HR 3308 IHCommentsClose CommentsPermalink

112th CONGRESSCommentsClose CommentsPermalink

1st SessionCommentsClose CommentsPermalink

H. R. 3308CommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to terminate certain energy tax subsidies and lower the corporate income tax rate.CommentsClose CommentsPermalink

IN THE HOUSE OF REPRESENTATIVESCommentsClose CommentsPermalink

November 2, 2011CommentsClose CommentsPermalink

Mr. POMPEO (for himself, Mr. LABRADOR, Mr. RIBBLE, and Mr. FLAKE) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concernedCommentsClose CommentsPermalink

A BILLCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to terminate certain energy tax subsidies and lower the corporate income tax rate.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE; TABLE OF CONTENTS; ETC.

(a) Short Title- This Act may be cited as the ‘Energy Freedom and Economic Prosperity Act’.CommentsClose CommentsPermalink





(b) Reference to 1986 Code- Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986.CommentsClose CommentsPermalink





(c) Table of Contents- The table of contents for this Act is as follows:CommentsClose CommentsPermalink





Sec. 1. Short title; table of contents; etc.CommentsClose CommentsPermalink

TITLE I--REPEAL OF ENERGY TAX SUBSIDIES

Sec. 101. Repeal of credit for alcohol fuel, biodiesel, and alternative fuel mixtures.CommentsClose CommentsPermalink





Sec. 102. Repeal of credit for certain plug-in electric vehicles.CommentsClose CommentsPermalink





Sec. 103. Early termination of credit for qualified fuel cell motor vehicles.CommentsClose CommentsPermalink





Sec. 104. Repeal of alternative fuel vehicle refueling property credit.CommentsClose CommentsPermalink





Sec. 105. Repeal of credit for alcohol used as fuel.CommentsClose CommentsPermalink





Sec. 106. Repeal of credit for biodiesel and renewable diesel used as fuel.CommentsClose CommentsPermalink





Sec. 107. Repeal of enhanced oil recovery credit.CommentsClose CommentsPermalink





Sec. 108. Termination of credit for electricity produced from certain renewable resources.CommentsClose CommentsPermalink





Sec. 109. Repeal of credit for producing oil and gas from marginal wells.CommentsClose CommentsPermalink





Sec. 110. Termination of credit for production from advanced nuclear power facilities.CommentsClose CommentsPermalink





Sec. 111. Repeal of credit for carbon dioxide sequestration.CommentsClose CommentsPermalink





Sec. 112. Termination of energy credit.CommentsClose CommentsPermalink





Sec. 113. Repeal of qualifying advanced coal project.CommentsClose CommentsPermalink





Sec. 114. Repeal of qualifying gasification project credit.CommentsClose CommentsPermalink





Sec. 115. Repeal of American Recovery and Reinvestment Act of 2009 energy grant program.CommentsClose CommentsPermalink

TITLE II--REDUCTION OF CORPORATE INCOME TAX RATE

Sec. 201. Corporate income tax rate reduced.CommentsClose CommentsPermalink

TITLE I--REPEAL OF ENERGY TAX SUBSIDIESCommentsClose CommentsPermalink

SEC. 101. REPEAL OF CREDIT FOR ALCOHOL FUEL, BIODIESEL, AND ALTERNATIVE FUEL MIXTURES.

(a) In General- Section 6426 is repealed.CommentsClose CommentsPermalink





(b) Conforming Amendments-CommentsClose CommentsPermalink





(1) Subparagraph (D) of section 6427(e)(6) of such Code is amended by striking ‘September 30, 2014’ and inserting ‘September 30, 2012’.CommentsClose CommentsPermalink





(2) Paragraph (1) of section 4101(a) is amended by striking ‘or alcohol (as defined in section 6426(b)(4)(A)’.CommentsClose CommentsPermalink





(3) Paragraph (2) of section 4104(a) is amended by striking ‘6426, or 6427(e)’.CommentsClose CommentsPermalink





(4) Subparagraph (E) of section 7704(d)(1) is amended--CommentsClose CommentsPermalink





(A) by inserting ‘(as in effect on the day before the date of the enactment of the Energy Freedom and Economic Prosperity Act)’ after ‘of section 6426’, andCommentsClose CommentsPermalink





(B) by inserting ‘(as so in effect)’ after ‘section 6426(b)(4)(A)’.CommentsClose CommentsPermalink





(5) Paragraph (1) of section 9503(b) is amended by striking the second sentence.CommentsClose CommentsPermalink





(c) Clerical Amendment- The table of sections for subchapter B of chapter 65 is amended by striking the item relating to section 6426.CommentsClose CommentsPermalink





(d) Effective- The amendments made by this section shall apply with respect to fuel sold and used after December 31, 2012.CommentsClose CommentsPermalink

SEC. 102. REPEAL OF CREDIT FOR CERTAIN PLUG-IN ELECTRIC VEHICLES.

(a) In General- Section 30 is repealed.CommentsClose CommentsPermalink





(b) Conforming Amendments-CommentsClose CommentsPermalink





(1) Paragraph (3) of Section 24(b) is amended by striking ‘, 30’.CommentsClose CommentsPermalink





(2) Clause (ii) of section 25(e)(1)(C) is amended by striking ‘, 30’.CommentsClose CommentsPermalink





(3) Paragraph (2) of section 25B(g) is amended by striking ‘, 30’.CommentsClose CommentsPermalink





(4) Paragraph (1) of section 26(a) is amended by striking ‘, 30’.CommentsClose CommentsPermalink





(5) Subclause (VI) of section 48C(c)(1)(A)(i) is amended by inserting ‘(as in effect on the day before the date of the enactment of the Energy Freedom and Economic Prosperity Act)’ after ‘section 30(d)’.CommentsClose CommentsPermalink





(6) Paragraph (3) of section 179A(c) is amended by inserting ‘(as in effect on the day before the date of the enactment of the Energy Freedom and Economic Prosperity Act)’ after section ‘30(c)’.CommentsClose CommentsPermalink





(7) Subsection (a) of section 1016 is amended by striking paragraph (25) and by redesignating paragraphs (26) through (37) as paragraphs (25) through (36), respectively.CommentsClose CommentsPermalink





(8) Subsection (m) of section 6501 is amended by striking ‘30(e)(6)’.CommentsClose CommentsPermalink





(c) Clerical Amendment- The table of sections for subpart B of part IV of subchapter A of chapter 1 is amended by striking the item relating to section 30.CommentsClose CommentsPermalink





(d) Effective Date- The amendments made by this section shall apply to property placed in service after December 31, 2011.CommentsClose CommentsPermalink

SEC. 103. EARLY TERMINATION OF CREDIT FOR QUALIFIED FUEL CELL MOTOR VEHICLES.

(a) In General- Section 30B is repealed.CommentsClose CommentsPermalink





(b) Conforming Amendments-CommentsClose CommentsPermalink





(1) Subparagraph (A) of section 24(b)(3) is amended by striking ‘, 30B’.CommentsClose CommentsPermalink





(2) Clause (ii) of section 25(e)(1)(C) is amended by striking ‘, 30B’.CommentsClose CommentsPermalink





(3) Paragraph (2) of section 25B(g) is amended by striking ‘, 30B,’.CommentsClose CommentsPermalink





(4) Paragraph (1) of section 26(a) is amended by striking ‘, 30B’.CommentsClose CommentsPermalink





(5) Subsection (b) of section 38 is amended by striking paragraph (25).CommentsClose CommentsPermalink





(6) Subsection (a) of section 1016, as amended by section 102 of this Act, is amended by striking paragraph (33) and by redesignating paragraphs (34), (35), and (36) as paragraphs (33), (34), and (35), respectively.CommentsClose CommentsPermalink





(7) Paragraph (2) of section 1400C(d) is amended by striking ‘, 30B’.CommentsClose CommentsPermalink





(8) Subsection (m) of section 6501 is amended by striking ‘, 30B(h)(9)’.CommentsClose CommentsPermalink





(c) Clerical Amendment- The table of sections for subpart B of part IV of subchapter A of chapter 1 is amended by striking the item relating to section 30B.CommentsClose CommentsPermalink





(d) Effective Date- The amendments made by this section shall apply to property placed in service after December 31, 2012.CommentsClose CommentsPermalink

SEC. 104. REPEAL OF ALTERNATIVE FUEL VEHICLE REFUELING PROPERTY CREDIT.

(a) In General- Section 30C is repealed.CommentsClose CommentsPermalink





(b) Conforming Amendments-CommentsClose CommentsPermalink





(1) Subsection (b) of section 38 is amended by striking paragraph (26).CommentsClose CommentsPermalink





(2) Paragraph (3) of section 55(c) is amended by striking ‘, 30C(d)(2),’.CommentsClose CommentsPermalink





(3) Subsection (a) of section 1016, as amended by sections 102 and 103 of this Act, is amended by striking paragraph (33) and by redesignating paragraph (34) and (35) as paragraphs (33) and (34), respectively.CommentsClose CommentsPermalink





(4) Subsection (m) of section 6501 is amended by striking ‘, 30C(e)(5)’.CommentsClose CommentsPermalink





(c) Clerical Amendment- The table of sections for subpart B of part IV of subchapter A of chapter 1 is amended by striking the item relating to section 30C.CommentsClose CommentsPermalink





(d) Effective Date- The amendments made by this section shall apply to property placed in service after December 31, 2012.CommentsClose CommentsPermalink

SEC. 105. REPEAL OF CREDIT FOR ALCOHOL USED AS FUEL.

(a) In General- Section 40 is repealed.CommentsClose CommentsPermalink





(b) Conforming Amendments-CommentsClose CommentsPermalink





(1) Subsection (b) of section 38 is amended by striking paragraph (3).CommentsClose CommentsPermalink





(2) Subsection (c) of section 196 is amended by striking paragraph (3) and by redesignating paragraphs (4) through (14) as paragraphs (3) through (13), respectively.CommentsClose CommentsPermalink





(3) Paragraph (1) of section 4101(a) is amended by striking ‘, and every person producing cellulosic biofuel (as defined in section 40(b)(6)(E))’.CommentsClose CommentsPermalink





(4) Paragraph (1) of section 4104(a) is amended by striking ‘, 40’.CommentsClose CommentsPermalink





(c) Effective Date- The amendments made by this section shall apply to fuel sold or used after December 31, 2012.CommentsClose CommentsPermalink

SEC. 106. REPEAL OF CREDIT FOR BIODIESEL AND RENEWABLE DIESEL USED AS FUEL.

(a) In General- Section 40A is repealed.CommentsClose CommentsPermalink





(b) Conforming Amendment-CommentsClose CommentsPermalink





(1) Subsection (b) of section 38 is amended by striking paragraph (17).CommentsClose CommentsPermalink





(2) Section 87 is repealed.CommentsClose CommentsPermalink





(3) Subsection (c) of section 196, as amended by section 106 of this Act, is amended by striking paragraph (11) and by redesignating paragraphs (11), (12), and (13) as paragraphs (10), (11), and (12), respectively.CommentsClose CommentsPermalink





(4) Paragraph (1) of section 4101(a) is amended by striking ‘, every person producing or importing biodiesel (as defined in section 40A(d)(1)’.CommentsClose CommentsPermalink





(5) Paragraph (1) of section 4104(a) is amended by striking ‘, and 40A’.CommentsClose CommentsPermalink





(6) Subparagraph (E) of section 7704(d)(1) is amended by inserting ‘(as so in effect)’ after ‘section 40A(d)(1)’.CommentsClose CommentsPermalink





(c) Clerical Amendment- The table of sections for subpart D of part IV of subchapter A of chapter 1 is amended by striking the item relating to section 40A.CommentsClose CommentsPermalink





(d) Effective Date- The amendments made by this section shall apply to fuel produced, and sold or used, after December 31, 2011.CommentsClose CommentsPermalink

SEC. 107. REPEAL OF ENHANCED OIL RECOVERY CREDIT.

(a) In General- Section 43 is repealed.CommentsClose CommentsPermalink





(b) Conforming Amendments-CommentsClose CommentsPermalink





(1) Subsection (b) of section 38 is amended by striking paragraph (6).CommentsClose CommentsPermalink





(2) Paragraph (4) of section 45Q(d) is amended by inserting ‘(as in effect on the day before the date of the enactment of the Energy Freedom and Economic Prosperity Act)’ after ‘section 43(c)(2)’.CommentsClose CommentsPermalink





(3) Subsection (c) of section 196, as amended by sections 106 and 107 of this Act, is amended by striking paragraph (5) and by redesignating paragraphs (6) through (12) as paragraphs (5) through (11), respectively.CommentsClose CommentsPermalink





(c) Clerical Amendment- The table of sections for subpart D of part IV of subchapter A of chapter 1 is amended by striking the item relating to section 43.CommentsClose CommentsPermalink





(d) Effective Date- The amendments made by this section shall apply to costs paid or incurred in taxable years beginning after December 31, 2012.CommentsClose CommentsPermalink

SEC. 108. TERMINATION OF CREDIT FOR ELECTRICITY PRODUCED FROM CERTAIN RENEWABLE RESOURCES.

(a) In General- Subsection (d) of section 45 is amended--CommentsClose CommentsPermalink





(1) by striking ‘2013’ in paragraph (1) and inserting ‘2012’, andCommentsClose CommentsPermalink





(2) by striking ‘2014’ each place it appears in paragraphs (2), (3), (4), (6), (7), (9), and (11) and inserting ‘2012’.CommentsClose CommentsPermalink





(b) Effective Date- The amendments made by this section shall apply to property placed in service after December 31, 2012.CommentsClose CommentsPermalink

SEC. 109. REPEAL OF CREDIT FOR PRODUCING OIL AND GAS FROM MARGINAL WELLS.

(a) In General- Section 45I is repealed.CommentsClose CommentsPermalink





(b) Conforming Amendment- Subsection (b) of section 38 is amended by striking paragraph (19).CommentsClose CommentsPermalink





(c) Clerical Amendment- The table of sections for subpart D of part IV of subchapter A of chapter 1 is amended by striking the item relating to section 45I.CommentsClose CommentsPermalink





(d) Effective Date- The amendments made by this section shall apply to production in taxable years beginning after December 31, 2012.CommentsClose CommentsPermalink

SEC. 110. TERMINATION OF CREDIT FOR PRODUCTION FROM ADVANCED NUCLEAR POWER FACILITIES.

(a) In General- Subparagraph (B) of section 45J(d)(1) is amended by striking ‘January 1, 2021’ and inserting ‘January 1, 2013’.CommentsClose CommentsPermalink





(b) Effective Date- The amendments made by this section shall apply to property placed in service after December 31, 2012.CommentsClose CommentsPermalink

SEC. 111. REPEAL OF CREDIT FOR CARBON DIOXIDE SEQUESTRATION.

(a) In General- Section 45Q is repealed.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to carbon dioxide captured after December 31, 2012.CommentsClose CommentsPermalink

SEC. 112. TERMINATION OF ENERGY CREDIT.

(a) In General- Section 48 is amended--CommentsClose CommentsPermalink





(1) by striking ‘January 1, 2017’ each place it appears and inserting ‘January 1, 2013’,CommentsClose CommentsPermalink





(2) by striking ‘December 31, 2016’ each place it appears and inserting ‘December 31, 2012’, andCommentsClose CommentsPermalink





(3) by striking ‘2012, or 2013’ in subsection (a)(5)(C)(ii) and inserting ‘or 2012’.CommentsClose CommentsPermalink





(b) Effective Date- The amendments made by this section shall apply to property placed in service after December 31, 2012.CommentsClose CommentsPermalink

SEC. 113. REPEAL OF QUALIFYING ADVANCED COAL PROJECT.

(a) In General- Section 48A is repealed.CommentsClose CommentsPermalink





(b) Conforming Amendment- Section 46 is amended by striking paragraph (3) and by redesignating paragraphs (4), (5), and (6) as paragraphs (3), (4), and (5), respectively.CommentsClose CommentsPermalink





(c) Clerical Amendment- The table of sections for subpart E of part IV of subchapter A of chapter 1 is amended by striking the item relating to section 48A.CommentsClose CommentsPermalink





(d) Effective Date- The amendments made by this section shall apply to property placed in service after December 31, 2012.CommentsClose CommentsPermalink

SEC. 114. REPEAL OF QUALIFYING GASIFICATION PROJECT CREDIT.

(a) In General- Section 48B is repealed.CommentsClose CommentsPermalink





(b) Conforming Amendment- Section 46, as amended by this Act, is amended by striking paragraph (3) and by redesignating paragraphs (4) and (5) as paragraphs (3) and (4), respectively.CommentsClose CommentsPermalink





(c) Clerical Amendment- The table of sections for subpart E of part IV of subchapter A of chapter 1 is amended by striking the item relating to section 48B.CommentsClose CommentsPermalink





(d) Effective Date- The amendments made by this section shall apply to property placed in service after December 31, 2012.CommentsClose CommentsPermalink

SEC. 115. REPEAL OF AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009 ENERGY GRANT PROGRAM.

(a) In General- Section 1603 of division B of the American Recovery and Reinvestment Act of 2009 is repealed.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to property placed in service after December 31, 2011.CommentsClose CommentsPermalink

TITLE II--REDUCTION OF CORPORATE INCOME TAX RATECommentsClose CommentsPermalink

SEC. 201. CORPORATE INCOME TAX RATE REDUCED.

(a) In General- Not later than 1 year after the date of the enactment of this Act, the Secretary of the Treasury shall prescribe a rate of tax in lieu of the rates under paragraphs (1) and (2) of section 11(b), section 1201(a), and paragraphs (1), (2), and (6) of section 1445(e) to such a flat rate as the Secretary estimates would result in--CommentsClose CommentsPermalink





(1) a decrease in revenue to the Treasury for taxable years beginning during the 10-year period beginning on the date of the enactment of this Act, equal toCommentsClose CommentsPermalink





(2) the increase in revenue for such taxable years by reason of the amendments made by title I of this Act.CommentsClose CommentsPermalink





(b) Effective Date- The rate prescribed by the Secretary under subsection (a) shall apply to taxable years beginning more than 1 year after the date of the enactment of this Act.CommentsClose CommentsPermalink