[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2545 Introduced in House (IH)]
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119th CONGRESS
1st Session
H. R. 2545
To amend the Internal Revenue Code of 1986 to extend the publicly
traded partnership ownership structure to energy power generation
projects and transportation fuels, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 1, 2025
Mr. Estes (for himself and Mr. Thompson of California) introduced the
following bill; which was referred to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to extend the publicly
traded partnership ownership structure to energy power generation
projects and transportation fuels, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Financing Our Energy Future Act''.
SEC. 2. 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'', and
(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 storage
technology (as defined in section 48(c)(6)),
``(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--
``(I) any fuel described in
subsection (b), (c), (d), (e), or (k)
of section 6426, or
``(II) liquified hydrogen or
compressed hydrogen,
``(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
48B(d)(1)(B),
``(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 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,
``(xii) the generation of electric power or
energy from any advanced nuclear facility (as
defined in section 45J(d)(2)), or
``(xiii) the production, storage, or
transportation of any renewable chemical
which--
``(I) is produced in the United
States (or in a territory or possession
of the United States) from renewable
biomass,
``(II) is not less than 95 percent
biobased content,
``(III) is not sold or used for the
production of any food, feed, fuel, or
pharmaceuticals,
``(IV) is approved to use the USDA
Certified Biobased Product label under
section 9002(b) of the Farm Security
and Rural Investment Act of 2002 (7
U.S.C. 8102(b)), and
``(V) is a chemical intermediate
(as such term is defined in section
3201.109 of title 7, Code of Federal
Regulations (or successor
regulations)),''.
(b) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2025.
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