II
Calendar No. 309
112th CONGRESS
2d Session
S. 2064
IN THE SENATE OF THE UNITED STATES
February 2, 2012
Mr. DeMint (for himself and Mr. Lee) introduced the following bill; which was read the first time
February 6, 2012
Read the second time and placed on the calendar
A BILL
To amend the Internal Revenue Code of 1986 to terminate certain energy tax subsidies and lower the corporate income tax rate.
Short title; table of contents; etc
Short title
This Act may be cited
as the Energy Freedom and Economic Prosperity Act
.
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.
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.
Repeal of energy tax subsidies
Repeal of credit for alcohol fuel, biodiesel, and alternative fuel mixtures
In general
Section 6426 is repealed.
Conforming amendments
Subparagraph (D)
of section 6427(e)(6) of such Code is amended by striking September 30,
2014
and inserting September 30, 2012
.
Paragraph (1) of
section 4101(a) is amended by striking or alcohol (as defined in section
6426(b)(4)(A)
.
Paragraph (2) of
section 4104(a) is amended by striking 6426, or 6427(e)
.
Subparagraph (E) of section 7704(d)(1) 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 of section
6426
, and
by inserting
(as so in effect)
after section
6426(b)(4)(A)
.
Paragraph (1) of section 9503(b) is amended by striking the second sentence.
Clerical amendment
The table of sections for subchapter B of chapter 65 is amended by striking the item relating to section 6426.
Effective
The amendments made by this section shall apply with respect to fuel sold and used after December 31, 2012.
Repeal of credit for certain plug-in electric vehicles
In general
Section 30 is repealed.
Conforming amendments
Paragraph (3) of section 24(b) is amended
by striking , 30
.
Clause (ii) of
section 25(e)(1)(C) is amended by striking , 30
.
Paragraph (2) of
section 25B(g) is amended by striking , 30
.
Paragraph (1) of
section 26(a) is amended by striking , 30
.
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)
.
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)
.
Subsection (a) of section 1016 is amended by striking paragraph (25) and by redesignating paragraphs (26) through (37) as paragraphs (25) through (36), respectively.
Subsection (m) of
section 6501 is amended by striking 30(e)(6)
.
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.
Effective date
The amendments made by this section shall apply to property placed in service after December 31, 2011.
Early termination of credit for qualified fuel cell motor vehicles
In general
Section 30B is repealed.
Conforming amendments
Subparagraph (A) of section 24(b)(3) is
amended by striking , 30B
.
Clause (ii) of
section 25(e)(1)(C) is amended by striking , 30B
.
Paragraph (2) of
section 25B(g) is amended by striking , 30B,
.
Paragraph (1) of
section 26(a) is amended by striking , 30B
.
Subsection (b) of section 38 is amended by striking paragraph (25).
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.
Paragraph (2) of
section 1400C(d) is amended by striking , 30B
.
Subsection (m) of
section 6501 is amended by striking , 30B(h)(9)
.
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.
Effective date
The amendments made by this section shall apply to property placed in service after December 31, 2012.
Repeal of alternative fuel vehicle refueling property credit
In general
Section 30C is repealed.
Conforming amendments
Subsection (b) of section 38 is amended by striking paragraph (26).
Paragraph (3) of section 55(c) is amended
by striking , 30C(d)(2),
.
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.
Subsection (m) of
section 6501 is amended by striking , 30C(e)(5)
.
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.
Effective date
The amendments made by this section shall apply to property placed in service after December 31, 2012.
Repeal of credit for alcohol used as fuel
In general
Section 40 is repealed.
Conforming amendments
Subsection (b) of section 38 is amended by striking paragraph (3).
Subsection (c) of section 196 is amended by striking paragraph (3) and by redesignating paragraphs (4) through (14) as paragraphs (3) through (13), respectively.
Paragraph (1) of
section 4101(a) is amended by striking , and every person producing
cellulosic biofuel (as defined in section 40(b)(6)(E))
.
Paragraph (1) of
section 4104(a) is amended by striking , 40
.
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.
Effective date
The amendments made by this section shall apply to fuel sold or used after December 31, 2012.
Repeal of credit for biodiesel and renewable diesel used as fuel
In general
Section 40A is repealed.
Conforming amendment
Subsection (b) of section 38 is amended by striking paragraph (17).
Section 87 is repealed.
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.
Paragraph (1) of
section 4101(a) is amended by striking , every person producing or
importing biodiesel (as defined in section 40A(d)(1)
.
Paragraph (1) of section 4104(a) is amended
by striking , and 40A
.
Subparagraph (E)
of section 7704(d)(1) is amended by inserting (as so in effect)
after section 40A(d)(1)
.
Clerical amendments
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.
The table of sections for part II of subchapter A of chapter 1 is amended by striking the item relating to section 87.
Effective date
The amendments made by this section shall apply to fuel produced, and sold or used, after December 31, 2011.
Repeal of enhanced oil recovery credit
In general
Section 43 is repealed.
Conforming amendments
Subsection (b) of section 38 is amended by striking paragraph (6).
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)
.
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.
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.
Effective date
The amendments made by this section shall apply to costs paid or incurred in taxable years beginning after December 31, 2012.
Termination of credit for electricity produced from certain renewable resources
In general
Subsection (d) of section 45 is amended—
by striking
2013
in paragraph (1) and inserting 2012
,
and
by striking
2014
each place it appears in paragraphs (2), (3), (4), (6),
(7), (9), and (11) and inserting 2012
.
Effective date
The amendments made by this section shall apply to property placed in service after December 31, 2012.
Repeal of credit for producing oil and gas from marginal wells
In general
Section 45I is repealed.
Conforming amendment
Subsection (b) of section 38 is amended by striking paragraph (19).
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.
Effective date
The amendments made by this section shall apply to production in taxable years beginning after December 31, 2012.
Termination of credit for production from advanced nuclear power facilities
In general
Subparagraph (B) of
section 45J(d)(1) is amended by striking January 1, 2021
and
inserting January 1, 2013
.
Effective date
The amendments made by this section shall apply to property placed in service after December 31, 2012.
Repeal of credit for carbon dioxide sequestration
In general
Section 45Q is repealed.
Conforming amendment
Subsection (b) of section 38 is amended by striking paragraph (34).
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.
Effective date
The amendments made by this section shall apply to carbon dioxide captured after December 31, 2012.
Termination of energy credit
In general
Section 48 is amended—
by striking
January 1, 2017
each place it appears and inserting
January 1, 2013
,
by striking
December 31, 2016
each place it appears and inserting
December 31, 2012
, and
by striking
2012, or 2013
in subsection (a)(5)(C)(ii) and inserting
or 2012
.
Effective date
The amendments made by this section shall apply to property placed in service after December 31, 2012.
Repeal of qualifying advanced coal project
In general
Section 48A is repealed.
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.
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.
Effective date
The amendments made by this section shall apply to property placed in service after December 31, 2012.
Repeal of qualifying gasification project credit
In general
Section 48B is repealed.
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.
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.
Effective date
The amendments made by this section shall apply to property placed in service after December 31, 2012.
Repeal of American Recovery and Reinvestment Act of 2009 energy grant program
In general
Section 1603 of division B of the American Recovery and Reinvestment Act of 2009 is repealed.
Effective date
The amendment made by this section shall apply to property placed in service after December 31, 2011.
Reduction of corporate income tax rate
Corporate income tax rate reduced
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—
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
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.
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.
February 6, 2012
Read the second time and placed on the calendar