Financing Our Energy Future Act

Summary

Financing Our Energy Future Act This bill expands the types of partnerships that qualify for treatment as publicly traded partnerships instead of as corporations for tax purposes. Under current law, partnerships that meet certain gross income requirements (i.e., at least 90% of the partnership's gross income in a taxable year consists of qualifying income) are excepted from being treated as a corporation for tax purposes. This bill expands the sources of income that are considered qualifying income and make a partnership eligible for such an exception. Specifically, the bill provides that income derived from the generation of specified alternative energy, alternative fuel projects, or the associated property, storage, or transportation for such projects (e.g., the converstion of renewable biomass into renewable fuel or the storage or transportation of such fuel) is considered qualifying income.

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Timeline

1. 25 March 2021

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 25 March 2021

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 25 March 2021 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 25 March 2021

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 25 March 2021

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 25 March 2021

  Open at official source

Sponsors

• Christopher Coons · D · Sponsor
• Jerry Moran · R · Sponsor
• Angus King · I · Sponsor
• Rep. Carper, Thomas R. [D-DE-At Large] · D · Sponsor
• Joni Ernst · R · Sponsor
• Susan Collins · R · Sponsor
• Mark Warner · D · Sponsor
• Sen. Braun, Mike [R-IN] · R · Sponsor
• Sen. Stabenow, Debbie [D-MI] · D · Sponsor
• Mike Crapo · R · Sponsor
• Michael Bennet · D · Sponsor
• Kyrsten Sinema · D · Cosponsor
• Lisa Murkowski · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Financing Our Energy Future Act
• related to ← Financing Our Energy Future Act