S. 2823 · 114th Congress
Steel Industry Preservation Act
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
CapitoSponsor4 cosponsors · 3 D, 1 R
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Internal Revenue Code to extend and modify the production tax credit for steel industry fuel.
What it does: CRS summary · Introduced in Senate · Apr 20, 2016
Steel Industry Preservation Act
This bill amends the Internal Revenue Code to extend and modify 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Steel Industry Preservation Act
Latest action (Apr 20, 2016): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Apr 20, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.