[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1001 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 1001

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 13, 2015

 Mr. Pompeo (for himself, Mr. Jones, Mr. Ribble, Mr. DeSantis, and Mr. 
    Amash) introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 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. 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.

                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) Section 4101(a)(1) is amended by striking ``or alcohol 
        (as defined in section 6426(b)(4)(A)''.
            (2) Section 4104(a)(2) is amended by striking ``6426, or 
        6427(e)''.
            (3) Section 6427 is amended by striking subsection (e).
            (4) Section 7704(d)(1)(E) 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) Section 9503(b)(1) 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) In General.--The amendments made by this section shall apply 
with respect to fuel sold and used after December 31, 2014.

SEC. 102. EARLY TERMINATION OF CREDIT FOR QUALIFIED FUEL CELL MOTOR 
              VEHICLES.

    (a) In General.--Section 30B is repealed.
    (b) Conforming Amendments.--
            (1) Section 38(b) is amended by striking paragraph (25).
            (2) Section 1016(a) is amended by striking paragraph (35) 
        and by redesignating paragraphs (36) and (37) as paragraphs 
        (35) and (36), respectively.
            (3) Section 6501(m) 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 take 
effect on the date of the enactment of this Act.

SEC. 103. EARLY TERMINATION OF NEW QUALIFIED PLUG-IN ELECTRIC DRIVE 
              MOTOR VEHICLES.

    (a) In General.--Section 30D is repealed.
    (b) Effective Date.--The amendment made by this section shall apply 
to vehicles placed in service after the date of the enactment of this 
Act.

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

    (a) In General.--Section 30C is repealed.
    (b) Conforming Amendments.--
            (1) Section 38(b) is amended by striking paragraph (26).
            (2) Section 55(c)(3) is amended by striking ``sections 
        30C(d)(2) and'' and inserting ``section''.
            (3) Section 1016(a), as amended by this Act, is amended by 
        striking paragraph (35), by inserting ``and'' at the end of 
        paragraph (34), and by redesignating paragraph (36) as 
        paragraph (35).
            (4) Section 6501(m), as amended by this Act, 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 take 
effect on the date of the date of the enactment of this Act.

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

    (a) In General.--Section 40 is repealed.
    (b) Conforming Amendments.--
            (1) Section 38(b) is amended by striking paragraph (3).
            (2) Section 196(c) is amended by striking paragraph (3) and 
        by redesignating paragraphs (4) through (14) as paragraphs (3) 
        through (13), respectively.
            (3) Section 4101(a)(1), as amended by this Act, is amended 
        by striking ``, and every person producing cellulosic biofuel 
        (as defined in section 40(b)(6)(E))''.
            (4) Section 4104(a)(1) is amended by striking ``, 40,''.
    (c) Effective Date.--The amendments made by this section shall 
apply to fuel sold or used after the date of the enactment of this Act.

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

    (a) In General.--Section 40A is repealed.
    (b) Conforming Amendment.--
            (1) Section 38(b) is amended by striking paragraph (17).
            (2) Section 87 is repealed.
            (3) Section 196(c), 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.
            (4) Section 4101(a)(1) is amended by striking ``, every 
        person producing or importing biodiesel (as defined in section 
        40A(d)(1)''.
            (5) Section 4104(a)(1) is amended by striking ``and 40A''.
            (6) Section 7704(d)(1)(E) is amended by inserting ``(as so 
        in effect)'' after ``section 40A(d)(1)''.
    (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 40A.
    (d) Effective Date.--The amendments made by this section shall 
apply to fuel produced, and sold or used, after the date of the 
enactment of this Act.

SEC. 107. REPEAL OF ENHANCED OIL RECOVERY CREDIT.

    (a) In General.--Section 43 is repealed.
    (b) Conforming Amendments.--
            (1) Section 38(b) is amended by striking paragraph (6).
            (2) Section 45Q(d)(4) 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) Section 196(c), 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.
    (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 after December 31, 2014.

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

    (a) In General.--Section 45 is repealed.
    (b) 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 45.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2014.

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

    (a) In General.--Section 45I is repealed.
    (b) Conforming Amendment.--Section 38(b) 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, 2014.

SEC. 110. TERMINATION OF CREDIT FOR PRODUCTION FROM ADVANCED NUCLEAR 
              POWER FACILITIES.

    (a) In General.--Section 45J(d)(1)(B) is amended by striking 
``January 1, 2021'' and inserting ``January 1, 2017''.
    (b) Effective Date.--The amendment made by this section shall apply 
to property placed in service after December 31, 2016.

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

    (a) In General.--Section 45Q is repealed.
    (b) Conforming Amendment.--Section 38(b) 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, 2014.

SEC. 112. TERMINATION OF ENERGY CREDIT.

    (a) In General.--Section 48 is repealed.
    (b) 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 48.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2016.

SEC. 113. REPEAL OF QUALIFYING ADVANCED COAL PROJECT.

    (a) In General.--Section 48A is repealed.
    (b) Conforming Amendments.--
            (1) Section 38(b) is amended by striking paragraph (10).
            (2) 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, 2014.

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, 2014.

            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 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--
            (1) 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
            (2) the increase in revenue for such taxable years by 
        reason of the amendments made by title I of this Act.
    (b) Effective Date.--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.
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