A bill to amend the Internal Revenue Code of 1986 to extend and improve the Indian coal production tax credit.

Bill: 114-s-1361
Sponsor: full_name: Sen. Daines, Steve [R-MT]
Introduced: 2015-05-18
Policy area: Taxation
Subjects: Coal

Electric power generation and transmission

Income tax credits

Indian lands and resources rights
Latest action: action_date: 2015-05-18
text: Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2973)

Summaries:
action_date: 2015-05-18
action_desc: Introduced in Senate
text: <p>Amends the Internal Revenue Code, with respect to the tax credit for producing electricity from an Indian coal production facility, to eliminate: (1) the requirement that such a facility be placed in service before January 1, 2009, and (2) the limitation on the period during which such coal is required to be produced and sold. </p>

tv_txt: II 114th CONGRESS 1st Session S. 1361 IN THE SENATE OF THE UNITED STATES May 18, 2015 Mr. Daines (for himself, Mr. Barrasso , Mr. Tester , Mr. Moran , and Ms. Heitkamp ) 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 and improve the Indian coal production tax credit.

1. Extension and improvement of Indian coal production tax credit (a) Repeal of limitation based on date facility is placed in service Section 45(d) of the Internal Revenue Code of 1986 is amended to read as follows: (10) Indian coal production facility The term Indian coal production facility means a facility that produces Indian coal. . (b) Repeal of limitation on period during which coal must be produced and sold; treatment of sales to related parties Section 45(e)(10)(A) of the Internal Revenue Code of 1986 is amended by striking per ton of Indian coal— and all that follows and inserting the following: per ton of Indian coal— (i) produced by the taxpayer at an Indian coal production facility, and (ii) sold (either directly by the taxpayer or after sale or transfer to one or more related persons) to an unrelated person. . (c) Repeal of limitation on treatment as a specified credit (1) In general Section 38(c)(4)(B) of the Internal Revenue Code of 1986 is amended by redesignating clauses (iv) through (ix) as clauses (v) through (x), respectively, and by inserting after clause (iii) the following new clause: (iv) the credit determined under section 45 to the extent that such credit is attributable to section 45(e)(10) (relating to Indian coal production facilities), . (2) Conforming amendment Section 45(e)(10) of such Code is amended by striking subparagraph (D). (d) Effective date The amendments made by this section shall apply to coal produced and sold after the date of the enactment of this Act, in taxable years ending after such date.