,,ii #aaf? ,,congress #a/ ,session ,s4 #afbg ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,may #bc 7legislative day1 ,may #bb71 #bjai,mrs4 ,capito 7= h]self1 ,mr4 ,br[n1 ,mr4 ,portman1 & ,mr4 ,casey7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to ext5d & modify ! section #de cr$it = ref9$ coal f /eel indu/ry fuel1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,/eel ,indu/ry ,pres]vation ,act4 #b4 ,ext5sion & modification ( cr$it = /eel indu/ry fuel 7a7 ,cr$it p]iod 7#a7 ,9 g5]al ,subclause 7,,ii7 ( section #de7;e77#h77;,d77ii7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7,,ii7 ,cr$it p]iod ,9 lieu ( ! #aj-ye> p]iod ref]r$ to 9 clauses 7i7 & 7ii77,,ii7 ( subp>agraph 7,a71 ! cr$it p]iod %all be ! p]iod beg9n+ on ! fir/ date t ! facility fir/ produces /eel indu/ry fuel t is sold to an unrelat$ p]son aft] ! date ( ! enactm5t ( ! ,/eel ,indu/ry ,pres]vation ,act1 & end+ #aj ye>s aft] su* fir/ date4 4 7#b7 ,con=m+ am5dm5t ,section #de7;e77#h77;,d7 ( su* ,code is am5d$ by /rik+ clause 7iii7 & by r$esignat+ clause 7iv7 z clause 7iii74 7b7 ,ext5sion ( plac$-9-,s]vice date ,subp>agraph 7,a7 ( section #de7;d77#h7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ 7or any modification to a facility72 7#b7 by /rik+ plac$ 9 s]vice be=e & ins]t+ plac$ 9 s]vice-- 7i7 be=e 2 7#c7 by /rik+ & at ! end & ins]t+ or2 & 7#d7 by add+ at ! end ! foll[+ new clause3 7ii7 aft] ! date ( ! enactm5t ( ?is clause & be=e ! date t is #ah mon?s aft] su* date1 & 4 7c7 ,cl>ifications 7#a7 ,/eel indu/ry fuel ,subclause 7,i7 ( section #de7;c77#g77;,c77i7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ 1 or a bl5d ( coal & petroleum coke1 or o!r coke fe$/ock aft] on coal4 7#b7 ,own]%ip int]e/ ,section #de7;d77#h7 ( su* ,code is am5d$ by add+ at ! end ! foll[+ new flu% s5t5ce3 ,) respect to a facility produc+ /eel indu/ry fuel1 no p]son 7includ+ a gr\nd lessor1 cu/om]1 suppli]1 or te*nology lic5sor7 %all be treat$ z hav+ an own]%ip int]e/ 9 ! facility or z o!rwise entitl$ to ! cr$it all[able "u ?is section ) respect to su* facility solely because su* p]son's r5t1 lic5se fee1 or o!r entitlem5t to net paym5ts f ! own] ( su* facility is measur$ by a fix$ doll> am\nt or a fix$ am\nt p] ton1 or o!rwise det]m9$ )\t reg>d to ! pr(it or loss ( su* facility4 4 7#c7 ,production & sale ,subp>agraph 7,d7 ( section #de7;e77#h7 ( su* ,code1 z am5d$ by subsection 7a77#b71 is am5d$ by r$esignat+ clause 7iii7 z clause 7iv7 & by ins]t+ aft] clause 7ii7 ! foll[+ new clause3 7iii7 ,production & sale ,! own] ( a facility produc+ /eel indu/ry fuel %all be treat$ z produc+ & sell+ /eel indu/ry fuel :]e t own] manufactures su* /eel indu/ry fuel f coal1 a bl5d ( coal & petroleum coke1 or o!r coke fe$/ock to :i* x has title4 ,! sale ( su* /eel indu/ry fuel by ! own] ( ! facility to a p]son :o is n ! own] ( ! facility %all n fail to qualify z a sale to an unrelat$ p]son solely because su* pur*as] may also be a gr\nd lessor1 suppli]1 or cu/om]4 4 7d7 ,election ,to increase cr$it 9 lieu ( /eel indu/ry fuel d$uctions ,p>agraph 7#h7 ( section #de7;e7 is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,e7 ,election = increas$ cr$it 9 lieu ( d$uctions = /eel indu/ry fuel ,9 ! case ( a taxpay] :o produces /eel indu/ry fuel-- 7i7 ,9 g5]al ,at ! election ( ! taxpay]-- 7,i7 no d$uction %all be all[$ ) respect to exp5ses made 9 connection ) ! production & sale ( /eel indu/ry fuel = su* taxable ye> :i* are o!rwise d$uctible "u ?is *apt] 7det]m9$ )\t reg>d to ?is subp>agraph71 7,,ii7 no exp5se made 9 connection ) ! production ( & sale ( /eel indu/ry fuel :i* is o!rwise *>geable to capital acc\nt 9 su* taxable ye> %all be s *>g$1 & 7,,iii7 ! cr$it det]m9$ "u ?is section 7)\t reg>d to ?is subp>agraph7 = su* taxable ye> %all be increas$ by an am\nt equal to ! product ( ! sum ( ! am\nts to :i* subclauses 7,i7 & 7,,ii7 apply & ! maximum rate ( tax applicable "u section #a or #aa7;b71 z applicable to ! taxpay] 9 su* taxable ye>4 7ii7 ,application to p>tn]%ips & ,s corporations ,9 ! case ( a p>tn]%ip or ,s corporation1 ! election %all be made at ! p>tn]%ip or ,s corporation level4 7iii7 ,election ,an election "u ?is subp>agraph = any taxable ye> %all be made n lat] ?an ! "t = fil+ ! return ( tax = su* ye> 7includ+ ext5sions71 9 su* mann] z ! ,secret>y may prescribe4 ,su* an election1 once made1 %all be irrevocable4 4 7e7 ,specifi$ cr$it = purposes ( alt]native m9imum tax exclusion ,subclause 7,,ii7 ( section #ch7;c77#d77;,b77iv7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ 79 ! case ( a ref9$ coal production facility produc+ /eel indu/ry fuel1 dur+ ! cr$it p]iod set =? 9 section #de7;e77#h77;,d77ii77,,ii77 aft] s]vice4 7f7 ,application ( c]ta9 rules to /eel indu/ry fuel 7#a7 ,activity n engag$ 9 = pr(it ,section #ahc ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subsection3 7f7 ,exception ,?is section %all n apply to any d$uction ) respect to ! production ( /eel indu/ry fuel 7z def9$ 9 section #de7;c77#g77;,c774 4 7#b7 ,application ( economic sub/ance doctr9e 7,a7 ,9 g5]al ,subsection 7o7 ( section #ggja ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#f7 ,non-application to /eel indu/ry fuel ,! economic sub/ance doctr9e %all n apply to any transaction to ! ext5t su* transaction relates to /eel indu/ry fuel 7z def9$ 9 section #de7;c77#g77;,c774 4 7,b7 ,con=m+ am5dm5t ,p>agraph 7#e77;,c7 ( section #ggja7o7 ( su* ,code is am5d$ by /rik+ ,! det]m9ation & ins]t+ ,except z provid$ 9 p>agraph 7#f71 ! det]m9ation4 7g7 ,effective dates 7#a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#b71 ! am5dm5ts made by ?is section %all apply to fuel produc$ & sold aft] ! date ( ! enactm5t ( ?is ,act1 9 taxable ye>s end+ aft] su* date4 7#b7 ,application ( economic sub/ance rules ,! am5dm5ts made by subsection 7f77#b7 %all apply to transactions ent]$ into aft] ! date ( ! enactm5t ( ?is ,act4