S.Amdt. 1345

1. Adds TITLE IV--AMENDMENTS TO THE INTERNAL REVENUE CODE OF 1986 at the end of the bill

   Adds a title

   In S. 2657 · Reported to Senate

   (2) any delegation of authority made by the head of a Federal agency any employee of which is participating in the Program.

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

   Inserted: SEC. 4001. GREEN ENERGY PUBLICLY TRADED PARTNERSHIPS.

   Inserted: (a) In General.--Section 7704(d)(1)(E) of the Internal Revenue Code of 1986 is amended--

   Inserted: (1) by striking "income and gains derived from the exploration" and inserting "income and gains derived from--

   Inserted: "(i) the exploration",

   Inserted: (2) by inserting "or" before "industrial source",

   Inserted: (3) by striking ", or the transportation or storage" and all that follows and inserting the following:

   Inserted: "(ii) the generation of electric power or thermal energy exclusively using any qualified energy resource (as defined in section 45(c)(1)),

   Inserted: "(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),

   Inserted: "(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,

   Inserted: "(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)),

   Inserted: "(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),

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   Inserted: "(vii) the transportation or storage of any fuel described in subsection (b), (c), (d), or (e) of section 6426,

   Inserted: "(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,

   Inserted: "(ix) the production, storage, or transportation of any fuel which--

   Inserted: "(I) uses as its primary feedstock carbon oxides captured from an anthropogenic source or the atmosphere,

   Inserted: "(II) does not use as its primary feedstock carbon oxide which is deliberately released from naturally occurring subsurface springs, and

   Inserted: "(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),

   Inserted: "(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

   Inserted: "(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))--

   Inserted: "(I) the generation, availability for such generation, or storage of electric power at such facility, or

   Inserted: "(II) the capture of carbon dioxide by such facility,".

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

   Original wording

   At the end, add the following:

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As printed