113 S2279 IS: Energy Freedom and Economic Prosperity Act of 2014
U.S. Senate
2014-05-01
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; reference to
1986 Code
(a)
This Act may be cited
as the Energy Freedom and Economic Prosperity Act of 2014
.
(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.
<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repealed.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
<short-title>Energy Freedom and Economic Prosperity Act of 2014</short-title>)</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 dates</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="HB85F16911C1F4C69A564F704C58F4DF9">
<enum>104.</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="H34B67C7A8BF14024853B9EDE0EF524B0">
<enum>105.</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 <short-title>Energy Freedom and Economic Prosperity Act of 2014</short-title>)</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="H89F6856746C3415CAE4A36BF851D3C38">
<enum>106.</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>107.</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>108.</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>109.</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
by adding at the end the following new subsection:</text>
<quoted-block display-inline="no-display-inline" id="id63A82481947A4AAB975731EDAF8CEF40" style="OLC">
<subsection id="idF96F35B3B2DD4F19A8AF5AD1E67362E3">
<enum>(e)</enum>
<header>Termination</header>
<text>No
credit shall be allowed under subsection (a) for any period after
December 31,
2014.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</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>110.</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>111.</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><section id="idFB1DE6417D13420FB291D9742FAE4F09">
<enum>112.</enum>
<header>Repeal of
qualifying advanced energy project credit</header>
<subsection id="id12F577819BBB43C0B19693E9FA552D5C">
<enum>(a)</enum>
<header>In
general</header>
<text display-inline="yes-display-inline">Section 48C is
repealed.</text>
</subsection><subsection id="id120B3FB4B13C48559C5AE652C0DBBCF2">
<enum>(b)</enum>
<header>Conforming
amendment</header>
<text>Section 46, as amended by this Act, is amended by
striking paragraph (3) and by redesignating paragraph (4) as paragraph
(3).</text>
</subsection><subsection id="idE15EF57800D348D58B4B57FC243EBFDF">
<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 48C.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="id90B74CADE3CB4D5EA3484E44968E464A">
<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>121.</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, in lieu of the rates of tax under paragraphs (1) and (2)
of
section 11(b), section 1201(a), and paragraphs (1), (2), and (6) of
section
1445(e) of the Internal Revenue Code of 1986, such rates of tax 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="id89AEB6F2DC964DF4B3D5EC9B6C88E68F">
<enum>(b)</enum>
<header>Maintenance of
graduated rates</header>
<text>In prescribing the tax rates under subsection
(a), the Secretary shall ensure that each rate modified under such
subsection
is reduced by a uniform percentage.</text>
</subsection><subsection commented="no" display-inline="no-display-inline" id="HF63A43370AB04C51869B0B1F6304276A">
<enum>(c)</enum>
<header>Effective
date</header>
<text>The rates 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>