HR 4758 117th Congress House Taxation 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

Steel Industry Preservation Act

Introduced: July 28, 2021 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jul 28, 2021

Referred to the House Committee on Ways and Means.

Jul 28, 2021

Introduced in House

Plain-English summary Congressional Research Service

Steel Industry Preservation Act

This bill extends and modifies the production tax credit for steel industry fuel. (Under current law, steel industry fuel is a fuel that 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.)

Specifically, the bill modifies the tax credit to (1) extend the credit period and the placed-in-service date for steel industry fuel producing facilities, (2) revise the definition of steel industry fuel to allow blends of coal and petroleum coke or other coke feedstock in the fuel, and (3) specify requirements for treating an owner as producing and selling steel industry fuel.

The bill also allows a taxpayer that produces steel industry fuel to elect to accept an increased tax credit in lieu of certain deductions for expenses in connection with the production of steel industry fuel.

What's happening now July 28, 2021

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1