Steel Industry Preservation Act
Latest action · May 23, 2019 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 23, 2019
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Steel Industry Preservation Act
This bill extends and modifies the production tax credit for steel industry fuel.
(Under current law, steel industry fuel is a fuel which is: (1) produced through a process of liquefying coal waste sludge and distributing it on coal, and (2) used as a feedstock for the manufacture of coke.)
The bill modifies the tax credit for steel industry fuel to
- extend the credit period and the placed-in-service date,
- revise the definition of "steel industry fuel" to allow blends of coal and petroleum coke or other coke feedstock in the fuel,
- set forth ownership requirements, and
- specify requirements for treating an owner as producing and selling steel industry fuel.
A taxpayer that produces steel industry fuel may elect to accept an increased tax credit in lieu of certain deductions for expenses in connection with the production of steel industry fuel.
The bill specifies the treatment of the credit for the purpose of the alternative minimum tax. It also exempts transactions related to steel industry fuel from rules that restrict deductions and other tax benefits for activities that are not engaged in for profit or that do not have economic substance.
Cosponsors 6
Members who signed on, in the order they did. Signatures ran from May 23, 2019 to Dec 17, 2019, with 3 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-OH | Rob Portman | Original | May 23, 2019 |
| D-PA | Robert P. Casey Jr. | Original | May 23, 2019 |
| D-OH | Sherrod Brown | Original | May 23, 2019 |
| D-MI | Debbie Stabenow | Sep 24, 2019 | |
| D-MI | Gary C. Peters | Oct 17, 2019 | |
| R-IN | Todd Young | Dec 17, 2019 |
Actions 2
Everything that happened, newest first.
- May 23, 2019Introduced in Senate
- May 23, 2019Read twice and referred to the Committee on Finance.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 2993 | Steel Industry Preservation Act | Related bill | May 23, 2019 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- May 23, 2019Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.