[Congressional Record Volume 166, Number 42 (Tuesday, March 3, 2020)]
[Senate]
[Page S1303]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1345. Mr. COONS (for himself, Mr. Moran, Ms. Ernst, Mr. Crapo, Mr. 
King, and Ms. Sinema) submitted an amendment intended to be proposed by 
him to the bill S. 2657, to support innovation in advanced geothermal 
research and development, and for other purposes; which was ordered to 
lie on the table; as follows:

        At the end, add the following:

       TITLE IV--AMENDMENTS TO THE INTERNAL REVENUE CODE OF 1986

     SEC. 4001. 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'',
       (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 energy property that is energy storage 
     property (as defined in section 48(c)(5)),
       ``(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 
     48(d)(1)(B), or
       ``(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, 2020) 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,''.

       (b) Effective Date.--The amendments made by this section 
     apply to taxable years beginning after December 31, 2019.
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