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 Department 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.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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