,,ii #aaeth ,,congress #ast ,session ,s4 #bjje ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,october #be1 #bjag,mr4 ,coons 7for himself1 ,mr4 ,moran1 ,ms4 ,stabenow1 ,mr4 ,gardner1 ,mr4 ,bennet1 ,ms4 ,murkowski1 ,mr4 ,king1 ,ms4 ,collins1 and ,mr4 ,heinrich7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to extend the publicly traded partnership ownership structure to energy power generation projects and transportation fuels1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,master ,limited ,partnerships ,parity ,act4 #b4 ,extension of publicly traded partnership ownership structure to energy power generation projects1 transportation fuels1 and related energy activities 7a7 ,in general ,subparagraph 7,e7 of section #ggjd7;d77#a7 of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 by striking income and gains derived from the exploration and inserting income and gains derived from the following3 7i7 ,minerals1 natural resources1 etc ,the exploration 2 7#b7 by inserting or before industrial source2 7#c7 by inserting a period after carbon dioxide2 and 7#d7 by striking 1 or the transportation or storage and all that follows and inserting the following3 7ii7 ,renewable energy ,the generation of electric power 7including the leasing of tangible personal property used for such generation7 exclusively utilizing any resource described in section #de7;c77#a7 or energy property described in section #dh 7determined without regard to any termination date71 or in the case of a facility described in paragraph 7#c7 or 7#g7 of section #de7;d7 7determined without regard to any placed in service date or date by which construction of the facility is required to begin71 the accepting or processing of such resource4 7iii7 ,energy storage property ,the sale of electric power1 capacity1 resource adequacy1 demand response capabilities1 or ancillary services that is produced or made available from any equipment or facility 7operating as a single unit or as an aggregation of units7 the principal function of which is to-- 7,i7 use mechanical1 chemical1 electrochemical1 hydroelectric1 or thermal processes to store energy that was generated at one time for conversion to electricity at a later time1 or 7,,ii7 store thermal energy for direct use for heating or cooling at a later time in a manner that avoids the need to use electricity at that later time4 7iv7 ,combined heat and power ,the generation1 storage1 or distribution of thermal energy exclusively utilizing property described in section #dh7;c77#c7 7determined without regard to subparagraphs 7,b7 and 7,d7 thereof and without regard to any placed in service date74 7v7 ,renewable thermal energy ,the generation1 storage1 or distribution of thermal energy exclusively using any resource described in section #de7;c77#a7 or energy property described in clause 7i7 or 7iii7 of section #dh7;a77#c77;,a74 7vi7 ,waste heat to power ,the use of recoverable waste energy1 as defined in section #cga7e7 of the ,energy ,policy and ,conservation ,act 7#db ,u4,s4,c4 #fcda7e77 7as in effect on the date of the enactment of the ,master ,limited ,partnerships ,parity ,act74 7vii7 ,renewable fuel infrastructure ,the storage or transportation of any fuel described in subsection 7b71 7c71 7d71 or 7e7 of section #fdbf4 7viii7 ,renewable fuels ,the production1 storage1 or transportation of any renewable fuel described in section #baa7o77#a77;,j7 of the ,clean ,air ,act 7#db ,u4,s4,c4 #gede7o77#a77;,j77 7as in effect on the date of the enactment of the ,master ,limited ,partnerships ,parity ,act7 or section #dj;,a7d77#a74 7ix7 ,fuel derived from captured carbon dioxide ,the production1 storage1 or transportation of any fuel which-- 7,i7 uses carbon dioxide captured from an anthropogenic source or the atmosphere as its primary feedstock1 and 7,,ii7 is determined by the ,secretary1 in consultation with the ,secretary of ,energy and the ,administrator of the ,environmental ,protection ,agency1 to achieve a reduction of not less than a #fj percent in lifecycle greenhouse gas emissions 7as defined in section #baa7o77#a77;,h7 of the ,clean ,air ,act7 compared to baseline lifecycle greenhouse gas emissions 7as defined in section #baa7o77#a77;,c7 of such ,act74 ,this clause shall not apply to any fuel which uses as its primary feedstock carbon dioxide which is deliberately released from naturally-occurring subsurface springs4 7x7 ,renewable chemicals ,the production1 storage1 or transportation of any qualifying renewable chemical 7as defined in paragraph 7#f774 7xi7 ,energy efficient buildings ,the audit and installation through contract or other agreement of any energy efficient building property described in section #agi;,d7c77#a74 7xii7 ,gasification with sequestration ,the production of any product or the generation of electric power from a project-- 7,i7 which meets the requirements of subparagraphs 7,a7 and 7,b7 of section #dh;,b7c77#a71 and 7,,ii7 not less than #ge percent of the total carbon dioxide emissions of which is qualified carbon dioxide 7as defined in section #de,q7b77 which is disposed of or utilized as provided in paragraph 7#g74 7xiii7 ,carbon capture and sequestration 7,i7 ,power generation facilities ,the generation or storage of electric power 7including associated income from the sale or marketing of energy1 capacity1 resource adequacy1 and ancillary services7 produced from any power generation facility which is1 or from any power generation unit within1 a qualified facility which is described in section #de,q7c7 and not less than #ej percent 7#cj percent in the case of a facility or unit placed in service before ,january #a1 #bjag7 of the total carbon dioxide emissions of which is qualified carbon dioxide which is disposed of or utilized as provided in paragraph 7#g74 7,,ii7 ,other facilities ,the sale of any good or service from any facility 7other than a power generation facility7 which is a qualified facility described in section #de,q7c7 and the captured qualified carbon dioxide 7as so defined7 of which is disposed of as provided in paragraph 7#g74 4 7b7 ,renewable chemical 7#a7 ,in general ,section #ggjd7;d7 of such ,code is amended by adding at the end the following new paragraph3 7#f7 ,qualifying renewable chemical 7,a7 ,in general ,the term qualifying renewable chemical means any renewable chemical 7as defined in section #ijja of the ,agriculture ,act of #bjad7-- 7i7 which is produced by the taxpayer in the ,united ,states or in a territory or possession of the ,united ,states1 7ii7 which is the product of1 or reliant upon1 biological conversion1 thermal conversion1 or a combination of biological and thermal conversion1 of renewable biomass 7as defined in section #ijja7ac7 of the ,farm ,security and ,rural ,investment ,act of #bjjb71 7iii7 the biobased content of which is #ie percent or higher1 7iv7 which is sold or used by the taxpayer-- 7,i7 for the production of chemical products1 polymers1 plastics1 or formulated products1 or 7,,ii7 as chemicals1 polymers1 plastics1 or formulated products1 7v7 which is not sold or used for the production of any food1 feed1 or fuel1 and 7vi7 which is-- 7,i7 acetic acid1 acrylic acid1 acyl glutamate1 adipic acid1 algae oils1 algae sugars1 #a1d-;butanediol 7,,bdo71 iso-butanol1 n-butanol1 ,c#aj and higher hydrocarbons produced from olefin metathesis1 carboxylic acids produced from olefin metathesis1 cellulosic sugar1 diethyl methylene malonate1 dodecanedioic acid 7,,ddda71 esters produced from olefin metathesis1 ethyl acetate1 ethylene glycol1 farnesene1 #b1e-;furandicarboxylic acid1 gamma-butyrolactone1 glucaric acid1 hexamethylenediamine 7,,hmd71 #c-;hydroxy propionic acid1 iso-butene1 isoprene1 itaconic acid1 lactide1 levulinic acid1 polyhydroxyalkonate 7,,pha71 polylactic acid 7,,pla71 polyethylene furanoate 7,,pef71 polyethylene terephthalate 7,,pet71 polyitaconic acid1 polyols from vegetable oils1 poly7xylitan levulinate ketal71 #a1c-propanediol1 #a1b-propanediol1 rhamnolipids1 short and medium chain carboxylic acids produced from anaerobic digestion1 succinic acid1 terephthalic acid1 vegetable fatty acid derived from ethyl esters containing vegetable oil1 or p-,xylene1 or 7,,ii7 any chemical not described in clause 7i7 which is a chemical listed by the ,secretary for purposes of this paragraph4 7,b7 ,biobased content ,for purposes of subparagraph 7,a77iii71 the term biobased content percentage means1 with respect to any renewable chemical1 the biobased content of such chemical 7expressed as a percentage7 determined by testing representative samples using the ,american ,society for ,testing and ,materials 7,,astm7 ,d#fhff4 4 7#b7 ,list of other qualifying renewable chemicals ,not later than #ahj days after the date of the enactment of this ,act1 the ,secretary of the ,treasury 7or the ,secretary's delegate71 in consultation with the ,secretary of ,agriculture1 shall establish a program to consider applications from taxpayers for the listing of chemicals under section #ghgd7;d77#f77;,a77vi77,,ii7 7as added by paragraph 7#a774 7c7 ,disposal and utilization of captured carbon dioxide ,section #ggjd7;d7 of such ,code1 as amended by subsection 7b71 is amended by adding at the end the following new paragraph3 7#g7 ,disposal and utilization of captured carbon dioxide ,for purposes of clauses 7xii77,,iii7 and 7xiii77,i7 of paragraph 7#a77;,e71 carbon dioxide is disposed of or utilized as provided in this paragraph if such carbon dioxide is-- 7,a7 placed into secure geological storage 7as determined under section #de,q7d77#b771 7,b7 used as a tertiary injectant 7as defined in section #de,q7d77#c77 in a qualified enhanced oil or natural gas recovery project 7as defined in section #de,q7d77#d77 and placed into secure geological storage 7as so determined71 7,c7 fixated through photosynthesis or chemosynthesis 7such as through the growing of algae or bacteria71 7,d7 chemically converted to a material or chemical compound in which it is securely stored1 or 7,e7 used for any other purpose which the ,secretary determines has the potential to strengthen or significantly develop a competitive market for carbon dioxide captured from man-made sources4 4 7d7 ,effective date ,the amendments made by this section shall take effect on the date of the enactment of this ,act1 in taxable years ending after such date4