[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 2064 Placed on Calendar Senate (PCS)]

                                                       Calendar No. 309
112th CONGRESS
  2d Session
                                S. 2064

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            February 2, 2012

  Mr. DeMint (for himself and Mr. Lee) introduced the following bill; 
                     which was read the first time

                            February 6, 2012

            Read the second time and placed on the calendar

_______________________________________________________________________

                                 A BILL


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

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

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

    (a) Short Title.--This Act may be cited as the ``Energy Freedom and 
Economic Prosperity Act''.
    (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.
    (c) Table of Contents.--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. Repeal of credit for certain plug-in electric vehicles.
Sec. 103. Early termination of credit for qualified fuel cell 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.
Sec. 115. Repeal of American Recovery and Reinvestment Act of 2009 
                            energy grant program.
            TITLE II--REDUCTION OF CORPORATE INCOME TAX RATE

Sec. 201. Corporate income tax rate reduced.

                TITLE I--REPEAL OF ENERGY TAX SUBSIDIES

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

    (a) In General.--Section 6426 is repealed.
    (b) Conforming Amendments.--
            (1) Subparagraph (D) of section 6427(e)(6) of such Code is 
        amended by striking ``September 30, 2014'' and inserting 
        ``September 30, 2012''.
            (2) Paragraph (1) of section 4101(a) is amended by striking 
        ``or alcohol (as defined in section 6426(b)(4)(A)''.
            (3) Paragraph (2) of section 4104(a) is amended by striking 
        ``6426, or 6427(e)''.
            (4) Subparagraph (E) of section 7704(d)(1) is amended--
                    (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'', 
                and
                    (B) by inserting ``(as so in effect)'' after 
                ``section 6426(b)(4)(A)''.
            (5) Paragraph (1) of section 9503(b) is amended by striking 
        the second sentence.
    (c) Clerical Amendment.--The table of sections for subchapter B of 
chapter 65 is amended by striking the item relating to section 6426.
    (d) Effective.--The amendments made by this section shall apply 
with respect to fuel sold and used after December 31, 2012.

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

    (a) In General.--Section 30 is repealed.
    (b) Conforming Amendments.--
            (1) Paragraph (3) of section 24(b) is amended by striking 
        ``, 30''.
            (2) Clause (ii) of section 25(e)(1)(C) is amended by 
        striking ``, 30''.
            (3) Paragraph (2) of section 25B(g) is amended by striking 
        ``, 30''.
            (4) Paragraph (1) of section 26(a) is amended by striking 
        ``, 30''.
            (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)''.
            (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)''.
            (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.
            (8) Subsection (m) of section 6501 is amended by striking 
        ``30(e)(6)''.
    (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.
    (d) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2011.

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

    (a) In General.--Section 30B is repealed.
    (b) Conforming Amendments.--
            (1) Subparagraph (A) of section 24(b)(3) is amended by 
        striking ``, 30B''.
            (2) Clause (ii) of section 25(e)(1)(C) is amended by 
        striking ``, 30B''.
            (3) Paragraph (2) of section 25B(g) is amended by striking 
        ``, 30B,''.
            (4) Paragraph (1) of section 26(a) is amended by striking 
        ``, 30B''.
            (5) Subsection (b) of section 38 is amended by striking 
        paragraph (25).
            (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.
            (7) Paragraph (2) of section 1400C(d) is amended by 
        striking ``, 30B''.
            (8) Subsection (m) of section 6501 is amended by striking 
        ``, 30B(h)(9)''.
    (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.
    (d) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2012.

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

    (a) In General.--Section 30C is repealed.
    (b) Conforming Amendments.--
            (1) Subsection (b) of section 38 is amended by striking 
        paragraph (26).
            (2) Paragraph (3) of section 55(c) is amended by striking 
        ``, 30C(d)(2),''.
            (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.
            (4) Subsection (m) of section 6501 is amended by striking 
        ``, 30C(e)(5)''.
    (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.
    (d) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2012.

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

    (a) In General.--Section 40 is repealed.
    (b) Conforming Amendments.--
            (1) Subsection (b) of section 38 is amended by striking 
        paragraph (3).
            (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.
            (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))''.
            (4) Paragraph (1) of section 4104(a) is amended by striking 
        ``, 40''.
    (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 40.
    (d) Effective Date.--The amendments made by this section shall 
apply to fuel sold or used after December 31, 2012.

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

    (a) In General.--Section 40A is repealed.
    (b) Conforming Amendment.--
            (1) Subsection (b) of section 38 is amended by striking 
        paragraph (17).
            (2) Section 87 is repealed.
            (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.
            (4) Paragraph (1) of section 4101(a) is amended by striking 
        ``, every person producing or importing biodiesel (as defined 
        in section 40A(d)(1)''.
            (5) Paragraph (1) of section 4104(a) is amended by striking 
        ``, and 40A''.
            (6) Subparagraph (E) of section 7704(d)(1) is amended by 
        inserting ``(as so in effect)'' after ``section 40A(d)(1)''.
    (c) Clerical Amendments.--
            (1) 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.
            (2) The table of sections for part II of subchapter A of 
        chapter 1 is amended by striking the item relating to section 
        87.
    (d) Effective Date.--The amendments made by this section shall 
apply to fuel produced, and sold or used, after December 31, 2011.

SEC. 107. REPEAL OF ENHANCED OIL RECOVERY CREDIT.

    (a) In General.--Section 43 is repealed.
    (b) Conforming Amendments.--
            (1) Subsection (b) of section 38 is amended by striking 
        paragraph (6).
            (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)''.
            (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.
    (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.
    (d) Effective Date.--The amendments made by this section shall 
apply to costs paid or incurred in taxable years beginning after 
December 31, 2012.

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

    (a) In General.--Subsection (d) of section 45 is amended--
            (1) by striking ``2013'' in paragraph (1) and inserting 
        ``2012'', and
            (2) by striking ``2014'' each place it appears in 
        paragraphs (2), (3), (4), (6), (7), (9), and (11) and inserting 
        ``2012''.
    (b) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2012.

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

    (a) In General.--Section 45I is repealed.
    (b) Conforming Amendment.--Subsection (b) of section 38 is amended 
by striking paragraph (19).
    (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.
    (d) Effective Date.--The amendments made by this section shall 
apply to production in taxable years beginning after December 31, 2012.

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

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

    (a) In General.--Section 45Q is repealed.
    (b) Conforming Amendment.--Subsection (b) of section 38 is amended 
by striking paragraph (34).
    (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 45Q.
    (d) Effective Date.--The amendments made by this section shall 
apply to carbon dioxide captured after December 31, 2012.

SEC. 112. TERMINATION OF ENERGY CREDIT.

    (a) In General.--Section 48 is amended--
            (1) by striking ``January 1, 2017'' each place it appears 
        and inserting ``January 1, 2013'',
            (2) by striking ``December 31, 2016'' each place it appears 
        and inserting ``December 31, 2012'', and
            (3) by striking ``2012, or 2013'' in subsection 
        (a)(5)(C)(ii) and inserting ``or 2012''.
    (b) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2012.

SEC. 113. REPEAL OF QUALIFYING ADVANCED COAL PROJECT.

    (a) In General.--Section 48A is repealed.
    (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.
    (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.
    (d) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2012.

SEC. 114. REPEAL OF QUALIFYING GASIFICATION PROJECT CREDIT.

    (a) In General.--Section 48B is repealed.
    (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.
    (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.
    (d) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2012.

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

            TITLE II--REDUCTION OF CORPORATE INCOME TAX RATE

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 
proportionate modifications to each of the rates of tax under paragraph 
(1) of section 11(b) of the Internal Revenue Code of 1986 such that--
            (1) the 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, as estimated by the Secretary, is 
        equal to
            (2) the increase in revenue for such taxable years by 
        reason of the amendments made by title I of this Act, as 
        estimated by the Secretary.
The appropriate corresponding changes shall be made to the dollar 
amounts contained in the last 2 sentences of section 11(b)(1) of such 
Code and to the rates of tax under section 11(b)(2) of such Code, 
section 1201(a) of such Code, and paragraphs (1), (2), and (6) of 
section 1445(e) of such Code.
    (b) Effective Date.--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.
                                                       Calendar No. 309

112th CONGRESS

  2d Session

                                S. 2064

_______________________________________________________________________

                                 A BILL

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

_______________________________________________________________________

                            February 6, 2012

            Read the second time and placed on the calendar