There is 1 version of this bill. View text

Click the check-box to add or remove the section, click the text link to scroll to that section.
Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Steel Industry Preservation Act

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Internal Revenue Code of 1986 to extend and modify the section 45 credit for refined coal from steel industry fuel, and for other purposes.

Actions Overview (1)

02/01/2017 Introduced in House

All Actions (2)

02/01/2017 Referred to the House Committee on Ways and Means.
Action By: House of Representatives
02/01/2017 Introduced in House
Action By: House of Representatives

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Ways and Means02/01/2017 Referred to

A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-congress measures.

Subjects (11)

  • Alternative and renewable resources
  • Business expenses
  • Coal
  • Income tax credits
  • Income tax deductions
  • Industrial facilities
  • Manufacturing
  • Metals
  • Oil and gas
  • Tax administration and collection, taxpayers

Latest Summary (1)

There is one summary for H.R.792. View summaries

Shown Here:
Introduced in House (02/01/2017)

Steel Industry Preservation Act

This bill amends the Internal Revenue Code to extend and modify the production tax credit for steel industry fuel.

(Under current law, steel industry fuel is a fuel which is: (1) produced through a process of liquefying coal waste sludge and distributing it on coal, and (2) used as a feedstock for the manufacture of coke.)

The bill modifies the tax credit for steel industry fuel to:

  • extend the credit period and the placed-in-service date,
  • revise the definition of "steel industry fuel" to allow blends of coal and petroleum coke or other coke feedstock in the fuel,
  • set forth ownership requirements, and
  • specify requirements for treating an owner as producing and selling steel industry fuel.

A taxpayer that produces steel industry fuel may elect to accept an increased tax credit in lieu of certain deductions for expenses in connection with the production of steel industry fuel.

The bill specifies the treatment of the credit for the purpose of the alternative minimum tax. It also exempts transactions related to steel industry fuel from rules that restrict deductions and other tax benefits for activities that are not engaged in for profit or that do not have economic substance.