Legis Daily

Financing Our Energy Future Act

USA117th CongressS-1034| Senate 
| Updated: 3/25/2021
Christopher A. Coons

Christopher A. Coons

Democratic Senator

Delaware

Cosponsors (12)
Joni Ernst (Republican)Mike Braun (Republican)Jerry Moran (Republican)Thomas R. Carper (Democratic)Mark R. Warner (Democratic)Angus S. King (Independent)Kyrsten Sinema (Independent)Debbie Stabenow (Democratic)Michael F. Bennet (Democratic)Susan M. Collins (Republican)Mike Crapo (Republican)Lisa Murkowski (Republican)

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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

Bill from Previous Congress

S 116-1841
Financing Our Energy Future Act
Mar 25, 2021
Introduced in Senate
Mar 25, 2021
Read twice and referred to the Committee on Finance.
Mar 29, 2021

Latest Companion Bill Action

HR 117-2291
Introduced in House
  • Bill from Previous Congress

    S 116-1841
    Financing Our Energy Future Act


  • March 25, 2021
    Introduced in Senate


  • March 25, 2021
    Read twice and referred to the Committee on Finance.


  • March 29, 2021

    Latest Companion Bill Action

    HR 117-2291
    Introduced in House

Taxation

Related Bills

  • HR 117-2291: Financing Our Energy Future Act
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 CongressS-1034| Senate 
| Updated: 3/25/2021
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

S 116-1841
Financing Our Energy Future Act
Mar 25, 2021
Introduced in Senate
Mar 25, 2021
Read twice and referred to the Committee on Finance.
Mar 29, 2021

Latest Companion Bill Action

HR 117-2291
Introduced in House
  • Bill from Previous Congress

    S 116-1841
    Financing Our Energy Future Act


  • March 25, 2021
    Introduced in Senate


  • March 25, 2021
    Read twice and referred to the Committee on Finance.


  • March 29, 2021

    Latest Companion Bill Action

    HR 117-2291
    Introduced in House
Christopher A. Coons

Christopher A. Coons

Democratic Senator

Delaware

Cosponsors (12)
Joni Ernst (Republican)Mike Braun (Republican)Jerry Moran (Republican)Thomas R. Carper (Democratic)Mark R. Warner (Democratic)Angus S. King (Independent)Kyrsten Sinema (Independent)Debbie Stabenow (Democratic)Michael F. Bennet (Democratic)Susan M. Collins (Republican)Mike Crapo (Republican)Lisa Murkowski (Republican)

Finance Committee

Taxation

Related Bills

  • HR 117-2291: Financing Our Energy Future Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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