113 HR 259 IH: Energy Freedom and Economic Prosperity Act
U.S. House of Representatives
2013-01-15
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
1.Short title; table of
contents; etc
(a)This Act may be cited
as the Energy Freedom and Economic
Prosperity Act
.
(b)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.
(c)The table of contents for this Act is as follows:
Sec. 1. Short title; table of contents; etc.
Title I—Repeal of energy tax subsidies
Sec. 101. Repeal of credit for alcohol fuel, biodiesel, and
alternative fuel mixtures.
Sec. 102. Early termination of credit for qualified fuel cell
motor vehicles.
Sec. 103. Early termination of new qualified plug-in electric
drive motor vehicles.
Sec. 104. Repeal of alternative fuel vehicle refueling property
credit.
Sec. 105. Repeal of credit for alcohol used as
fuel.
Sec. 106. Repeal of credit for biodiesel and renewable diesel
used as fuel.
Sec. 107. Repeal of enhanced oil recovery credit.
Sec. 108. Termination of credit for electricity produced from
certain renewable resources.
Sec. 109. Repeal of credit for producing oil and gas from
marginal wells.
Sec. 110. Termination of credit for production from advanced
nuclear power facilities.
Sec. 111. Repeal of credit for carbon dioxide
sequestration.
Sec. 112. Termination of energy credit.
Sec. 113. Repeal of qualifying advanced coal
project.
Sec. 114. Repeal of qualifying gasification project
credit.
Title II—Reduction of corporate income tax rate
Sec. 201. Corporate income tax rate reduced.
<enum>I</enum><header>Repeal of energy
tax subsidies</header>
<section id="HF58F390C179F43159204D0DD21145D5B"><enum>101.</enum><header>Repeal of
credit for alcohol fuel, biodiesel, and alternative fuel mixtures</header>
<subsection id="H9E69CBBD718F461C8A526A4DB4AF7432"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 6426 is
repealed.</text>
</subsection><subsection id="H988488BF7D2D4A659040A4425341CC8D"><enum>(b)</enum><header>Conforming
amendments</header>
<paragraph id="H9B6D973B5C754929B4A41466C271BD46"><enum>(1)</enum><text>Paragraph (1) of
section 4101(a) is amended by striking <quote>or alcohol (as defined in section
6426(b)(4)(A)</quote>.</text>
</paragraph><paragraph id="HB363FB80B60B49D29F7CA63117290C77"><enum>(2)</enum><text>Paragraph (2) of
section 4104(a) is amended by striking <quote>6426, or 6427(e)</quote>.</text>
</paragraph><paragraph id="H2E45B6C34644441A971A94780DD38419"><enum>(3)</enum><text>Section 6427 is
amended by striking subsection (e).</text>
</paragraph><paragraph id="H9D7C03E3389D4AF4823CA784EE0ACE34"><enum>(4)</enum><text>Subparagraph (E)
of section 7704(d)(1) is amended—</text>
<subparagraph id="HFDDBBB0A0FF347669582DCEF1F385C96"><enum>(A)</enum><text>by inserting
<quote>(as in effect on the day before the date of the enactment of the Energy
Freedom and Economic Prosperity Act)</quote> after <quote>of section
6426</quote>, and</text>
</subparagraph><subparagraph id="HCA22D8EBCA474FD0BF3105D72B6736AE"><enum>(B)</enum><text>by inserting
<quote>(as so in effect)</quote> after <quote>section
6426(b)(4)(A)</quote>.</text>
</subparagraph></paragraph><paragraph id="H46BDB516B0234F4294A86AEA90EDB18D"><enum>(5)</enum><text>Paragraph (1) of
section 9503(b) is amended by striking the second sentence.</text>
</paragraph></subsection><subsection id="HA4587DF75E2F4A0AB0C9B749932CA2E3"><enum>(c)</enum><header>Clerical
amendment</header><text>The table of sections for subchapter B of chapter 65 is
amended by striking the item relating to section 6426.</text>
</subsection><subsection id="H022D4D4AC1F6487FAF3A3D409F1809FB"><enum>(d)</enum><header>Effective</header>
<paragraph id="HE2767B69766D485684BB21FFA5CD9AD9"><enum>(1)</enum><header>In
general</header><text>Except as provided in paragraph (2), the amendments made
by this section shall apply with respect to fuel sold and used after the date
of the enactment of this Act.</text>
</paragraph><paragraph id="HF4BA2A12F4074F989F06C3EF94BCE09C"><enum>(2)</enum><header>Liquefied
hydrogen</header><text>In the case of any alternative fuel or alternative fuel
mixture (as defined in subsection (d)(2) or (e)(3) of section 6426 of the
Internal Revenue Code of 1986 as in effect before its repeal by this Act)
involving liquefied hydrogen, the amendments made by this section shall apply
with respect to fuel sold and used after September 30, 2014.</text>
</paragraph></subsection></section><section id="H6469B0CA50AE476E870C886A8166636A"><enum>102.</enum><header>Early
termination of credit for qualified fuel cell motor vehicles</header>
<subsection id="HA945284312264783997A5239BC62EC15"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 30B is
repealed.</text>
</subsection><subsection id="H03A34FF530464768951AB8A755DF4321"><enum>(b)</enum><header>Conforming
amendments</header>
<paragraph id="HA9E1F773D93447ACA7D075F43523117F"><enum>(1)</enum><text display-inline="yes-display-inline">Subparagraph (A) of section 24(b)(3) is
amended by striking <quote>, 30B</quote>.</text>
</paragraph><paragraph id="H1AC223A7B5B54FD28B4E2E477CDC84F3"><enum>(2)</enum><text>Paragraph (2) of
section 25B(g) is amended by striking <quote>, 30B,</quote>.</text>
</paragraph><paragraph id="HF8B8EDD592A1447DB95A6C4B2C71FAEF"><enum>(3)</enum><text>Subsection (b) of
section 38 is amended by striking paragraph (25).</text>
</paragraph><paragraph id="H9624DAA488604012BA5AF8D08C1A8BF2"><enum>(4)</enum><text>Subsection (a) of
section 1016 is amended by striking paragraph (35) and by redesignating
paragraphs (36) and (37) as paragraphs (35) and (36), respectively.</text>
</paragraph><paragraph id="HE4A5CD1F7D04424EBFAD00DC671CFAEF"><enum>(5)</enum><text>Subsection (m) of
section 6501 is amended by striking <quote>, 30B(h)(9)</quote>.</text>
</paragraph></subsection><subsection id="H38505E1625E449D2A250203E07ED8415"><enum>(c)</enum><header>Clerical
amendment</header><text>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.</text>
</subsection><subsection id="H466C997879FA458AAD09B61CC13563A0"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to property
placed in service after December 31, 2014.</text>
</subsection></section><section id="H78A4F2EE07B844F6AD91609938877080"><enum>103.</enum><header>Early
termination of new qualified plug-in electric drive motor vehicles</header>
<subsection id="H4F9FF47A7BD5495D978313F04A57A8E7"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 30D is
repealed.</text>
</subsection><subsection id="H88CD0F9F97094520A95983508A49D55E"><enum>(b)</enum><header>Effective
date</header><text display-inline="yes-display-inline">The amendment made by
this section shall apply to vehicles placed in service after the date of the
enactment of this Act.</text>
</subsection></section><section id="H0C1FE9E9229A4D9DB9B6A559954FB079"><enum>104.</enum><header>Repeal of
alternative fuel vehicle refueling property credit</header>
<subsection id="H5BC20144BE0D478CA614CEE7A436D495"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 30C is
repealed.</text>
</subsection><subsection id="H5A3C0EFE31B446C69105001E76CB47CC"><enum>(b)</enum><header>Conforming
amendments</header>
<paragraph id="H338BC725DBCD425EA0080CCD68597135"><enum>(1)</enum><text>Subsection (b) of
section 38 is amended by striking paragraph (26).</text>
</paragraph><paragraph id="HD8F40F5ED84040D690CB73949DC44407"><enum>(2)</enum><text display-inline="yes-display-inline">Paragraph (3) of section 55(c) is amended
by striking <quote>, 30C(d)(2),</quote>.</text>
</paragraph><paragraph id="HFBA8063B82E64382B24E756448C29BF7"><enum>(3)</enum><text>Subsection (a) of
section 1016, as amended by section 102 of this Act, is amended by striking
paragraph (35) and by redesignating paragraph (36) as paragraph (35).</text>
</paragraph><paragraph id="H1F67767EA39540D7AFF016852ADDD4D6"><enum>(4)</enum><text>Subsection (m) of
section 6501 is amended by striking <quote>, 30C(e)(5)</quote>.</text>
</paragraph></subsection><subsection id="H6110E178A9E04280A26870FCB739C7D8"><enum>(c)</enum><header>Clerical
amendment</header><text>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.</text>
</subsection><subsection id="HD3CBBF9D54BA419987CAEF7AE779CA5F"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to property
placed in service after the date of the enactment of this Act.</text>
</subsection></section><section id="HB85F16911C1F4C69A564F704C58F4DF9"><enum>105.</enum><header>Repeal of
credit for alcohol used as fuel</header>
<subsection id="HA20CC6C867364F6D95BEC6CB77BBA4CE"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 40 is
repealed.</text>
</subsection><subsection id="H71DC59C369904F23881D104FDC96D4ED"><enum>(b)</enum><header>Conforming
amendments</header>
<paragraph id="HF725977C834E4E648542F687ECCAD920"><enum>(1)</enum><text display-inline="yes-display-inline">Subsection (b) of section 38 is amended by
striking paragraph (3).</text>
</paragraph><paragraph id="H60544301CA934A589798EB22E793285F"><enum>(2)</enum><text>Subsection (c) of
section 196 is amended by striking paragraph (3) and by redesignating
paragraphs (4) through (14) as paragraphs (3) through (13),
respectively.</text>
</paragraph><paragraph id="H8A74D1EBB336429BB78FB748FE8EE0CC"><enum>(3)</enum><text>Paragraph (1) of
section 4101(a) is amended by striking <quote>, and every person producing
cellulosic biofuel (as defined in section 40(b)(6)(E))</quote>.</text>
</paragraph><paragraph id="HF693EDDA73164C038B7B571157C7434C"><enum>(4)</enum><text>Paragraph (1) of
section 4104(a) is amended by striking <quote>, 40</quote>.</text>
</paragraph></subsection><subsection id="H925A2DA0D9F446F2A9242AD87C9BD744"><enum>(c)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to fuel sold
or used after the date of the enactment of this Act.</text>
</subsection></section><section id="H8DDC0FF50931485294ABA6681EF93DC2"><enum>106.</enum><header>Repeal of
credit for biodiesel and renewable diesel used as fuel</header>
<subsection id="HC9604A7FE8DC4DB49903F9C6EBC2639F"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 40A is
repealed.</text>
</subsection><subsection id="H484133ACD411435685FDE2045219C256"><enum>(b)</enum><header>Conforming
amendment</header>
<paragraph id="HE22EF3CB96734C41AFE2640E7BF2464C"><enum>(1)</enum><text display-inline="yes-display-inline">Subsection (b) of section 38 is amended by
striking paragraph (17).</text>
</paragraph><paragraph id="HA47AF1C360C04C8997CA73FC5DA72A6D"><enum>(2)</enum><text>Section 87 is
repealed.</text>
</paragraph><paragraph id="H959981C47C16436FB970EC0035232053"><enum>(3)</enum><text>Subsection (c) of
section 196, as amended by section 105 of this Act, is amended by striking
paragraph (11) and by redesignating paragraphs (11), (12), and (13) as
paragraphs (10), (11), and (12), respectively.</text>
</paragraph><paragraph id="H7F0B9CA51B2741F984D491B967999B42"><enum>(4)</enum><text>Paragraph (1) of
section 4101(a) is amended by striking <quote>, every person producing or
importing biodiesel (as defined in section 40A(d)(1)</quote>.</text>
</paragraph><paragraph id="H6A46433864B34D9D9B87237F3C1500F0"><enum>(5)</enum><text display-inline="yes-display-inline">Paragraph (1) of section 4104(a) is amended
by striking <quote>, and 40A</quote>.</text>
</paragraph><paragraph id="HD4678098403C4277BA4B9CA2D5E594FC"><enum>(6)</enum><text>Subparagraph (E)
of section 7704(d)(1) is amended by inserting <quote>(as so in effect)</quote>
after <quote>section 40A(d)(1)</quote>.</text>
</paragraph></subsection><subsection id="H7154755E0B7B470284DBDA2390410EBD"><enum>(c)</enum><header>Clerical
amendment</header><text>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.</text>
</subsection><subsection id="H92FB6401FB7648FA8926C49D11820BFF"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to fuel
produced, and sold or used, after the date of the enactment of this Act.</text>
</subsection></section><section id="H34B67C7A8BF14024853B9EDE0EF524B0"><enum>107.</enum><header>Repeal of
enhanced oil recovery credit</header>
<subsection id="H48A9917E3C7F4B73A1161C0448F351A1"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 43 is
repealed.</text>
</subsection><subsection id="H6B778894F1344752A72B2E9FAFE73CA7"><enum>(b)</enum><header>Conforming
amendments</header>
<paragraph id="H27560798CC1743F1A0FD8636A55EC56B"><enum>(1)</enum><text>Subsection (b) of
section 38 is amended by striking paragraph (6).</text>
</paragraph><paragraph id="HC3EF8D81EC154763AB95979EB628486B"><enum>(2)</enum><text>Paragraph (4) of
section 45Q(d) is amended by inserting <quote>(as in effect on the day before
the date of the enactment of the Energy Freedom and Economic Prosperity
Act)</quote> after <quote>section 43(c)(2)</quote>.</text>
</paragraph><paragraph id="H38B74D3C388D46F6B3650A6600F03DFE"><enum>(3)</enum><text>Subsection (c) of
section 196, as amended by sections 105 and 106 of this Act, is amended by
striking paragraph (5) and by redesignating paragraphs (6) through (12) as
paragraphs (5) through (11), respectively.</text>
</paragraph></subsection><subsection display-inline="no-display-inline" id="H12A365DE9DA049CF8BEB6061E74E0E31"><enum>(c)</enum><header>Clerical
amendment</header><text>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.</text>
</subsection><subsection id="HC630AB64218B447BB95444CDFB487142"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to costs
paid or incurred after December 31, 2014.</text>
</subsection></section><section id="H34156AEA42ED437B972CCE939F041F82"><enum>108.</enum><header>Termination of
credit for electricity produced from certain renewable resources</header>
<subsection id="HBC7D9A6A221546DAB68D531F3ECD8E2B"><enum>(a)</enum><header>Wind</header><text display-inline="yes-display-inline">Subsection (d) of section 45 is amended by
striking <quote>January 1, 2014</quote> in paragraph (1) and inserting
<quote>the date of the enactment of the Energy Freedom and Economic Prosperity
Act</quote>.</text>
</subsection><subsection id="H65653D5029CD400CAC9E82C5978A6066"><enum>(b)</enum><header>Indian
coal</header><text>Subparagraph (A) of section 45(e)(10) is amended by striking
<quote>8-year period</quote> each place it appears and inserting <quote>7-year
period</quote>.</text>
</subsection><subsection id="HDD421A1BBD5A44018C9A6F392E8BB887"><enum>(c)</enum><header>Effective
date</header>
<paragraph id="HC380B18088CE44D5BF56378D8D5BC222"><enum>(1)</enum><header>Wind</header><text>The
amendment made by subsection (a) shall apply to property placed in service
after the date of the enactment of this Act.</text>
</paragraph><paragraph id="HBC309B9A50194C1E893B5FCCA22BFD3A"><enum>(2)</enum><header>Indian
coal</header><text>The amendments made by subsection (b) shall apply to coal
produced after December 31, 2012.</text>
</paragraph><paragraph id="HF5645EC337094296B702B2C5A146389E"><enum>(3)</enum><header>Other qualified
energy resources</header><text>For termination of other qualified energy
resources for property placed in service after December 31, 2013, see section
45 of the Internal Revenue Code of 1986.</text>
</paragraph></subsection></section><section id="H89F6856746C3415CAE4A36BF851D3C38"><enum>109.</enum><header>Repeal of
credit for producing oil and gas from marginal wells</header>
<subsection id="HF9D876B9FC2F4D318B9379F3C0EBFC1E"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 45I is
repealed.</text>
</subsection><subsection id="HD03D88DAAC6E42C6B6BFCCAE9297AB39"><enum>(b)</enum><header>Conforming
amendment</header><text>Subsection (b) of section 38 is amended by striking
paragraph (19).</text>
</subsection><subsection display-inline="no-display-inline" id="HED39C21F6CD743BAB9E74BAA6E2ED984"><enum>(c)</enum><header>Clerical
amendment</header><text>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.</text>
</subsection><subsection id="HC94CF6B63A9E4D41965643553E16B1D6"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to
production in taxable years beginning after December 31, 2014.</text>
</subsection></section><section id="HA9F45B1DDC7C411D8876A11522457C9F"><enum>110.</enum><header>Termination of
credit for production from advanced nuclear power facilities</header>
<subsection id="HE5A7586BB2364FF899E1C760C0C5B0B7"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Subparagraph (B) of
section 45J(d)(1) is amended by striking <quote>January 1, 2021</quote> and
inserting <quote>January 1, 2015</quote>.</text>
</subsection><subsection id="H146E865DA3EE4C06A08BB182D96CA3ED"><enum>(b)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to property
placed in service after December 31, 2014.</text>
</subsection></section><section id="H235818DA3E054B92B42FF92021E98642"><enum>111.</enum><header>Repeal of
credit for carbon dioxide sequestration</header>
<subsection id="H5A99239A4C45471CBFE613DEF039C68C"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 45Q is
repealed.</text>
</subsection><subsection id="H0E56785724B84580BC81321A9B0A1D02"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to carbon
dioxide captured after December 31, 2014.</text>
</subsection></section><section id="H1BBCFB7960084151BB227B712EFDAF71"><enum>112.</enum><header>Termination of
energy credit</header>
<subsection id="H37E980BE0AD148D182F1213EDD2724E9"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 48 is
amended—</text>
<paragraph id="H1E259C1D6ABA496092CC6FA7AC4C1D97"><enum>(1)</enum><text>by striking
<quote>January 1, 2017</quote> each place it appears and inserting
<quote>January 1, 2015</quote>, and</text>
</paragraph><paragraph id="H28458A0417854F3B8CC2DFCCC89985FB"><enum>(2)</enum><text>by striking
<quote>December 31, 2016</quote> each place it appears and inserting
<quote>December 31, 2014</quote>.</text>
</paragraph></subsection><subsection id="H8D90D160B91042ECBC685583083502D0"><enum>(b)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to property
placed in service after December 31, 2014.</text>
</subsection></section><section commented="no" id="H4157687A4EE64C79BE1F5C8E73570A4A"><enum>113.</enum><header>Repeal of
qualifying advanced coal project</header>
<subsection commented="no" id="H845C0CDBA06245FFA68D1FFE346630C6"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 48A is
repealed.</text>
</subsection><subsection commented="no" id="HB22A4791B51340CDABE4F743019F507C"><enum>(b)</enum><header>Conforming
amendment</header><text>Section 46 is amended by striking paragraph (3) and by
redesignating paragraphs (4), (5), and (6) as paragraphs (3), (4), and (5),
respectively.</text>
</subsection><subsection commented="no" id="H06B44F1EC2B141E08371FD42F57B74F5"><enum>(c)</enum><header>Clerical
amendment</header><text>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.</text>
</subsection><subsection commented="no" id="H1076900C24774818948AA87BB333963D"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to property
placed in service after December 31, 2014.</text>
</subsection></section><section id="H6747B1927AC94C5AB5555B1B3E4377CE"><enum>114.</enum><header>Repeal of
qualifying gasification project credit</header>
<subsection id="H2BEDA7E47156479AA5CAF08D886331EB"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 48B is
repealed.</text>
</subsection><subsection id="H6F15A7F97AFC4BA581F011462577F128"><enum>(b)</enum><header>Conforming
amendment</header><text>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.</text>
</subsection><subsection id="H0D340957829F405CABCEC440168B7FD1"><enum>(c)</enum><header>Clerical
amendment</header><text display-inline="yes-display-inline">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.</text>
</subsection><subsection id="HB407EDDE2439427F9E7419D2EBC8F2F9"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to property
placed in service after December 31, 2014.</text>
</subsection></section><enum>II</enum><header>Reduction of
corporate income tax rate</header>
<section id="HB664F40B21044082BF5C11D3DCD9086B"><enum>201.</enum><header>Corporate
income tax rate reduced</header>
<subsection id="HAAFCBF35CAEE46B981CB93BCFD5FCF4A"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">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—</text>
<paragraph id="H42D119BAA3824F978788BC5C9DE430F5"><enum>(1)</enum><text>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
to</text>
</paragraph><paragraph id="H2EDAB8B8B0204FBE94AC7A6E8D44F1EB"><enum>(2)</enum><text>the increase in
revenue for such taxable years by reason of the amendments made by title I of
this Act.</text>
</paragraph></subsection><subsection id="HF63A43370AB04C51869B0B1F6304276A"><enum>(b)</enum><header>Effective
date</header><text>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.</text>
</subsection></section>