SEC. 2. EXTENSION OF PUBLICLY TRADED PARTNERSHIP 
OWNERSHIP STRUCTURE TO ENERGY POWER 
GENERATION PROJECTS, TRANSPORTATION 
FUELS, AND RELATED ENERGY ACTIVITIES. 
(a) IN GENERAL.—Subparagraph (E) of section 
7704(d)(1) 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 the following: 
‘‘(i) 
MINERALS, 
NATURAL
RE-
SOURCES, ETC.—The exploration’’, 
(2) 
by 
inserting 
‘‘or’’ 
before 
‘‘industrial 
source’’, 
(3) by inserting a period after ‘‘carbon diox-
ide’’, and 
(4) by striking ‘‘, or the transportation or stor-
age’’ and all that follows and inserting the following: 
‘‘(ii) RENEWABLE ENERGY.—The gen-
eration of electric power exclusively uti-
lizing any resource described in section 
45(c)(1) or energy property described in 
section 48 (determined without regard to 
any termination date), or in the case of a 
facility described in paragraph (3) or (7) 
of section 45(d) (determined without re-
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gard to any placed in service date or date 
by which construction of the facility is re-
quired to begin), the accepting or proc-
essing of such resource. 
‘‘(iii) 
ELECTRICITY
STORAGE
DE-
VICES.—The receipt and sale of electric 
power that has been stored in a device di-
rectly connected to the grid. 
‘‘(iv) COMBINED HEAT AND POWER.— 
The generation, storage, or distribution of 
thermal energy exclusively utilizing prop-
erty described in section 48(c)(3) (deter-
mined without regard to subparagraphs 
(B) and (D) thereof and without regard to 
any placed in service date). 
‘‘(v) 
RENEWABLE
THERMAL
EN-
ERGY.—The generation, storage, or dis-
tribution of thermal energy exclusively 
using any resource described in section 
45(c)(1) or energy property described in 
clause (i) or (iii) of section 48(a)(3)(A). 
‘‘(vi) WASTE HEAT TO POWER.—The 
use of recoverable waste energy, as defined 
in section 371(5) of the Energy Policy and 
Conservation Act (42 U.S.C. 6341(5)) (as 
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in effect on the date of the enactment of 
the Master Limited Partnerships Parity 
Act). 
‘‘(vii) 
RENEWABLE
FUEL
INFRA-
STRUCTURE.—The storage or transpor-
tation of any fuel described in subsection 
(b), (c), (d), or (e) of section 6426. 
‘‘(viii) RENEWABLE FUELS.—The pro-
duction, storage, or transportation of any 
renewable 
fuel 
described 
in 
section 
211(o)(1)(J) of the Clean Air Act (42 
U.S.C. 7545(o)(1)(J)) (as in effect on the 
date of the enactment of the Master Lim-
ited Partnerships Parity Act) or section 
40A(d)(1). 
‘‘(ix) RENEWABLE CHEMICALS.—The 
production, storage, or transportation of 
any renewable chemical (as defined in 
paragraph (6)). 
‘‘(x) 
ENERGY
EFFICIENT
BUILD-
INGS.—The audit and installation through 
contract or other agreement of any energy 
efficient building property described in sec-
tion 179D(c)(1). 
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‘‘(xi) GASIFICATION
WITH
SEQUES-
TRATION.—The production of any product 
from a project that meets the requirements 
of subparagraphs (A) and (B) of section 
48B(c)(1) and that separates and seques-
ters in secure geological storage (as deter-
mined under section 45Q(d)(2)) at least 75 
percent of such project’s total qualified 
carbon dioxide (as defined in section 
45Q(b)). 
‘‘(xii) CARBON CAPTURE AND SEQUES-
TRATION.—The generation or storage of 
electric power produced from any facility 
which is a qualified facility described in 
section 45Q(c) and which disposes of any 
captured qualified carbon dioxide (as de-
fined in section 45Q(b)) in secure geologi-
cal storage (as determined under section 
45Q(d)(2)).’’. 
(b) RENEWABLE CHEMICAL.—Section 7704(d) of 
such Code is amended by adding at the end the following 
new paragraph: 
‘‘(6) RENEWABLE
CHEMICAL.—The term ‘re-
newable chemical’ means a monomer, polymer, plas-
tic, formulated product, or chemical substance pro-
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duced from renewable biomass (as defined in section 
9001(12) of the Farm Security and Rural Invest-
ment Act of 2002 (7 U.S.C. 8101(12), as in effect 
on the date of the enactment of the Master Limited 
Partnerships Parity Act).’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall take effect on the date of the enactment 
of this Act, in taxable years ending after such date. 
Æ 
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