3.0.0 2064 2019-02-20T23:25:22Z 2019-02-22T21:08:46Z Senate S S 2012-02-02 112 Energy Freedom and Economic Prosperity Act 112 3308 HR 2011-11-04 Referred to the Subcommittee on Energy and Power. Related bill CRS 2012-02-06 Senate Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 309. Calendars 2012-02-02 Senate Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time. Calendars 2012-02-02 Introduced in Senate IntroReferral 10000 9 Library of Congress D000595 Sen. DeMint, Jim [R-SC] James DeMint R SC W. N L000577 Sen. Lee, Mike [R-UT] Mike Lee R UT 2012-02-02 True J000293 Sen. Johnson, Ron [R-WI] Ron Johnson R WI 2012-02-07 False Taxation Air quality Alternative and renewable resources Climate change and greenhouse gases Coal Corporate finance and management Electric power generation and transmission Hybrid, electric, and advanced technology vehicles Income tax credits Income tax rates Motor fuels Nuclear power Oil and gas Sales and excise taxes Taxation 00 2012-02-02 Introduced in Senate 2012-02-25T15:34:29Z Energy Freedom and Economic Prosperity Act - Amends the Internal Revenue Code to repeal: (1) the excise tax credits for alcohol fuel, biodiesel, and alternative fuel mixtures; (2) the tax credits for the purchase of certain plug-in electric vehicles and alternative motor vehicles; (3) the alternative fuel vehicle refueling property tax credit; (4) the tax credits for alcohol used as fuel and for biodiesel and renewable diesel used as fuel; (5) the enhanced oil recovery tax credit and the tax credit for producing oil and gas from marginal wells; (6) the tax credit for carbon dioxide sequestration; (7) the energy tax credit; and (8) the tax credits for investment in qualifying advanced coal projects and qualifying gasification projects. Terminates after 2012 the tax credits for the production of electricity from certain renewable resources and from advanced nuclear power facilities.

Repeals the grant program under the American Recovery and Reinvestment Act of 2009 for payments to invest in alternative and renewable energy property in lieu of tax credits.

Directs the Secretary of the Treasury to reduce the corporate income tax rates by prescribing proportionate modifications to such rates based upon revenue savings resulting from the repeal of energy tax expenditures by this Act.

]]> Energy Freedom and Economic Prosperity Act Short Titles as Introduced Energy Freedom and Economic Prosperity Act Display Title Energy Freedom and Economic Prosperity Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to terminate certain energy tax subsidies and lower the corporate income tax rate. Placed on Calendar Senate 2012-02-06T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s2064pcs/xml/BILLS-112s2064pcs.xml 2012-02-06 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 309. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.