[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2279 Introduced in Senate (IS)]
113th CONGRESS
2d Session
S. 2279
To amend the Internal Revenue Code of 1986 to terminate certain energy
tax subsidies and lower the corporate income tax rate.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 1, 2014
Mr. Lee introduced the following bill; which was read twice and
referred to the Committee on Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to terminate certain energy
tax subsidies and lower the corporate income tax rate.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; REFERENCE TO 1986 CODE.
(a) Short Title.--This Act may be cited as the ``Energy Freedom and
Economic Prosperity Act of 2014''.
(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.
TITLE I--REPEAL OF ENERGY TAX SUBSIDIES
SEC. 101. REPEAL OF CREDIT FOR ALCOHOL FUEL, BIODIESEL, AND ALTERNATIVE
FUEL MIXTURES.
(a) In General.--Section 6426 is repealed.
(b) Conforming Amendments.--
(1) Paragraph (1) of section 4101(a) is amended by striking
``or alcohol (as defined in section 6426(b)(4)(A)''.
(2) Paragraph (2) of section 4104(a) is amended by striking
``6426, or 6427(e)''.
(3) Section 6427 is amended by striking subsection (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 of 2014)'' 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 Dates.--
(1) In general.--Except as provided in paragraph (2), the
amendments made by this section shall apply with respect to
fuel sold and used after the date of the enactment of this Act.
(2) Liquefied hydrogen.--In the case of any alternative
fuel or alternative fuel mixture (as defined in subsection
(d)(2) or (e)(3) of section 6426 of the Internal Revenue Code
of 1986 as in effect before its repeal by this Act) involving
liquefied hydrogen, the amendments made by this section shall
apply with respect to fuel sold and used after September 30,
2014.
SEC. 102. 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. 103. 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. 104. 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 the date of the enactment of this Act.
SEC. 105. 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. 106. 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. 107. 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. 108. 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, 2014.
SEC. 109. 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. 110. 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. 111. 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. 112. 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.
TITLE II--REDUCTION OF CORPORATE INCOME TAX RATE
SEC. 121. 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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