A bill to amend the Internal Revenue Code of 1986 to terminate certain energy tax subsidies and lower the corporate income tax rate.
Energy Freedom and Economic Prosperity Act of 2014 - Amends the Internal Revenue Code to repeal tax credits for: (1) alcohol fuel, biodiesel, and alternative fuel mixtures; (2) alternative motor vehicles; (3) new qualified plug-in electric drive motor vehicles; (4) alcohol used as fuel; (5) enhanced oil recovery; (6) producing oil and gas from marginal wells; (7) producing electricity from advanced nuclear power facilities; (8) carbon dioxide sequestration; (9) investment in energy property; and (10) investment in qualifying advanced coal projects, qualifying gasification projects, and qualifying advanced energy projects.
Directs the Secretary of the Treasury to revise the income tax rates for corporations based upon the overall revenue savings from the repeal of the energy tax expenditures by this Act and ensure that each revised rate is reduced by a uniform percentage.
Referred to the House Committee on Ways and Means.
Referred to the House Committee on Ways and Means.
Referred to the Subcommittee on Readiness.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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