119-hr2545

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2545 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
 H. R. 2545

 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

 April 1, 2025

 Mr. Estes (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 ``Financing Our Energy Future Act''.

SEC. 2. GREEN ENERGY PUBLICLY TRADED PARTNERSHIPS.

    (a) In General.--

Section 7704
            (d) (1)
        (E) of the Internal Revenue Code 
of 1986 is amended--

    (1) by striking ``income and gains derived from the 
 exploration'' and inserting ``income and gains derived from--
 ``
            (i) the exploration'',

    (2) by inserting ``or'' before ``industrial source'', and

    (3) by striking ``, or the transportation or storage'' and 
 all that follows and inserting the following:
 ``
            (ii) the generation of electric power or 
 thermal energy exclusively using any qualified 
 energy resource (as defined in 

section 45
            (c) (1) ),
 ``
            (iii) the operation of energy property 
 (as defined in 

section 48

    (a)

    (3) , determined 
 without regard to any date by which the 
 construction of the facility is required to 
 begin),
 ``
            (iv) in the case of a facility described 
 in paragraph

    (3) or

    (7) of 

section 45
            (d) (determined without regard to any placed in 
 service date or date by which construction of 
 the facility is required to begin), the 
 accepting or processing of open-loop biomass or 
 municipal solid waste,
 ``
            (v) the storage of electric power or 
 thermal energy exclusively using energy storage 
 technology (as defined in 

section 48
            (c) (6) ),
 ``
            (vi) the generation, storage, or 
 distribution of electric power or thermal 
 energy exclusively using energy property that 
 is combined heat and power system property (as 
 defined in 

section 48
            (c) (3) , determined without 
 regard to subparagraph
        (B)
            (iii) thereof and 
 without regard to any date by which the 
 construction of the facility is required to 
 begin),
 ``
            (vii) the transportation or storage of--
 ``
            (I) any fuel described in 
 subsection

    (b) ,
            (c) ,
            (d) ,

    (e) , or

    (k) of 

section 6426, or
 ``
            (II) liquified hydrogen or 
 compressed hydrogen,
 ``
            (viii) the conversion of renewable 
 biomass (as defined in subparagraph
            (I) of 
 

section 211

    (o)

    (1) of the Clean Air Act (as in 
 effect on the date of the enactment of this 
 clause)) into renewable fuel (as defined in 
 subparagraph
        (J) of such section as so in 
 effect), or the storage or transportation of 
 such fuel,
 ``
            (ix) the production, storage, or 
 transportation of any fuel which--
 ``
            (I) uses as its primary feedstock 
 carbon oxides captured from an 
 anthropogenic source or the atmosphere,
 ``
            (II) does not use as its primary 
 feedstock carbon oxide which is 
 deliberately released from naturally 
 occurring subsurface springs, and
 ``
            (III) is determined by the 
 Secretary, after consultation with the 
 Secretary of Energy and the 
 Administrator of the Environmental 
 Protection Agency, to achieve a 
 reduction of not less than a 60 percent 
 in lifecycle greenhouse gas emissions 
 (as defined in 

section 211

    (o)

    (1)
        (H) of 
 the Clean Air Act, as in effect on the 
 date of the enactment of this clause) 
 compared to baseline lifecycle 
 greenhouse gas emissions (as defined in 
 

section 211

    (o)

    (1)
            (C) of such Act, as so 
 in effect),
 ``
            (x) the generation of electric power from 
 a qualifying gasification project (as defined 
 in 

section 48B
            (c) (1) without regard to 
 subparagraph
            (C) ) that is described in 

section 48B
            (d) (1)
        (B) ,
 ``
            (xi) in the case of a qualified facility 
 (as defined in 

section 45Q
            (d) , without regard 
 to any date by which construction of the 
 facility is required to begin) not less than 50 
 percent of the total carbon oxide production of 
 which is qualified carbon oxide (as defined in 
 

section 45Q
            (c) )--
 ``
            (I) the generation, availability 
 for such generation, or storage of 
 electric power at such facility, or
 ``
            (II) the capture of carbon 
 dioxide by such facility,
 ``
            (xii) the generation of electric power or 
 energy from any advanced nuclear facility (as 
 defined in 

section 45J
            (d) (2) ), or
 ``
            (xiii) the production, storage, or 
 transportation of any renewable chemical 
 which--
 ``
            (I) is produced in the United 
 States (or in a territory or possession 
 of the United States) from renewable 
 biomass,
 ``
            (II) is not less than 95 percent 
 biobased content,
 ``
            (III) is not sold or used for the 
 production of any food, feed, fuel, or 
 pharmaceuticals,
 ``
            (IV) is approved to use the USDA 
 Certified Biobased Product label under 
 

section 9002

    (b) of the Farm Security 
 and Rural Investment Act of 2002 (7 
 U.S.C. 8102

    (b) ), and
 ``
            (V) is a chemical intermediate 
 (as such term is defined in 

section 3201.109 of title 7, Code of Federal 
 Regulations (or successor 
 regulations)),''.

    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2025.
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