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house Bill H.R. 259

Eliminating All Current Energy Tax Credits

Argument in favor

Promotes consumer-driven free-market competition in the energy industry.

Argument opposed

Disproportionately hurts green energy and energy-efficiency technologies.

bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      Committee on Ways and Means
    IntroducedJanuary 15th, 2013

Bill Details

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Title

Energy Freedom and Economic Prosperity Act

Official Title

To amend the Internal Revenue Code of 1986 to terminate certain energy tax subsidies and lower the corporate income tax rate.

Summary

Energy Freedom and Economic Prosperity Act - 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.
    I like the idea of leveling the competition between energy sources. However, fossil fuels need to be held accountable for the cost to human health through smog, mining wastes, and other pollutants. Solar and wind producers have some environmental costs to offset as well, i.e. bird kills. If we force energy producers to offset these costs through fees, and THEN end all the other tax subsidies, the energy sources will be competing on the same level.
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