II
110th CONGRESS
2d Session
S. 3291
IN THE SENATE OF THE UNITED STATES
July 21 (legislative day, July 17), 2008
Mr. Harkin (for himself and Mr. Lugar) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to treat certain income and gains relating to fuels as qualifying income for publicly traded partnerships.
Short title
This Act may be cited as the
Biofuels Pipeline Act of
2008
.
Certain income and gains relating to fuels treated as qualifying income for publicly traded partnerships
In general
Subparagraph (E) of section 7704(d)(1) of the Internal
Revenue Code of 1986 (defining qualifying income) is amended by inserting “, or
the transportation, storage, or marketing of any fuel which meets the
registration requirements for fuels and fuel additives established by the
Environmental Protection Agency under section 211 of the Clean Air Act (42
U.S.C. 7545)” after timber)
.
Effective date
The amendment made by this section shall take effect on the date of the enactment of this Act, in taxable years ending after such date.