Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Master Limited Partnerships Parity
Act''.

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 resources, etc.--
The exploration'',
(2) by inserting ''or'' before ''industrial source'',
(3) by inserting a period after ''carbon dioxide'', and
(4) by striking '', or the transportation or storage'' and
all that follows and inserting the following:
''(ii) Renewable energy.--The generation of
electric power exclusively utilizing 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 regard to any placed in
service date or date by which construction of
the facility is required to begin), the
accepting or processing of such resource.
''(iii) Electricity storage devices.--The
receipt and sale of electric power that has
been stored in a device directly connected to
the grid.
''(iv) Combined heat and power.--The
generation, storage, or distribution of thermal
energy exclusively utilizing property described
in section 48(c)(3) (determined without regard
to subparagraphs (B) and (D) thereof and
without regard to any placed in service date).
''(v) Renewable thermal energy.--The
generation, storage, or distribution 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 in effect on the
date of the enactment of the Master Limited
Partnerships Parity Act).
''(vii) Renewable fuel infrastructure.--The
storage or transportation of any fuel described
in subsection (b), (c), (d), or (e) of section
6426.
''(viii) Renewable fuels.--The production,
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 Limited 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 buildings.--The
audit and installation through contract or
other agreement of any energy efficient
building property described in section
179D(c)(1).
''(xi) Gasification with sequestration.--
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 sequesters in secure geological
storage (as determined 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 sequestration.--
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 defined in section 45Q(b)) in
secure geological 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 'renewable chemical'
means a monomer, polymer, plastic, formulated product, or
chemical substance produced from renewable biomass (as defined
in section 9001(12) of the Farm Security and Rural Investment
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.
Output:
Master Limited Partnerships Parity Act - Amends the Internal Revenue Code, with respect to the tax treatment of publicly traded partnerships as corporations, to expand the definition of "qualifying income" for such partnerships to include income and gains from renewable and alternative fuels (in addition to fossil fuels), including energy derived from thermal resources, waste, renewable fuels and chemicals, energy efficient buildings, gasification, and carbon capture in secure geological storage.