S. 2064 (112th): Energy Freedom and Economic Prosperity Act

Introduced:
Feb 02, 2012 (112th Congress, 2011–2013)
Status:
Died (Reported by Committee)
Sponsor
Jim DeMint
Senator from South Carolina
Party
Republican
Text
Read Text »
Last Updated
Feb 06, 2012
Length
16 pages
Related Bills
H.R. 3308 (Related)
Energy Freedom and Economic Prosperity Act

Referred to Committee
Last Action: Nov 02, 2011

 
Status

This bill was introduced on February 6, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Feb 02, 2012
Reported by Committee Feb 06, 2012
 
Full Title

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

Summary

No summaries available.

Cosponsors
2 cosponsors (2R) (show)
 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


2/2/2012--Introduced.
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.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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