II 

113TH CONGRESS 

1ST SESSION S. 795 

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 SENATE OF THE UNITED STATES 

APRIL 24, 2013 

Mr. COONS (for himself, Mr. MORAN, Ms. STABENOW, and Ms. MURKOWSKI) 

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 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 ‘‘Master Limited Part5 nerships Parity Act’’. 


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1 SEC. 2. EXTENSION OF PUBLICLY TRADED PARTNERSHIP 

2 OWNERSHIP STRUCTURE TO ENERGY POWER 

3 GENERATION PROJECTS, TRANSPORTATION 

4 FUELS, AND RELATED ENERGY ACTIVITIES. 

5 (a) IN GENERAL.—Subparagraph (E) of section 

6 7704(d)(1) of the Internal Revenue Code of 1986 is 

7 amended— 

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

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

10 derived from the following: 

11 ‘‘(i) MINERALS, NATURAL RE12 SOURCES, ETC.—The exploration’’, 

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

14 source’’, 

15 (3) by inserting a period after ‘‘carbon diox16 ide’’, and 

17 (4) by striking ‘‘, or the transportation or stor18 age’’ and all that follows and inserting the following: 

19 ‘‘(ii) RENEWABLE ENERGY.—The gen20 eration of electric power exclusively uti21 lizing any resource described in section 

22 45(c)(1) or energy property described in 

23 section 48 (determined without regard to 

24 any termination date), or in the case of a 

25 facility described in paragraph (3) or (7) 

26 of section 45(d) (determined without reVerDate Mar 15 2010 22:33 Apr 29, 2013 Jkt 029200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S795.IS S795

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1 gard to any placed in service date or date 

2 by which construction of the facility is re3 quired to begin), the accepting or proc4 essing of such resource. 

5 ‘‘(iii) ELECTRICITY STORAGE DE6 VICES.—The receipt and sale of electric 

7 power that has been stored in a device di8 rectly connected to the grid. 

9 ‘‘(iv) COMBINED HEAT AND POWER.— 

10 The generation, storage, or distribution of 

11 thermal energy exclusively utilizing prop12 erty described in section 48(c)(3) (deter13 mined without regard to subparagraphs 

14 (B) and (D) thereof and without regard to 

15 any placed in service date). 

16 ‘‘(v) RENEWABLE THERMAL EN17 ERGY.—The generation, storage, or dis18 tribution of thermal energy exclusively 

19 using any resource described in section 

20 45(c)(1) or energy property described in 

21 clause (i) or (iii) of section 48(a)(3)(A). 

22 ‘‘(vi) WASTE HEAT TO POWER.—The 

23 use of recoverable waste energy, as defined 

24 in section 371(5) of the Energy Policy and 

25 Conservation Act (42 U.S.C. 6341(5)) (as 


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1 in effect on the date of the enactment of 

2 the Master Limited Partnerships Parity 

3 Act). 

4 ‘‘(vii) RENEWABLE FUEL INFRA5 STRUCTURE.—The storage or transpor6 tation of any fuel described in subsection 

7 (b), (c), (d), or (e) of section 6426. 

8 ‘‘(viii) RENEWABLE FUELS.—The pro9 duction, storage, or transportation of any 

10 renewable fuel described in section 

11 211(o)(1)(J) of the Clean Air Act (42 

12 U.S.C. 7545(o)(1)(J)) (as in effect on the 

13 date of the enactment of the Master Lim14 ited Partnerships Parity Act) or section 

15 40A(d)(1). 

16 ‘‘(ix) RENEWABLE CHEMICALS.—The 

17 production, storage, or transportation of 

18 any renewable chemical (as defined in 

19 paragraph (6)). 

20 ‘‘(x) ENERGY EFFICIENT BUILD21 INGS.—The audit and installation through 

22 contract or other agreement of any energy 

23 efficient building property described in sec24 tion 179D(c)(1). 


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1 ‘‘(xi) GASIFICATION WITH SEQUES2 TRATION.—The production of any product 

3 from a project that meets the requirements 

4 of subparagraphs (A) and (B) of section 

5 48B(c)(1) and that separates and seques6 ters in secure geological storage (as deter7 mined under section 45Q(d)(2)) at least 75 

8 percent of such project’s total qualified 

9 carbon dioxide (as defined in section 

10 45Q(b)). 

11 ‘‘(xii) CARBON CAPTURE AND SEQUES12 TRATION.—The generation or storage of 

13 electric power produced from any facility 

14 which is a qualified facility described in 

15 section 45Q(c) and which disposes of any 

16 captured qualified carbon dioxide (as de17 fined in section 45Q(b)) in secure geologi18 cal storage (as determined under section 

19 45Q(d)(2)).’’. 

20 (b) RENEWABLE CHEMICAL.—Section 7704(d) of 

21 such Code is amended by adding at the end the following 

22 new paragraph: 

23 ‘‘(6) RENEWABLE CHEMICAL.—The term ‘re24 newable chemical’ means a monomer, polymer, plas25 tic, formulated product, or chemical substance proVerDate Mar 15 2010 22:33 Apr 29, 2013 Jkt 029200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\S795.IS S795

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1 duced from renewable biomass (as defined in section 

2 9001(12) of the Farm Security and Rural Invest3 ment Act of 2002 (7 U.S.C. 8101(12)), as in effect 

4 on the date of the enactment of the Master Limited 

5 Partnerships Parity Act).’’. 

6 (c) EFFECTIVE DATE.—The amendments made by 

7 this section shall take effect on the date of the enactment 

8 of this Act, in taxable years ending after such date. 

Æ 


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