"A bill to amend the Internal Revenue Code of 1986 to extend the publicly traded partnership ownership structure to energy power generation projects and transportation fuels, and for other purposes."
A Master Limited Partnership (MLP) "is a business structure that is taxed as a partnership, but whose ownership interests are traded like corporate stock on a market." This allows for lower levels of taxation, as taxes are imposed at the shareholder level but not at the larger corporate structure. Historically, MLPs have only encompassed fossil fuel-based energy partnerships within the internal revenue code. The MLP Parity Act expands MLP eligibility to an array of renewable energy sources, including "electricity storage devices." If enacted, it will allow for more equitable taxation methods across all energy sectors, and will allow for new ownership and taxation models for energy storage device partnerships specifically.
The MLP Parity Act was originally introduced in 2012 and did not make it through both houses of Congress. It was reintroduced with expanded qualifying sources on April 24, 2013 by Sen. Christopher Coons (D-DE).
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