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

SA 1589. Mr. DeMINT submitted an amendment intended to be proposed by
him to the bill S. 1813, to reauthorize Federal-aid highway and highway
safety construction programs, and for other purposes; which was ordered
to lie on the table; as follows:

At the appropriate place, insert the following:

TITLE ___--REPEAL OF ENERGY TAX SUBSIDIES

SEC. __100. REFERENCE TO 1986 CODE.

Except as otherwise expressly provided, whenever in this
title 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.

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(a) In General.--Section 6426 is repealed.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(a) In General.--Section 30 is repealed.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.

[[Page S646]]

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 ___--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.
Section 211(o) of the Clean Air Act (42 U.S.C. 7545(o)) is
repealed.
______