Steel Industry Preservation Act

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.

Bill 117 HR 4758, also known as the Steel Industry Preservation Act, was introduced in the US Congress with the aim of supporting and revitalizing the steel industry in the United States. The bill seeks to address the challenges faced by the steel industry, including competition from foreign markets and declining demand for steel products.

The Steel Industry Preservation Act proposes several measures to support the domestic steel industry. One key provision of the bill is the establishment of a Steel Industry Revitalization Fund, which would provide financial assistance to steel companies facing financial difficulties. This fund would help these companies modernize their facilities, improve efficiency, and remain competitive in the global market.

Additionally, the bill includes provisions to strengthen trade enforcement measures to prevent unfair trade practices that harm the domestic steel industry. This includes increasing penalties for countries that engage in dumping steel products in the US market at below-market prices. Furthermore, the Steel Industry Preservation Act aims to promote domestic steel production by requiring federal agencies to prioritize the use of American-made steel in infrastructure projects. This would help create demand for domestic steel products and support American steelworkers. Overall, Bill 117 HR 4758, the Steel Industry Preservation Act, seeks to support and revitalize the domestic steel industry by providing financial assistance, strengthening trade enforcement measures, and promoting the use of American-made steel in infrastructure projects. If passed, this bill could help protect American jobs and ensure the long-term viability of the steel industry in the United States.