119th Congress Taxation
S. 510: Financing Our Energy Future Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill allows a publicly traded partnership to derive income from certain clean energy-related activities and still be treated as a partnership for federal income tax purposes.
As background, a publicly traded partnership is a partnership whose interests are traded on an established securities market (or readily tradable on a secondary market). A publicly traded partnership generally is treated as a corporation for federal income tax purposes unless 90% or more of such partnership’s gross income is qualifying income.
Under current law, qualifying income includes
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- interest and dividends;
- real property rents;
- gain from the sale (or disposition) of real property;
- income from certain activities related to minerals and natural resources, source carbon dioxide, and the transportation or storage of certain fuels; and
- gain from the sale (or disposition) of a capital asset or commodities.
Under the bill, the qualifying income is expanded to include income derived from
- electric power (or thermal energy) generated from renewable energy sources (e.g., wind and solar energy), qualified gasification projects, or advanced nuclear facilities;
- accepting or processing open-loop biomass or municipal solid waste (by certain facilities);
- the storage of electric power or thermal energy using certain energy storage technology;
- the generation, storage, or distribution of electric power (or thermal energy) using combined heat and power system property;
- fuels that use certain carbon oxides as primary feedstock;
- certain renewable chemicals;
- transportation or storage of liquefied or compressed hydrogen;
- the conversion of renewable biomass; and
- certain carbon capture and sequestration facilities.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- John Barrasso R-WYOriginal
- Susan Collins R-MEOriginal
- John Cornyn R-TXOriginal
- Christopher Coons D-DEOriginal
- Kevin Cramer R-NDOriginal
- John Curtis R-UTOriginal
- Angus King I-MEOriginal
- Roger Marshall R-KSOriginal
- Pete Ricketts R-NEOriginal
- Mark Warner D-VAOriginal
- Dave McCormick R-PA
Who scored on this bill
- 1Jerry Moran SponsorDrew cross-party cosponsors, introduced2 events+6
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Introductions and cosponsorships count toward weekly caps and show no points.
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History
- Introduced in the Senate by Jerry Moran.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Finance.