I 

117TH CONGRESS 

1ST SESSION H. R. 2291 

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 

MARCH 29, 2021 

Mr. THOMPSON of California (for himself and Mr. ESTES) 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 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Financing Our Energy 

5 Future Act’’. 


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1 SEC. 2. GREEN ENERGY PUBLICLY TRADED PARTNER2 SHIPS. 

3 (a) IN GENERAL.—Section 7704(d)(1)(E) of the In4 ternal Revenue Code of 1986 is amended— 

5 (1) by striking ‘‘income and gains derived from 

6 the exploration’’ and inserting ‘‘income and gains 

7 derived from— 

8 ‘‘(i) the exploration’’; 

9 (2) by inserting ‘‘or’’ before ‘‘industrial 

10 source’’; and 

11 (3) by striking ‘‘, or the transportation or stor12 age’’ and all that follows and inserting the following: 

13 ‘‘(ii) the generation of electric power 

14 or thermal energy exclusively using any 

15 qualified energy resource (as defined in 

16 section 45(c)(1)), 

17 ‘‘(iii) the operation of energy property 

18 (as defined in section 48(a)(3), determined 

19 without regard to any date by which the 

20 construction of the facility is required to 

21 begin), 

22 ‘‘(iv) in the case of a facility described 

23 in paragraph (3) or (7) of section 45(d) 

24 (determined without regard to any placed 

25 in service date or date by which construc26 tion of the facility is required to begin), 


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1 the accepting or processing of open-loop 

2 biomass or municipal solid waste, 

3 ‘‘(v) the storage of electric power or 

4 thermal energy exclusively using energy 

5 property that is energy storage property 

6 (as defined in section 48(c)(5)), 

7 ‘‘(vi) the generation, storage, or dis8 tribution of electric power or thermal en9 ergy exclusively using energy property that 

10 is combined heat and power system prop11 erty (as defined in section 48(c)(3), deter12 mined without regard to subparagraph 

13 (B)(iii) thereof and without regard to any 

14 date by which the construction of the facil15 ity is required to begin), 

16 ‘‘(vii) the transportation or storage of 

17 any fuel described in subsection (b), (c), 

18 (d), or (e) of section 6426, 

19 ‘‘(viii) the conversion of renewable bio20 mass (as defined in subparagraph (I) of 

21 section 211(o)(1) of the Clean Air Act (as 

22 in effect on the date of the enactment of 

23 this clause)) into renewable fuel (as de24 fined in subparagraph (J) of such section 


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1 as so in effect), or the storage or transpor2 tation of such fuel, 

3 ‘‘(ix) the production, storage, or 

4 transportation of any fuel which— 

5 ‘‘(I) uses as its primary feedstock 

6 carbon oxides captured from an an7 thropogenic source or the atmosphere, 

8 ‘‘(II) does not use as its primary 

9 feedstock carbon oxide which is delib10 erately released from naturally occur11 ring subsurface springs, and 

12 ‘‘(III) is determined by the Sec13 retary, after consultation with the 

14 Secretary of Energy and the Adminis15 trator of the Environmental Protec16 tion Agency, to achieve a reduction of 

17 not less than a 60 percent in lifecycle 

18 greenhouse gas emissions (as defined 

19 in section 211(o)(1)(H) of the Clean 

20 Air Act, as in effect on the date of the 

21 enactment of this clause) compared to 

22 baseline lifecycle greenhouse gas emis23 sions (as defined in section 

24 211(o)(1)(C) of such Act, as so in ef25 fect), 


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1 ‘‘(x) the generation of electric power 

2 from, a qualifying gasification project (as 

3 defined in section 48B(c)(1) without re4 gard to subparagraph (C)) that is de5 scribed in section 48(d)(1)(B), 

6 ‘‘(xi) in the case of a qualified facility 

7 (as defined in section 45Q(d), without re8 gard to any date by which construction of 

9 the facility is required to begin) not less 

10 than 50 percent (30 percent in the case of 

11 a facility placed in service before January 

12 1, 2022) of the total carbon oxide produc13 tion of which is qualified carbon oxide (as 

14 defined in section 45Q(c))— 

15 ‘‘(I) the generation, availability 

16 for such generation, or storage of elec17 tric power at such facility, or 

18 ‘‘(II) the capture of carbon diox19 ide by such facility, or 

20 ‘‘(xii) the production, storage, or 

21 transportation of any renewable chemical 

22 which— 

23 ‘‘(I) is produced in the United 

24 States (or in a territory or possession 


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1 of the United States) from renewable 

2 biomass, 

3 ‘‘(II) is not less than 95 percent 

4 biobased content, 

5 ‘‘(III) is not sold or used for the 

6 production of any food, feed, fuel, or 

7 pharmaceuticals, 

8 ‘‘(IV) is approved to use the 

9 USDA Certified Biobased Product 

10 label under section 9002(b) of the 

11 Farm Security and Rural Investment 

12 Act of 2002 (7 U.S.C. 8102(b)), and 

13 ‘‘(V) is a chemical intermediate 

14 (as such term is defined in section 

15 3201.109 of title 7, Code of Federal 

16 Regulations (or successor regula17 tions)),’’. 

18 (b) EFFECTIVE DATE.—The amendments made by 

19 this section shall apply to taxable years beginning after 

20 December 31, 2021. 

Æ 


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