HR 1562 118th Congress House Taxation

Restoring Energy Market Freedom Act

Introduced: March 10, 2023 Introduced by: Perry, Scott Republican · Pennsylvania See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 10, 2023

Referred to the House Committee on Ways and Means.

Mar 10, 2023

Introduced in House

Plain-English summary Congressional Research Service

Restoring Energy Market Freedom Act

This bill repeals specified business tax credits related to electricity produced from certain renewable resources and alternative energy and investment credits related to energy projects.

Specifically, the bill repeals tax credits (i.e., money that can be offset against a tax liability) for businesses for (1) electricity produced from certain renewable resources (e.g., solar energy); (2) production of electricity from advanced nuclear power facilities; (3) carbon dioxide sequestration; (4) zero-emission nuclear power production; (5) production of clean hydrogen; (6) production and sale of specified components, such as solar energy components; and (7) production of clean electricity.

The bill also repeals tax credits for investments related to certain energy projects, including credits for (1) geothermal energy property placed in service, (2) qualifying coal projects, (3) qualifying advanced energy projects, (4) advanced manufacturing investments, and (5) clean electricity investments.

What's happening now March 10, 2023

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1