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S 2754 IS
110th CONGRESS
2d Session
S. 2754
To amend the Internal Revenue Code of 1986 to modify the definition of refined coal.
IN THE SENATE OF THE UNITED STATES
March 13, 2008
Mr. CONRAD (for himself, Mr. BUNNING, Mr. HATCH, and Mr. ROCKEFELLER) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to modify the definition of refined coal.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. MODIFICATION OF DEFINITION OF REFINED COAL.
(a) Modification-
(1) IN GENERAL- Subparagraph (A) of section 45(c)(7) of the Internal Revenue Code of 1986 is amended by inserting `and' at the end of clause (ii), by striking clauses (iii) and (iv), and by inserting after clause (ii) the following new clause:
(2) REQUIREMENTS- Section 45(c)(7) of such Code is amended by redesignating subparagraph (B) as subparagraph (C) and inserting after subparagraph (A) the following new subparagraph:
`(B) REQUIREMENTS-
`(i) CERTIFICATION OF QUALIFIED EMISSION REDUCTION- A fuel meets the requirements of this clause if such fuel is certified by the taxpayer as resulting (when used in the production of steam) in a qualified emission reduction.
`(ii) REDUCED EMISSION REDUCTION AND MARKET VALUE REQUIREMENTS- A fuel meets the requirements of this clause if such fuel--
`(I) is certified by the taxpayer as resulting (when used in the production of steam) in a qualified emission reduction (determined by substituting `20 percent' for `40 percent' in subparagraph (C)), and
`(II) is produced in such a manner as to result in an increase of at least 50 percent in the market value of the refined coal (excluding any increase caused by materials combined or added during the production process), as compared to the value of the feedstock coal.'.
(3) MODIFICATION OF QUALIFIED EMISSIONS REDUCTION- Subparagraph (C) of section 45(c)(7) of such Code, as redesignated by paragraph (2), is amended by inserting `at least 40 percent of the emissions of' after `nitrogen oxide and'.
(b) Effective Date- The amendments made by this section shall apply to coal produced and sold after the date of the enactment of the Act.
U.S. Congress - Text of S.2754 as Introduced in Senate A bill to amend the Internal Revenue Code of 1986 to modify the definition of refined c...
