[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 310 Introduced in House (IH)]
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119th CONGRESS
1st Session
H. R. 310
To amend the Internal Revenue Code of 1986 to repeal certain credits.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 9, 2025
Mr. Perry (for himself, Mr. Biggs of Arizona, Mr. Ogles, and Mr. Roy)
introduced the following bill; which was referred to the Committee on
Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to repeal certain credits.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Restoring Energy Market Freedom
Act''.
SEC. 2. REPEAL OF CREDITS.
(a) In General.--Subpart D of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 is amended by striking sections
45, 45J, 45Q, 45U, 45V, 45X, 45Y, 48, 48A, 48B, 48C, 48D, and 48E (and
by striking the items relating to such sections in the table of
sections for such subpart).
(b) General Business Credit.--Section 38 of such Code is amended--
(1) in subsection (b), by striking paragraphs (8), (21),
(29), (36), (37), (38), and (39) and redesignating paragraphs
(9)-(20), (22)-(28), (30)-(35), and (40)-(41) as paragraphs
(8)-(19), (20)-(26), (27)-(32), and (33)-(34), respectively,
and
(2) in subsection (c)(4)(B), by striking clauses (iv), (v),
and (x) and redesignating clauses (vi)-(ix) and (xi)-(xii) as
clauses (iv)-(vii) and (viii)-(ix), respectively.
(c) Conforming Amendments.--
(1) Section 25(e)(3) of such Code is amended by adding
``(as in effect immediately before its repeal)'' before the
period at the end.
(2) Section 30C of such Code is amended--
(A) in subsection (g)(2)(B), by inserting ``(as in
effect immediately prior to its repeal)'' after
``section 45(b)(7)(B)'', and
(B) in subsection (g)(3), by inserting ``(as in
effect immediately prior to its repeal)'' after
``section 45(b)(8)''.
(3) Section 45K(b)(3) of such Code is amended by striking
``(within the meaning of section 48(a)(4)(C))'' and inserting
``(within the meaning of section 48(a)(4)(C) as in effect
immediately before its repeal)''.
(4) Section 45K(g)(2) of such Code is amended by striking
subparagraph (E).
(5) Section 45L(g)(2)(B) of such Code is amended by
inserting ``(as in effect immediately prior to its repeal)''
after ``section 45(b)(7)(B)''.
(6) Section 45Z of such Code is amended--
(A) in subsection (c), by inserting ``(as in effect
immediately prior to its repeal)'' after ``pursuant to
section 45Y(c)'',
(B) by amending subsection (d)(4) to read as
follows:
``(4) Qualified facility.--The term `qualified facility'
means a facility used for the production of transportation
fuels.'', and
(C) in subsection (f)--
(i) in paragraph (5), by inserting ``(as in
effect immediately prior to its repeal)'' after
``section 45Y(g)(6)'',
(ii) in paragraph (6), by inserting ``(as
in effect immediately prior to its repeal)''
after ``section 45(b)(7)'', and
(iii) in paragraph (7), by inserting ``(as
in effect immediately prior to its repeal)''
after ``section 45(b)(8)''.
(7) Section 49(a)(C) of such Code is amended by adding
``and'' at the end of clause (i), by striking the comma at the
end of clause (ii) and inserting a period, and by striking
clauses (ii), (iv), (v), and (vi).
(8) Section 50(a)(2)(E) of such Code is amended by striking
``section 48(b)''.
(9) Section 50(a) of such Code is amended--
(A) in paragraph (2), by striking subparagraph (E),
and
(B) by striking paragraph (3).
(10) Section 56A(c) of such Code is amended by striking
paragraph (9).
(11) Section 59A(b)(4) of such Code is amended by striking
``properly allocable to'' and all that follows through the
period and by inserting ``properly allocable to the low-income
housing credit determined under section 42(a).''.
(12) Section 142(o) of such Code is amended by inserting
``as in effect immediately prior to its repeal'' after ``(as
defined in section 45Q(e)(3)''.
(13) Section 168(e)(3)(B) of such Code is amended--
(A) in clause (v), by adding ``and'' at the end,
and
(B) by striking clause (vi).
(14) Section 179D(b) of such Code is amended--
(A) in paragraph (4)(B), by inserting ``(as in
effect immediately prior to its repeal)'' after
``section 45(b)(7)(B)'', and
(B) in paragraph (5), by inserting ``(as in effect
immediately prior to its repeal)'' after ``section
45(b)(8)''.
(15) Section 409 of such Code is amended--
(A) in subsection (g), by striking ``section
48(n)(1) or'' and ``section 48(n)(1) and'', and
(B) in subsection (m), by striking ``, or
subparagraph (A) or (B) of section 48(n)(1)''.
(16) Section 501(c)(12) of such Code is amended by striking
subparagraph (I) and by redesignating subparagraph (J) as
subparagraph (I).
(17) Section 6417 of such Code is amended--
(A) in subsection (b), by striking paragraphs (2),
(3), (4), (5), (7), (8), (10), (11), and (12) and by
redesignating paragraphs (6) and (9) as paragraphs (2)
and (3), respectively, and
(B) in subsection (d)--
(i) by amending paragraph (1) to read as
follows:
``(1) Applicable entity.--The term `applicable entity'
means--
``(A) any organization exempt from the tax imposed
by subtitle A,
``(B) any State or political subdivision thereof,
``(C) the Tennessee Valley Authority,
``(D) an Indian tribal government (as defined in
section 30D(g)(9)),
``(E) any Alaska Native Corporation (as defined in
section 3 of the Alaska Native Claims Settlement Act
(43 U.S.C. 1602(m)), or
``(F) any corporation operating on a cooperative
basis which is engaged in furnishing electric energy to
persons in rural areas.'', and
(ii) by amending paragraph (3) to read as
follows:
``(3) Elections.--
``(A) Due date.--Any election under subsection (a)
shall be made not later than--
``(i) in the case of any government, or
political subdivision, described in paragraph
(1) and for which no return is required under
section 6011 or 6033(a), such date as is
determined appropriate by the Secretary, or
``(ii) in any other case, the due date
(including extensions of time) for the return
of tax for the taxable year for which the
election is made, but in no event earlier than
180 days after the date of the enactment of
this section.
``(B) Additional rules.--Any election under
subsection (a), once made, shall be irrevocable and
shall apply (except as otherwise provided in this
paragraph) with respect to any credit for the taxable
year for which the election is made.''.
(18) Section 6418(f)(1) of such Code is amended--
(A) in subparagraph (A), by striking clauses (ii)-
(vii) and (ix)-(xi) and by redesignating clause (viii)
as clause (ii),
(B) by striking subparagraph (B), and
(C) by redesignating subparagraph (C) as
subparagraph (B).
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2024.
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