[Congressional Record Volume 161, Number 11 (Thursday, January 22, 2015)]
[Senate]
[Pages S438-S439]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 119. Mr. MORAN (for himself, Mr. Coons, and Mr. Bennet) submitted 
an amendment intended to be proposed to amendment SA 2 proposed by Ms. 
Murkowski (for herself, Mr. Hoeven, Mr. Barrasso, Mr. Risch, Mr. Lee, 
Mr. Flake, Mr. Daines, Mr. Manchin, Mr. Cassidy, Mr. Gardner, Mr. 
Portman, Mr. Alexander, and Mrs. Capito) to the bill S. 1, to approve 
the Keystone XL Pipeline; which was ordered to lie on the table; as 
follows:

       At the end, add the following:

     SEC. __. EXTENSION OF PUBLICLY TRADED PARTNERSHIP OWNERSHIP 
                   STRUCTURE TO ENERGY POWER GENERATION PROJECTS, 
                   TRANSPORTATION FUELS, AND RELATED ENERGY 
                   ACTIVITIES.

       (a) In General.--Subparagraph (E) of section 7704(d)(1) 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 
     the following:
       ``(i) Minerals, natural resources, etc.--The exploration'',
       (2) by inserting ``or'' before ``industrial source'',
       (3) by inserting a period after ``carbon dioxide'', and
       (4) by striking ``, or the transportation or storage'' and 
     all that follows and inserting the following:
       ``(ii) Renewable energy.--The generation of electric power 
     exclusively utilizing any resource described in section 
     45(c)(1) or energy property described in section 48 
     (determined without regard to any termination date), or 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 such 
     resource.
       ``(iii) Electricity storage devices.--The receipt and sale 
     of electric power that has been stored in a device directly 
     connected to the grid.
       ``(iv) Combined heat and power.--The generation, storage, 
     or distribution of thermal energy exclusively utilizing 
     property described in section 48(c)(3) (determined without 
     regard to subparagraphs (B) and (D) thereof and without 
     regard to any placed in service date).
       ``(v) Renewable thermal energy.--The generation, storage, 
     or distribution of thermal energy exclusively using any 
     resource described in section 45(c)(1) or energy property 
     described in clause (i) or (iii) of section 48(a)(3)(A).
       ``(vi) Waste heat to power.--The use of recoverable waste 
     energy, as defined in section 371(5) of the Energy Policy and 
     Conservation Act (42 U.S.C. 6341(5)) (as in effect on the 
     date of the enactment of this clause).
       ``(vii) Renewable fuel infrastructure.--The storage or 
     transportation of any fuel described in subsection (b), (c), 
     (d), or (e) of section 6426.
       ``(viii) Renewable fuels.--The production, storage, or 
     transportation of any renewable fuel described in section 
     211(o)(1)(J) of the Clean Air Act (42 U.S.C. 7545(o)(1)(J)) 
     (as in effect on the date of the enactment of this clause) or 
     section 40A(d)(1).
       ``(ix) Renewable chemicals.--The production, storage, or 
     transportation of any renewable chemical (as defined in 
     paragraph (6)).
       ``(x) Energy efficient buildings.--The audit and 
     installation through contract or

[[Page S439]]

     other agreement of any energy efficient building property 
     described in section 179D(c)(1).
       ``(xi) Gasification with sequestration.--The production of 
     any product from a project that meets the requirements of 
     subparagraphs (A) and (B) of section 48B(c)(1) and that 
     separates and sequesters in secure geological storage (as 
     determined under section 45Q(d)(2)) at least 75 percent of 
     such project's total qualified carbon dioxide (as defined in 
     section 45Q(b)).
       ``(xii) Carbon capture and sequestration.--The generation 
     or storage of electric power produced from any facility which 
     is a qualified facility described in section 45Q(c) and which 
     disposes of any captured qualified carbon dioxide (as defined 
     in section 45Q(b)) in secure geological storage (as 
     determined under section 45Q(d)(2)).''.
       (b) Renewable Chemical.--Section 7704(d) of such Code is 
     amended by adding at the end the following new paragraph:
       ``(6) Renewable chemical.--The term `renewable chemical' 
     means a monomer, polymer, plastic, formulated product, or 
     chemical substance produced from renewable biomass (as 
     defined in section 9001(12) of the Farm Security and Rural 
     Investment Act of 2002 (7 U.S.C. 8101(12)), as in effect on 
     the date of the enactment of this paragraph).''.
       (c) Effective Date.--The amendments made by this section 
     shall take effect on the date of the enactment of this Act, 
     in taxable years ending after such date.
                                 ______