Ask AI
Bill114th CongressFiled Apr 14, 2015Taxation
S. 919

An original bill to exclude from gross income certain clean coal power grants to non-corporate taxpayers.

Bill journey · stage 2 of 5

Under committee review

Filed
Comm.
Floor
Both
Law

What it doesSummary introduced in senate (Apr 14, 2015)

This bill excludes from gross income, for income tax purposes, any amount received by a non-corporate taxpayer as a clean coal power grant, award, or allowance under the Energy Policy Act of 2005. To the extent that such grant, award, or allowance is related to depreciable property, the adjusted basis of such property is reduced by the amount excluded from gross income. Each non-corporate taxpayer allowed a tax exclusion under this Act must make a payment to the federal government of 1.18% of the value of the grant, award, or allowance received.

What just happenedApr 14, 2015

Placed on Senate Legislative Calendar under General Orders. Calendar No. 52.

Who’s behind it

Sen. Hatch, Orrin G. [R-UT](R-UT)Sponsor
Read on Congress.gov
1committees4actions6subjects
  1. Apr 14, 2015Calendars

    Placed on Senate Legislative Calendar under General Orders. Calendar No. 52.

  2. Apr 14, 2015Committee

    Committee on Finance. Original measure reported to Senate by Senator Hatch. With written report No. 114-29.

    Finance Committee
  3. Apr 14, 2015Committee14000

    Committee on Finance. Original measure reported to Senate by Senator Hatch. With written report No. 114-29.

    Finance Committee
  4. Apr 14, 2015IntroReferral10000

    Introduced in Senate

Introduced in SenateApr 14, 2015

This bill excludes from gross income, for income tax purposes, any amount received by a non-corporate taxpayer as a clean coal power grant, award, or allowance under the Energy Policy Act of 2005. To the extent that such grant, award, or allowance is related to depreciable property, the adjusted basis of such property is reduced by the amount excluded from gross income. Each non-corporate taxpayer allowed a tax exclusion under this Act must make a payment to the federal government of 1.18% of the value of the grant, award, or allowance received.

Reported to Senate without amendmentApr 14, 201580

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

This bill excludes from gross income, for income tax purposes, any amount received by a non-corporate taxpayer as a clean coal power grant, award, or allowance under the Energy Policy Act of 2005. To the extent that such grant, award, or allowance is related to depreciable property, the adjusted basis of such property is reduced by the amount excluded from gross income. Each non-corporate taxpayer allowed a tax exclusion under this Act must make a payment to the federal government of 1.18% of the value of the grant, award, or allowance received.

This bill is applicable to grant amounts received in taxable years beginning after December 31, 2011.

An original bill to exclude from gross income certain clean coal power grants to non-corpo… — Informed