S.Amdt. 3154

SA 3154. Mr. LEE submitted an amendment intended to be proposed to
amendment SA 3060 proposed by Mr. Wyden to the bill H.R. 3474, to amend
the Internal Revenue Code of 1986 to allow employers to exempt
employees with health coverage under TRICARE or the Veterans
Administration from being taken into account for purposes of the
employer mandate under the Patient Protection and Affordable Care Act;
which was ordered to lie on the table; as follows:

Beginning on page 47, strike line 10 and all that follows
through page 50, line 9.
Beginning on page 50, strike line 19 and all that follows
through page 55, line 17.
On page 56, strike line 6 and all that follows through line
14.
On page 58, strike line 3 and all that follows through line
11 and insert the following:
case of any alternative fuel credit properly determined under
section 6426(d) of the Internal Revenue Code of 1986 for
periods after December 31, 2013, and before the date of the
enactment of this Act,
Beginning on page 59, strike line 7 and all that follows
through page 60, line 2.
At the appropriate place, insert the following:

TITLE VI--ENERGY FREEDOM AND ECONOMIC PROSPERITY ACT OF 2014

Subtitle A--Short Title; etc.

SEC. _01. SHORT TITLE.

This title may be cited as the ``Energy Freedom and
Economic Prosperity Act of 2014''.

Subtitle B--Repeal of Energy Tax Subsidies

SEC. _11. 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(a) In General.--Section 30B is repealed.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) Paragraph (2) of section 25B(g) is amended by striking
``, 30B,''.
(3) Subsection (b) of section 38 is amended by striking
paragraph (25).
(4) Subsection (a) of section 1016 is amended by striking
paragraph (35) and by redesignating paragraphs (36) and (37)
as paragraphs (35) and (36), respectively.
(5) 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,
2014.

SEC. _12. 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(a) In General.--Section 30D is repealed.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. _13. REPEAL OF CREDIT FOR ALCOHOL USED AS FUEL.

(a) In General.--Section 40, as amended by this Act, 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 the date of the
enactment of this Act.

SEC. _14. 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 of 2014)''
after ``section 43(c)(2)''.
(3) Subsection (c) of section 196, 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. _15. 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, 2014.

SEC. _16. 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, 2015''.
(b) Effective Date.--The amendments made by this section
shall apply to property placed in service after December 31,
2014.

SEC. _17. REPEAL OF CREDIT FOR CARBON DIOXIDE SEQUESTRATION.

(a) In General.--Section 45Q is repealed.

[[Page S3108]]

(b) Effective Date.--The amendment made by this section
shall apply to carbon dioxide captured after December 31,
2014.

SEC. _18. TERMINATION OF ENERGY CREDIT.

(a) In General.--Section 48 is amended by adding at the end
the following new subsection:
``(e) Termination.--No credit shall be allowed under
subsection (a) for any period after December 31, 2014.''.
(b) Effective Date.--The amendments made by this section
shall apply to property placed in service after December 31,
2014.

SEC. _19. 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,
2014.

SEC. _20. 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.

SEC. _21. REPEAL OF QUALIFYING ADVANCED ENERGY PROJECT
CREDIT.

(a) In General.--Section 48C is repealed.
(b) Conforming Amendment.--Section 46, as amended by this
Act, is amended by striking paragraph (3) and by
redesignating paragraph (4) as paragraph (3).
(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 48C.
(d) Effective Date.--The amendments made by this section
shall apply to property placed in service after December 31,
2014.

Subtitle C--Reduction of Corporate Income Tax Rate

SEC. _31. 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, in lieu of the rates of tax under paragraphs
(1) and (2) of section 11(b), section 1201(a), and paragraphs
(1), (2), and (6) of section 1445(e) of the Internal Revenue
Code of 1986, such rates of tax 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) Maintenance of Graduated Rates.--In prescribing the tax
rates under subsection (a), the Secretary shall ensure that
each rate modified under such subsection is reduced by a
uniform percentage.
(c) 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.
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