Financing Our Energy Future Act

I 117TH CONGRESS 1ST SESSION H. R. 2291 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 MARCH 29, 2021 Mr. THOMPSON of California (for himself and Mr. ESTES) 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 Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Financing Our Energy 4 Future Act’’. 5 VerDate Sep 11 2014 01:38 May 26, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2291.IH H2291 pbinns on DSKJLVW7X2PROD with BILLS 2 •HR 2291 IH SEC. 2. GREEN ENERGY PUBLICLY TRADED PARTNER- 1 SHIPS. 2 (a) IN GENERAL.—Section 7704(d)(1)(E) of the In- 3 ternal Revenue Code of 1986 is amended— 4 (1) by striking ‘‘income and gains derived from 5 the exploration’’ and inserting ‘‘income and gains 6 derived from— 7 ‘‘(i) the exploration’’; 8 (2) by inserting ‘‘or’’ before ‘‘industrial 9 source’’; and 10 (3) by striking ‘‘, or the transportation or stor- 11 age’’ and all that follows and inserting the following: 12 ‘‘(ii) the generation of electric power 13 or thermal energy exclusively using any 14 qualified energy resource (as defined in 15 section 45(c)(1)), 16 ‘‘(iii) the operation of energy property 17 (as defined in section 48(a)(3), determined 18 without regard to any date by which the 19 construction of the facility is required to 20 begin), 21 ‘‘(iv) in the case of a facility described 22 in paragraph (3) or (7) of section 45(d) 23 (determined without regard to any placed 24 in service date or date by which construc- 25 tion of the facility is required to begin), 26 VerDate Sep 11 2014 01:38 May 26, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H2291.IH H2291 pbinns on DSKJLVW7X2PROD with BILLS 3 •HR 2291 IH the accepting or processing of open-loop 1 biomass or municipal solid waste, 2 ‘‘(v) the storage of electric power or 3 thermal energy exclusively using energy 4 property that is energy storage property 5 (as defined in section 48(c)(5)), 6 ‘‘(vi) the generation, storage, or dis- 7 tribution of electric power or thermal en- 8 ergy exclusively using energy property that 9 is combined heat and power system prop- 10 erty (as defined in section 48(c)(3), deter- 11 mined without regard to subparagraph 12 (B)(iii) thereof and without regard to any 13 date by which the construction of the facil- 14 ity is required to begin), 15 ‘‘(vii) the transportation or storage of 16 any fuel described in subsection (b), (c), 17 (d), or (e) of section 6426, 18 ‘‘(viii) the conversion of renewable bio- 19 mass (as defined in subparagraph (I) of 20 section 211(o)(1) of the Clean Air Act (as 21 in effect on the date of the enactment of 22 this clause)) into renewable fuel (as de- 23 fined in subparagraph (J) of such section 24 VerDate Sep 11 2014 01:38 May 26, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H2291.IH H2291 pbinns on DSKJLVW7X2PROD with BILLS 4 •HR 2291 IH as so in effect), or the storage or transpor- 1 tation of such fuel, 2 ‘‘(ix) the production, storage, or 3 transportation of any fuel which— 4 ‘‘(I) uses as its primary feedstock 5 carbon oxides captured from an an- 6 thropogenic source or the atmosphere, 7 ‘‘(II) does not use as its primary 8 feedstock carbon oxide which is delib- 9 erately released from naturally occur- 10 ring subsurface springs, and 11 ‘‘(III) is determined by the Sec- 12 retary, after consultation with the 13 Secretary of Energy and the Adminis- 14 trator of the Environmental Protec- 15 tion Agency, to achieve a reduction of 16 not less than a 60 percent in lifecycle 17 greenhouse gas emissions (as defined 18 in section 211(o)(1)(H) of the Clean 19 Air Act, as in effect on the date of the 20 enactment of this clause) compared to 21 baseline lifecycle greenhouse gas emis- 22 sions (as defined in section 23 211(o)(1)(C) of such Act, as so in ef- 24 fect), 25 VerDate Sep 11 2014 01:38 May 26, 2021 Jkt 019200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H2291.IH H2291 pbinns on DSKJLVW7X2PROD with BILLS 5 •HR 2291 IH ‘‘(x) the generation of electric power 1 from, a qualifying gasification project (as 2 defined in section 48B(c)(1) without re- 3 gard to subparagraph (C)) that is de- 4 scribed in section 48(d)(1)(B), 5 ‘‘(xi) in the case of a qualified facility 6 (as defined in section 45Q(d), without re- 7 gard to any date by which construction of 8 the facility is required to begin) not less 9 than 50 percent (30 percent in the case of 10 a facility placed in service before January 11 1, 2022) of the total carbon oxide produc- 12 tion of which is qualified carbon oxide (as 13 defined in section 45Q(c))— 14 ‘‘(I) the generation, availability 15 for such generation, or storage of elec- 16 tric power at such facility, or 17 ‘‘(II) the capture of carbon diox- 18 ide by such facility, or 19 ‘‘(xii) the production, storage, or 20 transportation of any renewable chemical 21 which— 22 ‘‘(I) is produced in the United 23 States (or in a territory or possession 24 VerDate Sep 11 2014 01:38 May 26, 2021 Jkt 019200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H2291.IH H2291 pbinns on DSKJLVW7X2PROD with BILLS 6 •HR 2291 IH of the United States) from renewable 1 biomass, 2 ‘‘(II) is not less than 95 percent 3 biobased content, 4 ‘‘(III) is not sold or used for the 5 production of any food, feed, fuel, or 6 pharmaceuticals, 7 ‘‘(IV) is approved to use the 8 USDA Certified Biobased Product 9 label under section 9002(b) of the 10 Farm Security and Rural Investment 11 Act of 2002 (7 U.S.C. 8102(b)), and 12 ‘‘(V) is a chemical intermediate 13 (as such term is defined in section 14 3201.109 of title 7, Code of Federal 15 Regulations (or successor regula- 16 tions)),’’. 17 (b) EFFECTIVE DATE.—The amendments made by 18 this section shall apply to taxable years beginning after 19 December 31, 2021. 20 Æ VerDate Sep 11 2014 01:38 May 26, 2021 Jkt 019200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6301 E:\BILLS\H2291.IH H2291 pbinns on DSKJLVW7X2PROD with BILLS