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[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 310 Introduced in House (IH)]

<DOC>

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.
                                 <all>
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