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.
Air qualityAlternative and renewable resourcesClimate change and greenhouse gasesCorporate finance and managementElectric power generation and transmissionEnergy storage, supplies, demandLighting, heating, coolingMotor fuelsNuclear powerSolid waste and recyclingTax administration and collection, taxpayers
Financing Our Energy Future Act
USA117th CongressHR-2291| House
| Updated: 3/29/2021
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.
Air qualityAlternative and renewable resourcesClimate change and greenhouse gasesCorporate finance and managementElectric power generation and transmissionEnergy storage, supplies, demandLighting, heating, coolingMotor fuelsNuclear powerSolid waste and recyclingTax administration and collection, taxpayers