SEC. 224. MODIFYING CLEAN HYDROGEN PRODUCTION 
CREDIT. 
(a) IN GENERAL.—Section 45V of the Internal Rev-
enue Code of 1986 is amended— 
(1) in subsection (a), by striking paragraph (2) 
and inserting the following: 
‘‘(2) $0.60.’’, 
(2) by striking subsection (b) and inserting the 
following: 
‘‘(b) INFLATION ADJUSTMENT.—The $0.60 amount 
in subsection (a)(2) shall be adjusted by multiplying such 
amount by the inflation adjustment factor (as determined 
under section 45(e)(2), determined by substituting ‘2023’ 
for ‘1992’ in subparagraph (B) thereof) for the calendar 
year in which the qualified clean hydrogen is produced. 
If any amount as increased under the preceding sentence 
is not a multiple of 0.1 cent, such amount shall be rounded 
to the nearest multiple of 0.1 cent.’’, 
(3) in subsection (c)— 
(A) by striking paragraph (1), 
(B) in paragraph (2)— 
(i) by striking subparagraph (A) and 
inserting the following: 
‘‘(A) DEFINITION.— 
‘‘(i) IN GENERAL.—The term ‘quali-
fied clean hydrogen’ means hydrogen pro-
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duced using an electrolyzer for which the 
electricity used is— 
‘‘(I) 
produced 
at 
a 
facility 
which— 
‘‘(aa) uses qualified renew-
able energy resources to produce 
such electricity, 
‘‘(bb) was placed in service 
not greater than 36 months prior 
to the date on which the facility 
which produces such hydrogen 
was placed in service, and 
‘‘(cc) is in the same region 
(as defined in the National 
Transmission Needs Study of the 
Department of Energy, dated Oc-
tober 30, 2023) as the facility 
which produces such hydrogen, 
and 
‘‘(II) produced at the facility de-
scribed in subclause (I) not less than 
1 hour prior to use by the electrolyzer. 
‘‘(ii) QUALIFIED RENEWABLE ENERGY 
RESOURCES.—The term ‘qualified renew-
able energy resources’ means— 
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‘‘(I) wind, 
‘‘(II) solar energy, 
‘‘(III) geothermal energy (as de-
fined in section 45(c)(4)), 
‘‘(IV) marine and hydrokinetic 
renewable energy (as defined in sec-
tion 45(c)(10)), and 
‘‘(V) hydropower.’’, and 
(ii) by striking subparagraph (C), 
(C) in paragraph (3)(C), by inserting ‘‘, 
and which is placed in service after December 
31, 2024’’ after ‘‘January 1, 2033’’, and 
(D) by redesignating paragraphs (2) and 
(3) as paragraphs (1) and (2), respectively, 
(4) in subsection (e)— 
(A) in paragraph (1), by striking ‘‘de-
scribed in subsection (b)(2)’’ and inserting 
‘‘produced by the taxpayer’’, and 
(B) in paragraph (3)(A)(ii), by striking 
‘‘subsection (a)(2)’’ and inserting ‘‘subsection 
(a)(1)’’, and 
(5) in subsection (f), by striking ‘‘, including 
regulations or other guidance for determining 
lifecycle greenhouse gas emissions’’. 
(b) CONFORMING AMENDMENTS.— 
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(1) Section 45(e)(13) of the Internal Revenue 
Code of 1986 is amended by striking ‘‘section 
45V(c)(3)) to produce qualified clean hydrogen (as 
defined in section 45V(c)(2))’’ and inserting ‘‘section 
45V(c)(2)) to produce qualified clean hydrogen (as 
defined in section 45V(c)(1))’’. 
(2) Section 48(a)(15) of such Code is amend-
ed— 
(A) in subparagraph (A), by striking 
clause (ii) and inserting the following: 
‘‘(ii) the energy percentage with re-
spect to such property is 6 percent.’’, 
(B) in subparagraph (C)— 
(i) by striking ‘‘section 45V(c)(3)’’ 
and inserting ‘‘section 45V(c)(2)’’, and 
(ii) in clause (i), by striking ‘‘Decem-
ber 31, 2022’’ and inserting ‘‘December 
31, 2024’’, and 
(C) in subparagraph (D), by striking ‘‘sec-
tion 
45V(c)(2)’’ 
and 
inserting 
‘‘section 
45V(c)(1)’’. 
(3) Section 6417 of such Code is amended— 
(A) in subsection (b)(5), by striking ‘‘De-
cember 31, 2012’’ and inserting ‘‘December 31, 
2024’’, and 
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(B) in subsection (d)(1)(B), by striking 
‘‘section 45V(c)(3)’’ and inserting ‘‘section 
45V(c)(2)’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to facilities placed in service after 
December 31, 2024. 
TITLE III—REPEAL RECENT FOS-
SIL FUEL SUBSIDY LEGISLA-
TION 
SEC. 301. FISCAL RESPONSIBILITY ACT. 
(a) BUILDER ACT.— 
(1) GENERAL
REPEAL.—Sections 106, 107, 
108, 109, 110, and 111 of the National Environ-
mental Policy Act of 1969 (42 U.S.C. 4336, 4336a, 
4336b, 4336c, 4336d, 4336e) are repealed. 
(2) 
REPEAL
OF
MODIFICATIONS.—Section 
102(2) of the National Environmental Policy Act of 
1969 (42 U.S.C. 4332(2)) is amended— 
(A) in subparagraph (C)— 
(i) in the matter preceding clause (i), 
by striking ‘‘consistent with the provisions 
of this Act and except where compliance 
would be inconsistent with other statutory 
requirements,’’; 
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(ii) by striking clauses (i) through (v) 
and inserting the following: 
‘‘(i) the environmental impact of the 
proposed action; 
‘‘(ii) any adverse environmental ef-
fects which cannot be avoided should the 
proposal be implemented; 
‘‘(iii) alternatives to the proposed ac-
tion; 
‘‘(iv) the relationship between local 
short-term uses of man’s environment and 
the maintenance and enhancement of long- 
term productivity; and 
‘‘(v) any irreversible and irretrievable 
commitments of resources which would be 
involved in the proposed action should it be 
implemented.’’; and 
(iii) in the undesignated matter fol-
lowing clause (v) (as so amended), in the 
first sentence, by striking ‘‘head of the 
lead agency’’ and inserting ‘‘responsible 
Federal official’’; 
(B) by striking subparagraphs (D), (E), 
and (F); 
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(C) by redesignating subparagraphs (G) 
through (L) as subparagraphs (D) through (I); 
and 
(D) in subparagraph (F) (as so redesig-
nated), by striking ‘‘consistent with the provi-
sions of this Act,’’. 
(b) EXPEDITING COMPLETION OF THE MOUNTAIN 
VALLEY PIPELINE.—Section 324 of the Fiscal Responsi-
bility Act (Public Law 118–5; 137 Stat. 47) is repealed. 
SEC. 302. INFLATION REDUCTION ACT. 
(a) 2017–2022 OUTER CONTINENTAL SHELF LEAS-
ING PROGRAM.—Section 50264 of Public Law 117–169 
(commonly known as the ‘‘Inflation Reduction Act of 
2022’’) (136 Stat. 2059) is repealed. 
(b) ENSURING ENERGY SECURITY.—Section 50265 
of Public Law 117–169 (commonly known as the ‘‘Infla-
tion Reduction Act of 2022’’) (43 U.S.C. 3006) is re-
pealed. 
TITLE IV—ELIMINATION OF 
OTHER FOSSIL FUEL SUBSIDIES 
SEC. 401. STUDY AND ELIMINATION OF ADDITIONAL FOSSIL 
FUEL SUBSIDIES. 
(a) DEFINITION OF SUBSIDY FOR FOSSIL-FUEL PRO-
DUCTION.—In this section, the term ‘‘subsidy for fossil- 
fuel production’’ means any direct funding, tax treatment 
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or incentive, risk-reduction benefit, financing assistance or 
guarantee, royalty relief, or other provision that provides 
a financial benefit to a fossil-fuel company for the produc-
tion of fossil fuels. 
(b) REPORT TO CONGRESS.—Not later than 1 year 
after the date of enactment of this Act, the Secretary of 
the Treasury or a delegate of the Secretary (referred to 
in this section as the ‘‘Secretary’’), in coordination with 
the Secretary of Energy, shall submit to Congress a report 
detailing each Federal law (including regulations), other 
than those amended by this Act, as in effect on the date 
on which the report is submitted, that includes a subsidy 
for fossil-fuel production. 
(c) REPORT ON MODIFIED RECOVERY PERIOD.— 
(1) IN GENERAL.—Not later than 1 year after 
the date of enactment of this Act, the Secretary, in 
coordination with the Commissioner of Internal Rev-
enue, shall submit to Congress a report on the appli-
cable recovery period under the accelerated cost re-
covery system provided in section 168 of the Inter-
nal Revenue Code of 1986 for each type of property 
involved in fossil-fuel production, including pipelines, 
power generation property, refineries, and drilling 
equipment, to determine if any assets are receiving 
a subsidy for fossil-fuel production. 
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(2) ELIMINATION OF SUBSIDY.— 
(A) IN GENERAL.—In the case of any type 
of property that the Secretary determines is re-
ceiving a subsidy for fossil-fuel production 
under section 168 of the Internal Revenue Code 
of 1986, for property placed in service in tax-
able years beginning after the date of such de-
termination, section 168 of the Internal Rev-
enue Code of 1986 shall not apply. 
(B) EXCEPTION.—Subparagraph (A) shall 
not apply to any property with respect to a tax-
able year unless such determination is published 
before the first day of such taxable year. 
Æ 
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