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Text of the Master Limited Partnerships Parity Act

This bill was introduced on September 19, 2012, in a previous session of Congress, but was not enacted. The text of the bill below is as of Sep 19, 2012 (Introduced).

Source: GPO

I

112th CONGRESS

2d Session

H. R. 6437

IN THE HOUSE OF REPRESENTATIVES

September 19, 2012

(for himself and Mr. Thompson of California) 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.

1.

Short title

This Act may be cited as the Master Limited Partnerships Parity Act.

2.

Extension of publicly traded partnership ownership structure to energy power generation projects and transportation fuels

(a)

In general

Subparagraph (E) of section 7704(d)(1) of the Internal Revenue Code of 1986 is amended by striking , industrial source carbon dioxide, and all that follows and inserting or of any industrial source carbon dioxide; or the generation, storage, or transmission to the electrical grid of electric power exclusively utilizing any resource described in section 45(c)(1) or energy property described in section 48, or the accepting or processing of such resource or property for such utilization; or the generation or storage of thermal power exclusively utilizing any such resource or property; or the transportation or storage of any fuel described in subsection (b), (c), (d), or (e) of section 6426; or the production for sale by the taxpayer, the transportation, or the storage of any renewable fuel described in section 211(o)(1)(J) of the Clean Air Act (42 U.S.C. 7545(o)(1)(J)),.

(b)

Effective date

The amendment made by this section shall take effect on the date of the enactment of this Act, in taxable years ending after such date.