US HB2993 | 2019-2020 | 116th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on May 23 2019 - 25% progression, died in committee
Action: 2019-05-23 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on May 23 2019 - 25% progression, died in committee
Action: 2019-05-23 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
Steel Industry Preservation Act
Sponsors
Rep. Mike Kelly [R-PA] | Rep. Michael Doyle [D-PA] | Rep. Bill Huizenga [R-MI] | Rep. Guy Reschenthaler [R-PA] |
Rep. Daniel Kildee [D-MI] | Rep. Conor Lamb [D-PA] | Rep. John Moolenaar [R-MI] | Rep. Brenda Lawrence [D-MI] |
Rep. Glenn Thompson [R-PA] | Rep. Debbie Dingell [D-MI] | Rep. Fred Keller [R-PA] |
History
Date | Chamber | Action |
---|---|---|
2019-05-23 | House | Referred to the House Committee on Ways and Means. |
2019-05-23 | House | Introduced in House |
Same As/Similar To
SB1627 (Related) 2019-05-23 - Read twice and referred to the Committee on Finance.
Subjects
Alternative and renewable resources
Business expenses
Coal
Income tax credits
Income tax deductions
Industrial facilities
Manufacturing
Metals
Oil and gas
Tax administration and collection, taxpayers
Taxation
Business expenses
Coal
Income tax credits
Income tax deductions
Industrial facilities
Manufacturing
Metals
Oil and gas
Tax administration and collection, taxpayers
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/house-bill/2993/all-info |
Text | https://www.congress.gov/116/bills/hr2993/BILLS-116hr2993ih.pdf |