Financing Our Energy Future Act
Latest action · Jul 27, 2023 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.
- IntroducedJul 27, 2023
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Financing Our Energy Future Act
This bill expands the types of partnerships that qualify for treatment as publicly traded partnerships instead of as corporations for tax purposes.
Under current law, partnerships that meet certain gross income requirements (i.e., at least 90% of the partnership's gross income in a taxable year consists of qualifying income) are excepted from being treated as a corporation for tax purposes. This bill expands the sources of income that are considered qualifying income and make a partnership eligible for such an exception.
Specifically, the bill provides that income derived from the generation of specified alternative energy, alternative fuel projects, or the associated property, storage, or transportation for such projects (e.g., the conversion of renewable biomass into renewable fuel or the storage or transportation of such fuel) is considered qualifying income.
Cosponsors 10
Members who signed on, in the order they did. Signatures ran from Jul 27, 2023 to Dec 7, 2023, with 5 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| I-ME | Angus S. King Jr. | Original | Jul 27, 2023 |
| D-MI | Debbie Stabenow | Original | Jul 27, 2023 |
| R-KS | Jerry Moran | Original | Jul 27, 2023 |
| D-VA | Mark R. Warner | Original | Jul 27, 2023 |
| R-IN | Mike Braun | Original | Jul 27, 2023 |
| R-ME | Susan M. Collins | Sep 5, 2023 | |
| R-WY | John Barrasso | Oct 4, 2023 | |
| R-ID | Mike Crapo | Oct 4, 2023 | |
| D-DE | Thomas R. Carper | Nov 7, 2023 | |
| R-KS | Roger Marshall | Dec 7, 2023 |
Actions 2
Everything that happened, newest first.
- Jul 27, 2023Introduced in Senate
- Jul 27, 2023Read 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 3690 | Financing Our Energy Future Act | Related bill | May 25, 2023 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jul 27, 2023Introduced 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.