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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Restoring Energy Mar-
ket Freedom Act’’. 
SEC. 2. REPEAL OF CREDITS. 
(a) IN GENERAL.—Subpart D of part IV of sub-
chapter 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 
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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 redes-
ignating 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), re-
spectively. 
(c) CONFORMING AMENDMENTS.— 
(1) Section 25(e)(3) of such Code is amended 
by adding ‘‘(as in effect immediately before its re-
peal)’’ 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)’’. 
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(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 ‘quali-
fied 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)’’, 
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(ii) in paragraph (6), by inserting 
‘‘(as in effect immediately prior to its re-
peal)’’ after ‘‘section 45(b)(7)’’, and 
(iii) in paragraph (7), by inserting 
‘‘(as in effect immediately prior to its re-
peal)’’ 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 amend-
ed by striking ‘‘section 48(b)’’. 
(9) Section 50(a) of such Code is amended— 
(A) in paragraph (2), by striking subpara-
graph (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 amend-
ed by striking ‘‘properly allocable to’’ and all that 
follows through the period and by inserting ‘‘prop-
erly allocable to the low-income housing credit deter-
mined under section 42(a).’’. 
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(A) in subsection (b), by striking para-
graphs (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 ‘applica-
ble 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 de-
fined 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 coop-
erative basis which is engaged in furnishing 
electric energy to persons in rural areas.’’, and 
(ii) by amending paragraph (3) to 
read as follows: 
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‘‘(3) ELECTIONS.— 
‘‘(A) DUE DATE.—Any election under sub-
section (a) shall be made not later than— 
‘‘(i) in the case of any government, or 
political subdivision, described in para-
graph (1) and for which no return is re-
quired 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 re-
turn 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 enact-
ment of this section. 
‘‘(B) ADDITIONAL
RULES.—Any election 
under subsection (a), once made, shall be irrev-
ocable and shall apply (except as otherwise pro-
vided 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 amend-
ed— 
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(A) in subparagraph (A), by striking 
clauses (ii)–(vii) and (ix)–(xi) and by redesig-
nating 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. 
Æ 
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