Stranded Gas Recovery and Utilization Act of 2021

Bill: 117-hr-6146
Sponsor: full_name: Rep. Burgess, Michael C. [R-TX-26]
Introduced: 2021-12-07
Policy area: Taxation
Latest action: action_date: 2021-12-07
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-12-07
action_desc: Introduced in House
text: <p><strong>Stranded Gas Recovery and Utilization Act of 2021</strong></p> <p>This bill allows a tax credit for investment in stranded gas infrastructure equal to 30% of the basis of any qualified infrastructure placed in service during a taxable year beginning after December 31, 2021, and before January 1, 2028. The term <em>qualified infrastructure</em> means a gas pipeline, a gas compressor station, a container used for gas storage, or equipment to store gas underground.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 6146 IN THE HOUSE OF REPRESENTATIVES December 7, 2021 Mr. Burgess introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to establish business tax credits for producing electricity from stranded natural gas and for certain infrastructure relating to stranded gas.

1. Short title This Act may be cited as the Stranded Gas Recovery and Utilization Act of 2021 . 2. Establishment of credits for stranded gas extraction (a) Stranded gas infrastructure credit Subpart E of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 48E. Stranded gas infrastructure credit (a) Amount of credit For the purposes of section 46, the stranded gas infrastructure credit determined under this section for any taxable year is an amount equal to 30 percent of the basis of any qualified infrastructure placed in service by the taxpayer during such taxable year. (b) Qualified infrastructure For the purposes of this section: (1) Qualified infrastructure The term qualified infrastructure means— (A) a gas pipeline, (B) a gas compressor station, (C) a container used for gas storage, or (D) equipment to store gas underground. (2) Gas The term gas means any gas used in a process relating to natural gas extraction, including natural gas and biproducts of natural gas. (c) Application of section This section shall apply to qualified infrastructure placed in service during a taxable year beginning after December 31, 2021, and before January 1, 2028. . (b) Conforming amendment Section 46 is amended by striking and at the end of paragraph (5), by striking the period at the end of paragraph (6) and inserting , and , and by adding at the end the following new paragraph: (7) the stranded gas infrastructure credit. . (c) Clerical amendment The table of sections for subpart E of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 48C the following new item: Sec. 48E. Stranded gas infrastructure credit. . (d) Effective date The amendments made by this section shall apply to qualified infrastructure placed in service during a taxable year beginning after December 31, 2021.