United States 116th Congress Status: In Committee 1 D cosponsors

HR 3249 — Financing Our Energy Future Act

Last action — Referred to the House Committee on Ways and Means.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Financing Our Energy Future Act This bill amends the Internal Revenue Code, with respect to the tax treatment of publicly traded partnerships as corporations, to expand the definition of "qualifying income" for such partnerships (known as master limited partnerships) to include income and gains from renewable and alternative energy generation projects (in addition to fossil fuel-based energy generation projects) and related infrastructure for transportation or storage, including energy derived from thermal resources, waste, renewable fuels and chemicals, energy efficient buildings, gasification, and carbon capture in secure geological storage.

Bill Text

How this bill changes current law

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Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill extends the publicly traded partnership ownership structure to various energy generation and storage projects.

  • 42 U.S.C. 6341

    ``(vi) Waste heat to power.--The use of recoverable waste energy, as defined in section 371(5) of the Energy Policy and Conservation Act (42 U.S.C. 6341(5)) (as in effect on the date of the enactment of the Financing Our Energy Future Act).''

    Adds the use of recoverable waste energy for waste heat to power projects to the allowed income and gains under the publicly traded partnership structure.

  • 42 U.S.C. 7545

    ``(viii) Renewable fuels.--The production, storage, or transportation of any renewable fuel described in section 211(o)(1)(J) of the Clean Air Act (42 U.S.C. 7545(o)(1)(J)) (as in effect on the date of the enactment of the Financing Our Energy Future Act) or section 40A(d)(1).``

    Allows for the production, storage, or transportation of renewable fuels to be included under the publicly traded partnership ownership structure.

  • 7 U.S.C. 8101

    ``(6) Qualifying renewable chemical.--...`

    Establishes a definition for qualifying renewable chemicals that can be included in the publicly traded partnership ownership structure.

  • 42 U.S.C. 7545

    ``(xii) Gasification with sequestration.--The production of any product or the generation of electric power from a project...``

    Expands the definition of qualifying activities for publicly traded partnerships to include gasification with sequestration.

  • 42 U.S.C. 7545

    ``(xiii) Carbon capture and sequestration.--...``

    Includes carbon capture and sequestration activities within the framework of publicly traded partnerships.

Action History

  1. Introduced in House

  2. Introduced in House

  3. Referred to the House Committee on Ways and Means.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

taxation finance energy
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Frequently asked questions

What does HR 3249 do?
Financing Our Energy Future Act This bill amends the Internal Revenue Code, with respect to the tax treatment of publicly traded partnerships as corporations, to expand the definition of "qualifying income" for such partnerships (known as master limited partnerships) to include income and gains from renewable and alternative energy generation projects (in addition to fossil fuel-based energy generation projects) and related infrastructure for transportation or storage, including energy derived from thermal resources, waste, renewable fuels and chemicals, energy efficient buildings, gasification, and carbon capture in secure geological storage.
Who sponsors HR 3249?
HR 3249 is sponsored by Thompson, Mike (Democratic).
What is the current status of HR 3249?
This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 3249?
Track HR 3249 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 3 months ago · updated continuously

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