I 
114TH CONGRESS 
1ST SESSION H. R. 1001 
To amend the Internal Revenue Code of 1986 to terminate certain energy 
tax subsidies and lower the corporate income tax rate. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 13, 2015 
Mr. POMPEO (for himself, Mr. JONES, Mr. RIBBLE, Mr. DESANTIS, and Mr. 
AMASH) introduced the following bill; which was referred to the Com-
mittee on Ways and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to terminate 
certain energy tax subsidies and lower the corporate in-
come tax rate. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS; ETC. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Energy Freedom and Economic Prosperity Act’’. 
(b) REFERENCE TO 1986 CODE.—Except as other-
wise expressly provided, whenever in this Act an amend-
ment or repeal is expressed in terms of an amendment 
to, or repeal of, a section or other provision, the reference 
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shall be considered to be made to a section or other provi-
sion of the Internal Revenue Code of 1986. 
(c) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents; etc. 
TITLE I—REPEAL OF ENERGY TAX SUBSIDIES 
Sec. 101. Repeal of credit for alcohol fuel, biodiesel, and alternative fuel mix-
tures. 
Sec. 102. Early termination of credit for qualified fuel cell motor vehicles. 
Sec. 103. Early termination of new qualified plug-in electric drive motor vehi-
cles. 
Sec. 104. Repeal of alternative fuel vehicle refueling property credit. 
Sec. 105. Repeal of credit for alcohol used as fuel. 
Sec. 106. Repeal of credit for biodiesel and renewable diesel used as fuel. 
Sec. 107. Repeal of enhanced oil recovery credit. 
Sec. 108. Termination of credit for electricity produced from certain renewable 
resources. 
Sec. 109. Repeal of credit for producing oil and gas from marginal wells. 
Sec. 110. Termination of credit for production from advanced nuclear power fa-
cilities. 
Sec. 111. Repeal of credit for carbon dioxide sequestration. 
Sec. 112. Termination of energy credit. 
Sec. 113. Repeal of qualifying advanced coal project. 
Sec. 114. Repeal of qualifying gasification project credit. 
TITLE II—REDUCTION OF CORPORATE INCOME TAX RATE 
Sec. 201. Corporate income tax rate reduced. 
TITLE I—REPEAL OF ENERGY 
TAX SUBSIDIES 
SEC. 101. REPEAL OF CREDIT FOR ALCOHOL FUEL, BIO-
DIESEL, AND ALTERNATIVE FUEL MIXTURES. 
(a) IN GENERAL.—Section 6426 is repealed. 
(b) CONFORMING AMENDMENTS.— 
(1) Section 4101(a)(1) is amended by striking 
‘‘or alcohol (as defined in section 6426(b)(4)(A)’’. 
(2) Section 4104(a)(2) is amended by striking 
‘‘6426, or 6427(e)’’. 
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(3) Section 6427 is amended by striking sub-
section (e). 
(4) Section 7704(d)(1)(E) is amended— 
(A) by inserting ‘‘(as in effect on the day 
before the date of the enactment of the Energy 
Freedom and Economic Prosperity Act)’’ after 
‘‘of section 6426’’, and 
(B) by inserting ‘‘(as so in effect)’’ after 
‘‘section 6426(b)(4)(A)’’. 
(5) Section 9503(b)(1) is amended by striking 
the second sentence. 
(c) CLERICAL AMENDMENT.—The table of sections 
for subchapter B of chapter 65 is amended by striking 
the item relating to section 6426. 
(d) IN GENERAL.—The amendments made by this 
section shall apply with respect to fuel sold and used after 
December 31, 2014. 
SEC. 102. EARLY TERMINATION OF CREDIT FOR QUALIFIED 
FUEL CELL MOTOR VEHICLES. 
(a) IN GENERAL.—Section 30B is repealed. 
(b) CONFORMING AMENDMENTS.— 
(1) Section 38(b) is amended by striking para-
graph (25). 
(2) Section 1016(a) is amended by striking 
paragraph (35) and by redesignating paragraphs 
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(36) and (37) as paragraphs (35) and (36), respec-
tively. 
(3) Section 6501(m) is amended by striking 
‘‘30B(h)(9),’’. 
(c) CLERICAL AMENDMENT.—The table of sections 
for subpart B of part IV of subchapter A of chapter 1 
is amended by striking the item relating to section 30B. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall take effect on the date of the enactment 
of this Act. 
SEC. 103. EARLY TERMINATION OF NEW QUALIFIED PLUG- 
IN ELECTRIC DRIVE MOTOR VEHICLES. 
(a) IN GENERAL.—Section 30D is repealed. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to vehicles placed in service after 
the date of the enactment of this Act. 
SEC. 104. REPEAL OF ALTERNATIVE FUEL VEHICLE RE-
FUELING PROPERTY CREDIT. 
(a) IN GENERAL.—Section 30C is repealed. 
(b) CONFORMING AMENDMENTS.— 
(1) Section 38(b) is amended by striking para-
graph (26). 
(2) Section 55(c)(3) is amended by striking 
‘‘sections 30C(d)(2) and’’ and inserting ‘‘section’’. 
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ducing cellulosic biofuel (as defined in section 
40(b)(6)(E))’’. 
(4) Section 4104(a)(1) is amended by striking 
‘‘, 40,’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to fuel sold or used after the date 
of the enactment of this Act. 
SEC. 106. REPEAL OF CREDIT FOR BIODIESEL AND RENEW-
ABLE DIESEL USED AS FUEL. 
(a) IN GENERAL.—Section 40A is repealed. 
(b) CONFORMING AMENDMENT.— 
(1) Section 38(b) is amended by striking para-
graph (17). 
(2) Section 87 is repealed. 
(3) Section 196(c), as amended by section 105 
of this Act, is amended by striking paragraph (11) 
and by redesignating paragraphs (11), (12), and 
(13) as paragraphs (10), (11), and (12), respec-
tively. 
(4) Section 4101(a)(1) is amended by striking 
‘‘, every person producing or importing biodiesel (as 
defined in section 40A(d)(1)’’. 
(5) Section 4104(a)(1) is amended by striking 
‘‘and 40A’’. 
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(6) Section 7704(d)(1)(E) is amended by in-
serting ‘‘(as so in effect)’’ after ‘‘section 40A(d)(1)’’. 
(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 40A. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to fuel produced, and sold or used, 
after the date of the enactment of this Act. 
SEC. 107. REPEAL OF ENHANCED OIL RECOVERY CREDIT. 
(a) IN GENERAL.—Section 43 is repealed. 
(b) CONFORMING AMENDMENTS.— 
(1) Section 38(b) is amended by striking para-
graph (6). 
(2) Section 45Q(d)(4) is amended by inserting 
‘‘(as in effect on the day before the date of the en-
actment of the Energy Freedom and Economic Pros-
perity Act)’’ after ‘‘section 43(c)(2)’’. 
(3) Section 196(c), as amended by sections 105 
and 106 of this Act, is amended by striking para-
graph (5) and by redesignating paragraphs (6) 
through (12) as paragraphs (5) through (11), re-
spectively. 
(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. 
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(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) IN GENERAL.—Section 45 is repealed. 
(b) 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 45. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to property placed in service after 
December 31, 2014. 
SEC. 109. REPEAL OF CREDIT FOR PRODUCING OIL AND 
GAS FROM MARGINAL WELLS. 
(a) IN GENERAL.—Section 45I is repealed. 
(b) CONFORMING AMENDMENT.—Section 38(b) 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. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to production in taxable years be-
ginning after December 31, 2014. 
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SEC. 110. TERMINATION OF CREDIT FOR PRODUCTION 
FROM ADVANCED NUCLEAR POWER FACILI-
TIES. 
(a) IN GENERAL.—Section 45J(d)(1)(B) is amended 
by striking ‘‘January 1, 2021’’ and inserting ‘‘January 1, 
2017’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to property placed in service after 
December 31, 2016. 
SEC. 111. REPEAL OF CREDIT FOR CARBON DIOXIDE SE-
QUESTRATION. 
(a) IN GENERAL.—Section 45Q is repealed. 
(b) CONFORMING AMENDMENT.—Section 38(b) is 
amended by striking paragraph (34). 
(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 45Q. 
(d) EFFECTIVE DATE.—The amendments 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 repealed. 
(b) 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 48. 
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(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to property placed in service after 
December 31, 2016. 
SEC. 113. REPEAL OF QUALIFYING ADVANCED COAL 
PROJECT. 
(a) IN GENERAL.—Section 48A is repealed. 
(b) CONFORMING AMENDMENTS.— 
(1) Section 38(b) is amended by striking para-
graph (10). 
(2) Section 46 is amended by striking para-
graph (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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