H.R. 3308 (112th): Energy Freedom and Economic Prosperity Act

112th Congress, 2011–2013. Text as of Nov 02, 2011 (Introduced).

Status & Summary | PDF | Source: GPO

I

112th CONGRESS

1st Session

H. R. 3308

IN THE HOUSE OF REPRESENTATIVES

November 2, 2011

(for himself, Mr. Labrador, Mr. Ribble, and Mr. Flake) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

A BILL

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

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.

I

Repeal of energy tax subsidies

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.

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.

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.

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.

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)

Effective date

The amendments made by this section shall apply to fuel sold or used after December 31, 2012.

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 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 December 31, 2011.

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.

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.

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.

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.

111.

Repeal of credit for carbon dioxide sequestration

(a)

In general

Section 45Q is repealed.

(b)

Effective date

The amendment made by this section shall apply to carbon dioxide captured after December 31, 2012.

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.

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.

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.

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.

II

Reduction of corporate income tax rate

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.