SEC. 107. REPEAL OF ENHANCED OIL RECOVERY CREDIT. 
(a) IN GENERAL.—Section 43 is repealed. 
(b) CONFORMING AMENDMENTS.— 
(1) Subsection (b) of section 38 is amended by 
striking paragraph (6). 
(2) Paragraph (4) of section 45Q(d) is amended 
by inserting ‘‘(as in effect on the day before the date 
of the enactment of the Energy Freedom and Eco-
nomic Prosperity Act)’’ after ‘‘section 43(c)(2)’’. 
(3) Subsection (c) of section 196, as amended 
by sections 105 and 106 of this Act, is amended by 
striking paragraph (5) and by redesignating para-
graphs (6) through (12) as paragraphs (5) through 
(11), respectively. 
(c) CLERICAL AMENDMENT.—The table of sections 
for subpart D of part IV of subchapter A of chapter 1 
is amended by striking the item relating to section 43. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to costs paid or incurred after De-
cember 31, 2014. 
SEC. 108. TERMINATION OF CREDIT FOR ELECTRICITY 
PRODUCED FROM CERTAIN RENEWABLE RE-
SOURCES. 
(a) WIND.—Subsection (d) of section 45 is amended 
by striking ‘‘January 1, 2014’’ in paragraph (1) and in-
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serting ‘‘the date of the enactment of the Energy Freedom 
and Economic Prosperity Act’’. 
(b) INDIAN COAL.—Subparagraph (A) of section 
45(e)(10) is amended by striking ‘‘8-year period’’ each 
place it appears and inserting ‘‘7-year period’’. 
(c) EFFECTIVE DATE.— 
(1) WIND.—The amendment made by sub-
section (a) shall apply to property placed in service 
after the date of the enactment of this Act. 
(2) INDIAN COAL.—The amendments made by 
subsection (b) shall apply to coal produced after De-
cember 31, 2012. 
(3) OTHER QUALIFIED ENERGY RESOURCES.— 
For termination of other qualified energy resources 
for property placed in service after December 31, 
2013, see section 45 of the Internal Revenue Code 
of 1986. 
SEC. 109. REPEAL OF CREDIT FOR PRODUCING OIL AND 
GAS FROM MARGINAL WELLS. 
(a) IN GENERAL.—Section 45I is repealed. 
(b) CONFORMING AMENDMENT.—Subsection (b) of 
section 38 is amended by striking paragraph (19). 
(c) CLERICAL AMENDMENT.—The table of sections 
for subpart D of part IV of subchapter A of chapter 1 
is amended by striking the item relating to section 45I. 
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(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to production in taxable years be-
ginning after December 31, 2014. 
SEC. 110. TERMINATION OF CREDIT FOR PRODUCTION 
FROM ADVANCED NUCLEAR POWER FACILI-
TIES. 
(a) IN GENERAL.—Subparagraph (B) of section 
45J(d)(1) is amended by striking ‘‘January 1, 2021’’ and 
inserting ‘‘January 1, 2015’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to property placed in service after 
December 31, 2014. 
SEC. 111. REPEAL OF CREDIT FOR CARBON DIOXIDE SE-
QUESTRATION. 
(a) IN GENERAL.—Section 45Q is repealed. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to carbon dioxide captured after 
December 31, 2014. 
SEC. 112. TERMINATION OF ENERGY CREDIT. 
(a) IN GENERAL.—Section 48 is amended— 
(1) by striking ‘‘January 1, 2017’’ each place 
it appears and inserting ‘‘January 1, 2015’’, and 
(2) by striking ‘‘December 31, 2016’’ each 
place it appears and inserting ‘‘December 31, 
2014’’. 
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(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to property placed in service after 
December 31, 2014. 
SEC. 113. REPEAL OF QUALIFYING ADVANCED COAL 
PROJECT. 
(a) IN GENERAL.—Section 48A is repealed. 
(b) CONFORMING
AMENDMENT.—Section 46 is 
amended by striking paragraph (3) and by redesignating 
paragraphs (4), (5), and (6) as paragraphs (3), (4), and 
(5), respectively. 
(c) CLERICAL AMENDMENT.—The table of sections 
for subpart E of part IV of subchapter A of chapter 1 
is amended by striking the item relating to section 48A. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to property placed in service after 
December 31, 2014. 
SEC. 114. REPEAL OF QUALIFYING GASIFICATION PROJECT 
CREDIT. 
(a) IN GENERAL.—Section 48B is repealed. 
(b) CONFORMING
AMENDMENT.—Section 46, as 
amended by this Act, is amended by striking paragraph 
(3) and by redesignating paragraphs (4) and (5) as para-
graphs (3) and (4), respectively. 
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(c) CLERICAL AMENDMENT.—The table of sections 
for subpart E of part IV of subchapter A of chapter 1 
is amended by striking the item relating to section 48B. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to property placed in service after 
December 31, 2014. 
TITLE II—REDUCTION OF 
CORPORATE INCOME TAX RATE 
SEC. 201. CORPORATE INCOME TAX RATE REDUCED. 
(a) IN GENERAL.—Not later than 1 year after the 
date of the enactment of this Act, the Secretary of the 
Treasury shall prescribe a rate of tax in lieu of the rates 
under paragraphs (1) and (2) of section 11(b), section 
1201(a), and paragraphs (1), (2), and (6) of section 
1445(e) to such a flat rate as the Secretary estimates 
would result in— 
(1) a decrease in revenue to the Treasury for 
taxable years beginning during the 10-year period 
beginning on the date of the enactment of this Act, 
equal to 
(2) the increase in revenue for such taxable 
years by reason of the amendments made by title I 
of this Act. 
(b) EFFECTIVE DATE.—The rate prescribed by the 
Secretary under subsection (a) shall apply to taxable years 
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beginning more than 1 year after the date of the enact-
ment of this Act. 
Æ 
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