1. Short title This Act may be cited as the Master Limited Partnerships Parity Act . 2. Extension of publicly traded partnership ownership structure to energy power generation projects, transportation fuels, and related energy activities (a) In general Subparagraph (E) of section 7704(d)(1) of the Internal Revenue Code of 1986 is amended— (1) by striking income and gains derived from the exploration and inserting income and gains derived from the following: (i) Minerals, natural resources, etc The exploration ; (2) by inserting or before industrial source ; (3) by inserting a period after carbon dioxide