- Not enactedThe President has not signed this bill
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- The house has not voted
Committee on Ways and MeansIntroducedApril 15th, 2013
- house Committees
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New Fair Deal Busting America's Rigid Outdated & Needless Subsidies Act of 2013
To amend the Internal Revenue Code of 1986 to terminate certain energy tax subsidies and lower the corporate income tax rate.
New Fair Deal Busting America's Rigid Outdated & Needless Subsidies Act of 2013 - Amends the Internal Revenue Code to repeal: (1) the excise tax credits for alcohol fuel, biodiesel, and alternative fuel mixtures; (2) the tax credits for the purchase of alternative motor vehicles and new qualified plug-in electric drive motor vehicles; (3) the alternative fuel vehicle refueling property tax credit; (4) the income tax credits for alcohol, biodiesel, and renewable diesel used as fuel; (5) the enhanced oil recovery tax credit and the tax credit for producing oil and gas from marginal wells; (6) the tax credits for producing electricity from renewable resources and from advanced nuclear power facilities; (7) the tax credit for carbon dioxide sequestration; (8) the energy tax credit; and (9) the tax credits for investment in qualifying advanced coal projects and qualifying gasification projects. Directs the Secretary of the Treasury to prescribe a flat income tax rate for corporations, in lieu of the existing marginal tax rates, based upon the overall revenue savings from the repeal of energy tax expenditures by this Act.