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[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 919 Placed on Calendar Senate (PCS)]

                                                        Calendar No. 52
114th CONGRESS
  1st Session
                                 S. 919

                          [Report No. 114-29]

  To exclude from gross income certain clean coal power grants to non-
                          corporate taxpayers.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             April 14, 2015

   Mr. Hatch, from the Committee on Finance, reported the following 
     original bill; which was read twice and placed on the calendar

_______________________________________________________________________

                                 A BILL

 
  To exclude from gross income certain clean coal power grants to non-
                          corporate taxpayers.

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

SECTION 1. EXCLUSION FROM GROSS INCOME OF CERTAIN CLEAN COAL POWER 
              GRANTS TO NON-CORPORATE TAXPAYERS.

    (a) General Rule.--In the case of an eligible taxpayer other than a 
corporation, gross income for purposes of the Internal Revenue Code of 
1986 shall not include any amount which--
            (1) is received under section 402 of the Energy Policy Act 
        of 2005, and
            (2) if received by a corporation, would be excluded from 
        gross income under section 118 of the Internal Revenue Code of 
        1986.
    (b) Reduction in Basis.--The basis of any property subject to the 
allowance for depreciation or amortization under the Internal Revenue 
Code of 1986 which is acquired with any amount to which subsection (a) 
applies during the 12-month period beginning on the day such amount is 
received shall be reduced by an amount equal to such amount. The excess 
(if any) of such amount over the amount of the reduction under the 
preceding sentence shall be applied to the reduction (as of the last 
day of the period specified in the preceding sentence) of the basis of 
any other property held by the taxpayer. The particular properties to 
which the reductions required by this subsection are allocated shall be 
determined by the Secretary of the Treasury (or the Secretary's 
delegate) under regulations similar to the regulations under section 
362(c)(2) of such Code.
    (c) Eligible Taxpayer.--For purposes of this section, with respect 
to any amount received under section 402 of the Energy Policy Act of 
2005, the term ``eligible taxpayer'' means a taxpayer that makes a 
payment to the Secretary of the Treasury (or the Secretary's delegate) 
equal to 1.18 percent of the amount so received. Such payment shall be 
made at such time and in such manner as such Secretary (or the 
Secretary's delegate) shall prescribe. In the case of a partnership, 
such Secretary (or the Secretary's delegate) shall prescribe 
regulations to determine the allocation of such payment amount among 
the partners.
    (d) Effective Date.--This section shall apply to amounts received 
under section 402 of the Energy Policy Act of 2005 in taxable years 
beginning after December 31, 2011.
                                                        Calendar No. 52

114th CONGRESS

  1st Session

                                 S. 919

                          [Report No. 114-29]

_______________________________________________________________________

                                 A BILL

  To exclude from gross income certain clean coal power grants to non-
                          corporate taxpayers.

_______________________________________________________________________

                             April 14, 2015

                 Read twice and placed on the calendar
```