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. 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.
<enum>I</enum><header>Repeal of energy
tax subsidies</header>
<section id="H399F20A129FA49EEAB1B414C95F7FFDF"><enum>101.</enum><header>Repeal of
credit for alcohol fuel, biodiesel, and alternative fuel mixtures</header>
<subsection id="H46DCAD11A6E946B895DC85A881146D44"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 6426 is
repealed.</text>
</subsection><subsection id="H858ACC0D927C46DC9B9680AFB16E3691"><enum>(b)</enum><header>Conforming
amendments</header>
<paragraph id="H08AE545E770D45FCA122902F35B9A101"><enum>(1)</enum><text>Subparagraph (D)
of section 6427(e)(6) of such Code is amended by striking <quote>September 30,
2014</quote> and inserting <quote>September 30, 2012</quote>.</text>
</paragraph><paragraph id="H4F686D6BB3F84E8F94A8CFBDB8BADB32"><enum>(2)</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="H642D9E54F47149E483E60734296F2282"><enum>(3)</enum><text>Paragraph (2) of
section 4104(a) is amended by striking <quote>6426, or 6427(e)</quote>.</text>
</paragraph><paragraph id="HA03A7C2C9561429DB1E77538CFBF6E0F"><enum>(4)</enum><text>Subparagraph (E)
of section 7704(d)(1) is amended—</text>
<subparagraph id="H23267A2179DD40BF90650C55D1A1F842"><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="H0F1FD2A0E94E43449F96D99FAB18E317"><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="HF38C80200A824B3BB7C6E99BB1D98115"><enum>(5)</enum><text>Paragraph (1) of
section 9503(b) is amended by striking the second sentence.</text>
</paragraph></subsection><subsection id="HA7164CEC9CCB4614B7B449EA0C02E619"><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="H1231E2383685446F8E4D90142236ED5C"><enum>(d)</enum><header>Effective</header><text display-inline="yes-display-inline">The amendments made by this section shall
apply with respect to fuel sold and used after December 31, 2012.</text>
</subsection></section><section id="H688BFB37E14F48EF977AAC09DA397E54"><enum>102.</enum><header>Repeal of
credit for certain plug-in electric vehicles</header>
<subsection id="HDFC765CA2EC94383BDCA708FEC7BB81D"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 30 is
repealed.</text>
</subsection><subsection id="H492758F501C64BF6921EFD292442C622"><enum>(b)</enum><header>Conforming
amendments</header>
<paragraph id="HB086F394BC06459A912A75B12E1F3C14"><enum>(1)</enum><text display-inline="yes-display-inline">Paragraph (3) of section 24(b) is amended
by striking <quote>, 30</quote>.</text>
</paragraph><paragraph id="H01B168502E2C4D45AABF2F4BAEB4B433"><enum>(2)</enum><text>Clause (ii) of
section 25(e)(1)(C) is amended by striking <quote>, 30</quote>.</text>
</paragraph><paragraph id="HFEFCB3A178FE46EA89EF746F14A397A7"><enum>(3)</enum><text>Paragraph (2) of
section 25B(g) is amended by striking <quote>, 30</quote>.</text>
</paragraph><paragraph id="H613D2A116EDA4213ACA283F45AA2C5E9"><enum>(4)</enum><text>Paragraph (1) of
section 26(a) is amended by striking <quote>, 30</quote>.</text>
</paragraph><paragraph id="H5B28D73126264A66873DFB9D9F06A676"><enum>(5)</enum><text display-inline="yes-display-inline">Subclause (VI) of section 48C(c)(1)(A)(i)
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 30(d)</quote>.</text>
</paragraph><paragraph id="H8E62FD7564DC486D8C4F6FD5F5A8AD56"><enum>(6)</enum><text>Paragraph (3) of
section 179A(c) 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 section <quote>30(c)</quote>.</text>
</paragraph><paragraph id="HFE66F5E92E0547E6AFB29B4B98C6CC26"><enum>(7)</enum><text>Subsection (a) of
section 1016 is amended by striking paragraph (25) and by redesignating
paragraphs (26) through (37) as paragraphs (25) through (36),
respectively.</text>
</paragraph><paragraph id="H8281AB752A934647B99A3DF49B9CED1D"><enum>(8)</enum><text>Subsection (m) of
section 6501 is amended by striking <quote>30(e)(6)</quote>.</text>
</paragraph></subsection><subsection id="H4758AEB0575D4E9B90CB56F91EC9DA67"><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
30.</text>
</subsection><subsection id="HEC6CB93763874A1D96E3023B6E42D4C3"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to property
placed in service after December 31, 2011.</text>
</subsection></section><section id="H754A3D24BA804E4D985DD310D01A82C3"><enum>103.</enum><header>Early
termination of credit for qualified fuel cell motor vehicles</header>
<subsection id="H77D6ECD90EF34C9C880A1E3A419F122A"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 30B is
repealed.</text>
</subsection><subsection id="H580E86882CF2477BA97BE1D315F3609C"><enum>(b)</enum><header>Conforming
amendments</header>
<paragraph id="H0A5E48029A1A46829632A89ECC5653D0"><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="H6244FA0B58984ECB9722556481155990"><enum>(2)</enum><text>Clause (ii) of
section 25(e)(1)(C) is amended by striking <quote>, 30B</quote>.</text>
</paragraph><paragraph id="H97B9988743414A80A31ABD2962C421FD"><enum>(3)</enum><text>Paragraph (2) of
section 25B(g) is amended by striking <quote>, 30B,</quote>.</text>
</paragraph><paragraph id="HE458AF4B11654177899C7D0A2D04BF8D"><enum>(4)</enum><text>Paragraph (1) of
section 26(a) is amended by striking <quote>, 30B</quote>.</text>
</paragraph><paragraph id="H841BE630F7E248FD806F050440CBE1F9"><enum>(5)</enum><text>Subsection (b) of
section 38 is amended by striking paragraph (25).</text>
</paragraph><paragraph id="HF868AE944277413FBF3D5C069E850FE9"><enum>(6)</enum><text>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.</text>
</paragraph><paragraph id="H8FFE43084EFF47A2B954ACE660980813"><enum>(7)</enum><text>Paragraph (2) of
section 1400C(d) is amended by striking <quote>, 30B</quote>.</text>
</paragraph><paragraph id="HBA188E7E3271498990DC9BAEE7AE496E"><enum>(8)</enum><text>Subsection (m) of
section 6501 is amended by striking <quote>, 30B(h)(9)</quote>.</text>
</paragraph></subsection><subsection id="H85E5E8C6AF4048B0AEA463F7CE75D9F7"><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="H3F5496CC232F42519E87FA8EC1260520"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to property
placed in service after December 31, 2012.</text>
</subsection></section><section id="HCB16515BF84F456ABAC5F122395C1FB0"><enum>104.</enum><header>Repeal of
alternative fuel vehicle refueling property credit</header>
<subsection id="H24C7EDD6256946838516C161A82F9A68"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 30C is
repealed.</text>
</subsection><subsection id="H98D1617913344B818CA06EF5ED86845C"><enum>(b)</enum><header>Conforming
amendments</header>
<paragraph id="H21C43260A6E345D7A5A7D8EE0DC132B1"><enum>(1)</enum><text>Subsection (b) of
section 38 is amended by striking paragraph (26).</text>
</paragraph><paragraph id="HF9F3C392BF5A45A4A3AC229F95817504"><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="H45765E23AA0A4875BFE71E396C53D79F"><enum>(3)</enum><text>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.</text>
</paragraph><paragraph id="HB85BB1772D0449FEAD04EAD36A61D9BA"><enum>(4)</enum><text>Subsection (m) of
section 6501 is amended by striking <quote>, 30C(e)(5)</quote>.</text>
</paragraph></subsection><subsection id="HD27BC4D7C1B44D1DA7F1D3CF1489412C"><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="H21ECA8B660114C158D45929AF53DEBB9"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to property
placed in service after December 31, 2012.</text>
</subsection></section><section id="HDEFFC4711B6F42EFB7E7480320BCF59F"><enum>105.</enum><header>Repeal of
credit for alcohol used as fuel</header>
<subsection id="H50B6733397FA4FE581622CB5F9D41531"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 40 is
repealed.</text>
</subsection><subsection id="H5497BCA5DB51447ABE31BC52A18F407E"><enum>(b)</enum><header>Conforming
amendments</header>
<paragraph id="H2EEC4865AF544EA0BDA39E426981282F"><enum>(1)</enum><text display-inline="yes-display-inline">Subsection (b) of section 38 is amended by
striking paragraph (3).</text>
</paragraph><paragraph id="H53FF5075533A42FA92A37E252AB6A5F4"><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="H939E2F2B987D4F568531B46FE9F37077"><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="H959BA5A9AAAD47E78A532986732FB19B"><enum>(4)</enum><text>Paragraph (1) of
section 4104(a) is amended by striking <quote>, 40</quote>.</text>
</paragraph></subsection><subsection id="id3DA77E7C7F554541A5E4D9BDCA962B65"><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
40.</text>
</subsection><subsection id="H2450C0B3C6FD4F128FA89BD1ED951DE8"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to fuel sold
or used after December 31, 2012.</text>
</subsection></section><section id="H0933C018F16D4E749A779BC3B45BB0B8"><enum>106.</enum><header>Repeal of
credit for biodiesel and renewable diesel used as fuel</header>
<subsection id="HBBC4CB7A2C9D457B96B956C9DDC67986"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 40A is
repealed.</text>
</subsection><subsection id="HE2BDF4DC481340828199DC2E9A25CE48"><enum>(b)</enum><header>Conforming
amendment</header>
<paragraph id="H589F5CC8F3A34984901A99F76C827FBA"><enum>(1)</enum><text display-inline="yes-display-inline">Subsection (b) of section 38 is amended by
striking paragraph (17).</text>
</paragraph><paragraph id="HE93819DD473049129CAAE634B88C669C"><enum>(2)</enum><text>Section 87 is
repealed.</text>
</paragraph><paragraph id="H00FAC962A65548C5B54D01615035E407"><enum>(3)</enum><text>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.</text>
</paragraph><paragraph id="H1EFB58A46B7141768BBEFE38725CE970"><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="H638FA43C07DC443D80FE87D1311B7E53"><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="H48E4738FF0994558B2745F26A1E2DB08"><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="H5D57A51AAEA1403EB451EF4597777DA3"><enum>(c)</enum><header>Clerical
amendments</header>
<paragraph id="id97D2979A291444289F644EDC89BBE6DC"><enum>(1)</enum><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>
</paragraph><paragraph id="id7761ABD6C88243ADB6BD8AE7458D054D"><enum>(2)</enum><text>The table of
sections for part II of subchapter A of chapter 1 is amended by striking the
item relating to section 87.</text>
</paragraph></subsection><subsection id="HE5A10653FA9547F49986BD0FF37B229A"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to fuel
produced, and sold or used, after December 31, 2011.</text>
</subsection></section><section id="H50E8D54C0AFD421487417193AAE807C7"><enum>107.</enum><header>Repeal of
enhanced oil recovery credit</header>
<subsection id="H9650B357C0884585B2EA760D62871099"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 43 is
repealed.</text>
</subsection><subsection id="H1628BC76AD2D4B06A7C8051F8C6AD8D0"><enum>(b)</enum><header>Conforming
amendments</header>
<paragraph id="HB95DD8CE27CE4BD1A22119BF68FF3C2E"><enum>(1)</enum><text>Subsection (b) of
section 38 is amended by striking paragraph (6).</text>
</paragraph><paragraph id="HB409F75E0C914DA98B134CACB2410501"><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="H0BD0D15F99C44C3CB7570B78E8C7AE9A"><enum>(3)</enum><text>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.</text>
</paragraph></subsection><subsection display-inline="no-display-inline" id="H70953DC34B4F43E091D3A19EE8004511"><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="HCC5F062CD0F44C11A79476D0D1196D0F"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to costs
paid or incurred in taxable years beginning after December 31, 2012.</text>
</subsection></section><section id="HDEC709BFE18C48F4840C0587D4496386"><enum>108.</enum><header>Termination of
credit for electricity produced from certain renewable resources</header>
<subsection id="H221F465A5B554CBB87C7762D7FED106D"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Subsection (d) of
section 45 is amended—</text>
<paragraph id="H4DF6766610784318961E47ECBF164FED"><enum>(1)</enum><text>by striking
<quote>2013</quote> in paragraph (1) and inserting <quote>2012</quote>,
and</text>
</paragraph><paragraph id="H2393CD39B053448290C61E65DAC8B665"><enum>(2)</enum><text>by striking
<quote>2014</quote> each place it appears in paragraphs (2), (3), (4), (6),
(7), (9), and (11) and inserting <quote>2012</quote>.</text>
</paragraph></subsection><subsection id="H05CD0899A43B438399E962FFE7AF83E7"><enum>(b)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to property
placed in service after December 31, 2012.</text>
</subsection></section><section id="HB327AC5A77424CBCBAE289F0492B6E46"><enum>109.</enum><header>Repeal of
credit for producing oil and gas from marginal wells</header>
<subsection id="HCCCD9BED8EF840A6BE2C9DF18006AE7E"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 45I is
repealed.</text>
</subsection><subsection id="HDFEBF2116AAD41E19C75C38E261DE8BC"><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="HEDE022360D8648D4931B961142F7C481"><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="H98A9859ED9B24A5CAFA1231012BE72A8"><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, 2012.</text>
</subsection></section><section id="H74663159625F407C845D7CA98829CC1F"><enum>110.</enum><header>Termination of
credit for production from advanced nuclear power facilities</header>
<subsection id="H31946C4B2EA74F299D64A832FFB9BB42"><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, 2013</quote>.</text>
</subsection><subsection id="H4FD08810211B45ED813A2FEE77129AB7"><enum>(b)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to property
placed in service after December 31, 2012.</text>
</subsection></section><section id="H46FAE15B22264B17BDF69B298CFB4E10"><enum>111.</enum><header>Repeal of
credit for carbon dioxide sequestration</header>
<subsection id="HD9E9A234B3F649D882330595A2A3E0AB"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 45Q is
repealed.</text>
</subsection><subsection id="idAEA85B2BC3C349F8A0876B198B4409A4"><enum>(b)</enum><header>Conforming
amendment</header><text>Subsection (b) of section 38 is amended by striking
paragraph (34).</text>
</subsection><subsection id="id0778FC157E1046289DF8E55783BB7AE4"><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
45Q.</text>
</subsection><subsection id="HED550437A4FB48929371C99DE3CE4495"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to carbon
dioxide captured after December 31, 2012.</text>
</subsection></section><section id="HC75EF4FFF15D4BE6A7526AB4AA520091"><enum>112.</enum><header>Termination of
energy credit</header>
<subsection id="H929E86C25B9D42C496BF3447247FA48B"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 48 is
amended—</text>
<paragraph id="HE3FACE84DB0740E7BEE7978571D90B31"><enum>(1)</enum><text>by striking
<quote>January 1, 2017</quote> each place it appears and inserting
<quote>January 1, 2013</quote>,</text>
</paragraph><paragraph id="HBFE634D22E4049649DCCF91C23D89274"><enum>(2)</enum><text>by striking
<quote>December 31, 2016</quote> each place it appears and inserting
<quote>December 31, 2012</quote>, and</text>
</paragraph><paragraph id="H6FABE84F549D4B4E839BA4FCF8A16B42"><enum>(3)</enum><text>by striking
<quote>2012, or 2013</quote> in subsection (a)(5)(C)(ii) and inserting
<quote>or 2012</quote>.</text>
</paragraph></subsection><subsection id="H73FB1D83D5EE4062ADBCF8C44E69644F"><enum>(b)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to property
placed in service after December 31, 2012.</text>
</subsection></section><section id="HA245938F99B045948A02391FE0BEAFBC"><enum>113.</enum><header>Repeal of
qualifying advanced coal project</header>
<subsection id="H1C9F1413E97B4C278E322D846374C947"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 48A is
repealed.</text>
</subsection><subsection id="H6E1D311138B0479F87D5BF1B429CFE4F"><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 id="H8243294C2E7C480C90899E1B28375726"><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 id="H3CE95484A8A84E46921A14BB0A827A72"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to property
placed in service after December 31, 2012.</text>
</subsection></section><section id="H1A74014798B54FF79DD6EEBC5AF3688B"><enum>114.</enum><header>Repeal of
qualifying gasification project credit</header>
<subsection id="H1A5C539FF6C8445C90C17E02EC30241B"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 48B is
repealed.</text>
</subsection><subsection id="HDEBCC2A7E83D4C7CA8C13FA2B069BA1E"><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="HC67FFCE2559F443FB5E1242228DA91D0"><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="HCC1205B5262942BB9545D1189C86374B"><enum>(d)</enum><header>Effective
date</header><text>The amendments made by this section shall apply to property
placed in service after December 31, 2012.</text>
</subsection></section><section id="H951AB09F370647BF95D128668CDC65FC"><enum>115.</enum><header>Repeal of
American Recovery and Reinvestment Act of 2009 energy grant program</header>
<subsection id="HE4A377380EEE47B3B7590AD653CCE22D"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 1603 of
division B of the American Recovery and Reinvestment Act of 2009 is
repealed.</text>
</subsection><subsection id="H6C26C978D38644C58A47BC9817E746AC"><enum>(b)</enum><header>Effective
date</header><text>The amendment made by this section shall apply to property
placed in service after December 31, 2011.</text>
</subsection></section><enum>II</enum><header>Reduction of
corporate income tax rate</header>
<section id="H41EFCD16CB2742AB9D858BECA4611CCD"><enum>201.</enum><header>Corporate
income tax rate reduced</header>
<subsection id="H571DFA1292F34A6687B6F9CB20B2BE8E"><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 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—</text>
<paragraph id="H9B16F40A8F1D43A3BE8102A0D83A400F"><enum>(1)</enum><text>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</text>
</paragraph><paragraph id="HC1153B4AA5FA48878F7D69394FC065D8"><enum>(2)</enum><text>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.</text>
</paragraph><continuation-text continuation-text-level="subsection">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.</continuation-text></subsection><subsection id="H7648951CF8ED47309A7645DD6CFA464B"><enum>(b)</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>
February 6, 2012
Read the second time and placed on the
calendar