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HR 3308 112th Congress House Taxation Air quality Alternative and renewable resources Climate change and greenhouse gases Coal Corporate finance and management Electric power generation and transmission Hybrid, electric, and advanced technology vehicles Income tax credits Income tax rates Motor fuels Nuclear power Oil and gas Sales and excise taxes

Energy Freedom and Economic Prosperity Act

Introduced: November 2, 2011 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 4, 2011
Referred to the Subcommittee on Energy and Power.
Nov 2, 2011
Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Nov 2, 2011
Introduced in House
 Plain-English summary Congressional Research Service

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 prescribe a flat income tax rate for corporations, in lieu of the existing marginal tax rates, based upon the overall revenue savings from the repeal of energy tax subsidies by this Act.

What's happening now November 4, 2011

Referred to the Subcommittee on Energy and Power.

 Committees of jurisdiction 3
 Cosponsors 6
All 6 Republican 6