31, 2017. 524. Repeal of corporate income tax exemption for publicly traded partnerships with qualifying income and gains from activities relating to fossil fuels (a) In general Section 7704(d)(1) of the Internal Revenue Code of 1986 is amended— (1) by striking subparagraph (E), (2) by redesignating subparagraphs (F) and (G) as subparagraphs (E) and (F), respectively, and (3) by striking the flush matter at the end. (b) Conforming amendment Section 988(c)(1)(E)(iii)(III) of the Internal Revenue Code of 1986 is amended by striking or (G) and inserting or (F) . (c) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act. VI Maintaining American competitiveness 601. Purposes