Congress Passes and President Signs

Economic Rescue Legislation

including PTP Provision, October 3, 2008

The House has passed, and the President has signed into law, H.R. 1424, the Emergency Economic Stabilization Act of 2008, by a vote of 263-171.  The Senate approved the legislation on October 1 by a vote of 74-25. In addition to containing the "bailout" provisions rejected earlier by the House, with modifications (including an increase in the FDIC insurance limit from $100,000 to $250,000), the legislation incorporates the provisions of H.R. 6049, the tax extenders bill passed by the Senate (click here for details on that bill).

This includes the provisions adding transportation and storage of renewable fuels, and activities involving industrial carbon dioxide, to qualifying income for PTPs under section 7704.  The provisions represent the first legislative expansion of qualifying income for PTPs since the rules were written in 1987.

 For the text of Division B of H.R. 1444, the Energy Improvement and Extension Act of 2008, click here.  The PTP provisions are sections 116 and 208.