A bill to amend the Internal Revenue Code of 1986 to extend the credit for production of refined coal.

Bill: 117-s-759
Sponsor: full_name: Sen. Hoeven, John [R-ND]
Introduced: 2021-03-16
Policy area: Taxation
Subjects: Air quality

Coal

Electric power generation and transmission

Income tax credits
Latest action: action_date: 2021-03-16
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2021-03-16
action_desc: Introduced in Senate
text: <p>This bill extends the tax credit for the production of refined coal. With respect to refined coal production facilities that do not produce steel industry fuel, the bill (1) allows facilities that were placed in service before January 1, 2012, to claim the credit for an additional 10 years, and (2) establishes an additional 3-year period (after December 31, 2020, and before January 1, 2024), during which facilities may qualify for the credit by being placed in service. </p>

tv_txt: II 117th CONGRESS 1st Session S. 759 IN THE SENATE OF THE UNITED STATES March 16, 2021 Mr. Hoeven (for himself and Mr. Cramer ) 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 credit for production of refined coal.

1. Extension of refined coal production tax credit (a) Extension of period during which refined coal can be produced Section 45(e)(8) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph: (E) Extension of credit period for certain refined coal facilities In the case of a refined coal production facility which does not produce steel industry fuel and which is placed in service before January 1, 2012, clauses (i) and (ii)(II) of subparagraph (A) shall each be applied by substituting 20-year period for 10-year period . . (b) Extension of period during which refined coal facilities can be qualified Subparagraph (B) of section 45(d)(8) of the Internal Revenue Code of 1986 is amended— (1) by striking placed in service after and inserting placed in service— (i) after ; (2) by striking the period at the end and inserting , or ; and (3) by adding at the end the following new clause: (ii) after December 31, 2020, and before January 1, 2024. . (c) 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.