I 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Restoring Energy Mar5 ket Freedom Act’’. 

6 SEC. 2. REPEAL OF CREDITS. 

7 (a) IN GENERAL.—Subpart D of part IV of sub8 chapter A of chapter 1 of the Internal Revenue Code of 

9 1986 is amended by striking sections 45, 45J, 45Q, 45U, 

10 45V, 45X, 45Y, 48, 48A, 48B, 48C, 48D, and 48E (and 


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1 by striking the items relating to such sections in the table 

2 of sections for such subpart). 

3 (b) GENERAL BUSINESS CREDIT.—Section 38 of 

4 such Code is amended— 

5 (1) in subsection (b), by striking paragraphs 

6 (8), (21), (29), (36), (37), (38), and (39) and redes7 ignating paragraphs (9)–(20), (22)–(28), (30)–(35), 

8 and (40)–(41) as paragraphs (8)–(19), (20)–(26), 

9 (27)–(32), and (33)–(34), respectively, and 

10 (2) in subsection (c)(4)(B), by striking clauses 

11 (iv), (v), and (x) and redesignating clauses (vi)–(ix) 

12 and (xi)–(xii) as clauses (iv)–(vii) and (viii)–(ix), re13 spectively. 

14 (c) CONFORMING AMENDMENTS.— 

15 (1) Section 25(e)(3) of such Code is amended 

16 by adding ‘‘(as in effect immediately before its re17 peal)’’ before the period at the end. 

18 (2) Section 30C of such Code is amended— 

19 (A) in subsection (g)(2)(B), by inserting 

20 ‘‘(as in effect immediately prior to its repeal)’’ 

21 after ‘‘section 45(b)(7)(B)’’, and 

22 (B) in subsection (g)(3), by inserting ‘‘(as 

23 in effect immediately prior to its repeal)’’ after 

24 ‘‘section 45(b)(8)’’. 


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1 (3) Section 45K(b)(3) of such Code is amended 

2 by striking ‘‘(within the meaning of section 

3 48(a)(4)(C))’’ and inserting ‘‘(within the meaning of 

4 section 48(a)(4)(C) as in effect immediately before 

5 its repeal)’’. 

6 (4) Section 45K(g)(2) of such Code is amended 

7 by striking subparagraph (E). 

8 (5) Section 45L(g)(2)(B) of such Code is 

9 amended by inserting ‘‘(as in effect immediately 

10 prior to its repeal)’’ after ‘‘section 45(b)(7)(B)’’. 

11 (6) Section 45Z of such Code is amended— 

12 (A) in subsection (c), by inserting ‘‘(as in 

13 effect immediately prior to its repeal)’’ after 

14 ‘‘pursuant to section 45Y(c)’’, 

15 (B) by amending subsection (d)(4) to read 

16 as follows: 

17 ‘‘(4) QUALIFIED FACILITY.—The term ‘quali18 fied facility’ means a facility used for the production 

19 of transportation fuels.’’, and 

20 (C) in subsection (f)— 

21 (i) in paragraph (5), by inserting ‘‘(as 

22 in effect immediately prior to its repeal)’’ 

23 after ‘‘section 45Y(g)(6)’’, 


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1 (ii) in paragraph (6), by inserting 

2 ‘‘(as in effect immediately prior to its re3 peal)’’ after ‘‘section 45(b)(7)’’, and 

4 (iii) in paragraph (7), by inserting 

5 ‘‘(as in effect immediately prior to its re6 peal)’’ after ‘‘section 45(b)(8)’’. 

7 (7) Section 49(a)(C) of such Code is amended 

8 by adding ‘‘and’’ at the end of clause (i), by striking 

9 the comma at the end of clause (ii) and inserting a 

10 period, and by striking clauses (ii), (iv), (v), and 

11 (vi). 

12 (8) Section 50(a)(2)(E) of such Code is amend13 ed by striking ‘‘section 48(b)’’. 

14 (9) Section 50(a) of such Code is amended— 

15 (A) in paragraph (2), by striking subpara16 graph (E), and 

17 (B) by striking paragraph (3). 

18 (10) Section 56A(c) of such Code is amended 

19 by striking paragraph (9). 

20 (11) Section 59A(b)(4) of such Code is amend21 ed by striking ‘‘properly allocable to’’ and all that 

22 follows through the period and by inserting ‘‘prop23 erly allocable to the low-income housing credit deter24 mined under section 42(a).’’. 


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1 (12) Section 142(o) of such Code is amended 

2 by inserting ‘‘as in effect immediately prior to its re3 peal’’ after ‘‘(as defined in section 45Q(e)(3)’’. 

4 (13) Section 168(e)(3)(B) of such Code is 

5 amended— 

6 (A) in clause (v), by adding ‘‘and’’ at the 

7 end, and 

8 (B) by striking clause (vi). 

9 (14) Section 179D(b) of such Code is amend10 ed— 

11 (A) in paragraph (4)(B), by inserting ‘‘(as 

12 in effect immediately prior to its repeal)’’ after 

13 ‘‘section 45(b)(7)(B)’’, and 

14 (B) in paragraph (5), by inserting ‘‘(as in 

15 effect immediately prior to its repeal)’’ after 

16 ‘‘section 45(b)(8)’’. 

17 (15) Section 409 of such Code is amended— 

18 (A) in subsection (g), by striking ‘‘section 

19 48(n)(1) or’’ and ‘‘section 48(n)(1) and’’, and 

20 (B) in subsection (m), by striking ‘‘, or 

21 subparagraph (A) or (B) of section 48(n)(1)’’. 

22 (16) Section 501(c)(12) of such Code is amend23 ed by striking subparagraph (I) and by redesig24 nating subparagraph (J) as subparagraph (I). 

25 (17) Section 6417 of such Code is amended— 


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1 (A) in subsection (b), by striking para2 graphs (2), (3), (4), (5), (7), (8), (10), (11), 

3 and (12) and by redesignating paragraphs (6) 

4 and (9) as paragraphs (2) and (3), respectively, 

5 and 

6 (B) in subsection (d)— 

7 (i) by amending paragraph (1) to read 

8 as follows: 

9 ‘‘(1) APPLICABLE ENTITY.—The term ‘applica10 ble entity’ means— 

11 ‘‘(A) any organization exempt from the tax 

12 imposed by subtitle A, 

13 ‘‘(B) any State or political subdivision 

14 thereof, 

15 ‘‘(C) the Tennessee Valley Authority, 

16 ‘‘(D) an Indian tribal government (as de17 fined in section 30D(g)(9)), 

18 ‘‘(E) any Alaska Native Corporation (as 

19 defined in section 3 of the Alaska Native 

20 Claims Settlement Act (43 U.S.C. 1602(m)), or 

21 ‘‘(F) any corporation operating on a coop22 erative basis which is engaged in furnishing 

23 electric energy to persons in rural areas.’’, and 

24 (ii) by amending paragraph (3) to 

25 read as follows: 


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1 ‘‘(3) ELECTIONS.— 

2 ‘‘(A) DUE DATE.—Any election under sub3 section (a) shall be made not later than— 

4 ‘‘(i) in the case of any government, or 

5 political subdivision, described in para6 graph (1) and for which no return is re7 quired under section 6011 or 6033(a), 

8 such date as is determined appropriate by 

9 the Secretary, or 

10 ‘‘(ii) in any other case, the due date 

11 (including extensions of time) for the re12 turn of tax for the taxable year for which 

13 the election is made, but in no event earlier 

14 than 180 days after the date of the enact15 ment of this section. 

16 ‘‘(B) ADDITIONAL RULES.—Any election 

17 under subsection (a), once made, shall be irrev18 ocable and shall apply (except as otherwise pro19 vided in this paragraph) with respect to any 

20 credit for the taxable year for which the election 

21 is made.’’. 

22 (18) Section 6418(f)(1) of such Code is amend23 ed— 


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1 (A) in subparagraph (A), by striking 

2 clauses (ii)–(vii) and (ix)–(xi) and by redesig3 nating clause (viii) as clause (ii), 

4 (B) by striking subparagraph (B), and 

5 (C) by redesignating subparagraph (C) as 

6 subparagraph (B). 

7 (d) EFFECTIVE DATE.—The amendments made by 

8 this section shall apply to taxable years beginning after 

9 December 31, 2024. 

Æ 


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