HR 259 113th 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: January 15, 2013 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jan 15, 2013

Referred to the House Committee on Ways and Means.

Jan 15, 2013

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 alternative motor vehicles and new qualified plug-in electric drive motor vehicles; (3) the alternative fuel vehicle refueling property tax credit; (4) the income tax credits for alcohol, 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 credits for producing electricity from renewable resources and from advanced nuclear power facilities; (7) the tax credit for carbon dioxide sequestration; (8) the energy tax credit; and (9) the tax credits for investment in qualifying advanced coal projects and qualifying gasification projects.

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 expenditures by this Act.

What's happening now January 15, 2013

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1