H.R.1001 - Energy Freedom and Economic Prosperity Act114th Congress (2015-2016)
|Sponsor:||Rep. Pompeo, Mike [R-KS-4] (Introduced 02/13/2015)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 02/13/2015 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.1001 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (02/13/2015)
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.