S.Amdt. 119

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.
______