Master Limited Partnerships Parity Act

Master Limited Partnerships Parity Act - Amends the Internal Revenue Code, with respect to the tax treatment of publicly traded partnerships as corporations, to expand the definition of "qualifying income" for such partnerships to include income and gains from renewable and alternative fuels (in addition to fossil fuels), including renewable energy facilities used in the production of electricity, biodiesel, alcohol used as fuels, and renewable fuels used to reduce or replace fossil fuels present in transportation fuels.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6437 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 6437

   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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 19, 2012

     Mr. Poe of Texas (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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

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

SEC. 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.
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