
                                    ``(III) is determined by the 
                                Secretary, after consultation with the 
                                Secretary of Energy and the 
                                Administrator of the Environmental 
                                Protection Agency, to achieve a 
                                reduction of not less than a 60 percent 
                                in lifecycle greenhouse gas emissions 
                                (as defined in section 211(o)(1)(H) of 
                                the Clean Air Act, as in effect on the 
                                date of the enactment of this clause) 
                                compared to baseline lifecycle 
                                greenhouse gas emissions (as defined in 
                                section 211(o)(1)(C) of such Act, as so 
                                in effect),
                            ``(x) the generation of electric power from 
                        a qualifying gasification project (as defined 
                        in section 48B(c)(1) without regard to 
                        subparagraph (C)) that is described in section 
                        48B(d)(1)(B),
                            ``(xi) in the case of a qualified facility 
                        (as defined in section 45Q(d), without regard 
                        to any date by which construction of the 
                        facility is required to begin) not less than 50 
                        percent (30 percent in the case of a facility 
                        placed in service before January 1, 2022) of 
                        the total carbon oxide production of which is 
                        qualified carbon oxide (as defined in section 
                        45Q(c))--
                                    ``(I) the generation, availability 
                                for such generation, or storage of 
                                electric power at such facility, or
                                    ``(II) the capture of carbon 
                                dioxide by such facility,
                            ``(xii) the generation of electric power or 
                        energy from any advanced nuclear facility (as 
                        defined in section 45J(d)(2), determined by 
                        substituting `December 31, 2018' for `December 
                        31, 1993'), or
                            ``(xiii) the production, storage, or 
                        transportation of any renewable chemical 
                        which--
                                    ``(I) is produced in the United 
                                States (or in a territory or possession 
                                of the United States) from renewable 
                                biomass,
                                    ``(II) is not less than 95 percent 
                                biobased content,
                                    ``(III) is not sold or used for the 
                                production of any food, feed, fuel, or 
                                pharmaceuticals,
                                    ``(IV) is approved to use the USDA 
                                Certified Biobased Product label under 
                                section 9002(b) of the Farm Security 
                                and Rural Investment Act of 2002 (7 
                                U.S.C. 8102(b)), and
                                    ``(V) is a chemical intermediate 
                                (as such term is defined in section 
                                3201.109 of title 7, Code of Federal 
                                Regulations (or successor 
                                regulations)),''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2021.
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