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S. 759: A bill to amend the Internal Revenue Code of 1986 to extend the credit for production of refined coal.


The text of the bill below is as of Mar 16, 2021 (Introduced).


II

117th CONGRESS

1st Session

S. 759

IN THE SENATE OF THE UNITED STATES

March 16, 2021

(for himself and Mr. Cramer) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to extend the credit for production of refined coal.

1.

Extension of refined coal production tax credit

(a)

Extension of period during which refined coal can be produced

Section 45(e)(8) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:

(E)

Extension of credit period for certain refined coal facilities

In the case of a refined coal production facility which does not produce steel industry fuel and which is placed in service before January 1, 2012, clauses (i) and (ii)(II) of subparagraph (A) shall each be applied by substituting 20-year period for 10-year period.

.

(b)

Extension of period during which refined coal facilities can be qualified

Subparagraph (B) of section 45(d)(8) of the Internal Revenue Code of 1986 is amended—

(1)

by striking placed in service after and inserting

placed in service—

(i)

after

;

(2)

by striking the period at the end and inserting , or; and

(3)

by adding at the end the following new clause:

(ii)

after December 31, 2020, and before January 1, 2024.

.

(c)

Effective date

The amendments made by this section shall apply to coal produced and sold after the date of the enactment of this Act, in taxable years ending after such date.