A bill to amend the Internal Revenue Code of 1954 to provide for the nonrecognition of gain from the sale of stock in a domestic corporation engaged in a trade or business related to energy if within ninety days after the sale the proceeds are invested in stock of another such corporation.
Freedom of Energy Investment Act - Amends the Internal Revenue Code to limit the recognition of gain from the sale or exchange of stock in a qualified energy corporation to the extent that the amount realized on such sale or exchange exceeds the cost of qualified energy corporation stock purchased by the taxpayer during the 90 day period after the date of such sale or exchange. Defines "qualified energy corporation" as any domestic corporation which is engaged primarily in the exploration for, or development, sale, or production of, energy, the manufacture of equipment for such purposes, or research or development.
Terminates the provisions of this Act three years after the date of its enactment.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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