An original bill to exclude from gross income certain clean coal power grants to non-corporate taxpayers.

Bill: 114-s-919
Sponsor: full_name: Sen. Hatch, Orrin G. [R-UT]
Introduced: 2015-04-14
Policy area: Taxation
Subjects: Business investment and capital

Coal

Electric power generation and transmission

Energy efficiency and conservation

Environmental technology

Income tax exclusion
Latest action: action_date: 2015-04-14
text: Placed on Senate Legislative Calendar under General Orders. Calendar No. 52.

Summaries:
action_date: 2015-04-14
action_desc: Introduced in Senate
text: <p>This bill excludes from gross income, for income tax purposes, any amount received by a non-corporate taxpayer as a clean coal power grant, award, or allowance under the Energy Policy Act of 2005. To the extent that such grant, award, or allowance is related to depreciable property, the adjusted basis of such property is reduced by the amount excluded from gross income. Each non-corporate taxpayer allowed a tax exclusion under this Act must make a payment to the federal government of 1.18% of the value of the grant, award, or allowance received. </p>

action_date: 2015-04-14
action_desc: Reported to Senate without amendment
text: <p>(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)</p> <p>This bill excludes from gross income, for income tax purposes, any amount received by a non-corporate taxpayer as a clean coal power grant, award, or allowance under the Energy Policy Act of 2005. To the extent that such grant, award, or allowance is related to depreciable property, the adjusted basis of such property is reduced by the amount excluded from gross income. Each non-corporate taxpayer allowed a tax exclusion under this Act must make a payment to the federal government of 1.18% of the value of the grant, award, or allowance received. </p> <p>This bill is applicable to grant amounts received in taxable years beginning after December 31, 2011. </p>

tv_txt: II Calendar No. 52 114th CONGRESS 1st Session S. 919 [Report No. 114–29] 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.

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.

April 14, 2015 Read twice and placed on the calendar