- Not enactedThe President has not signed this bill
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Committee on Ways and MeansIntroducedJanuary 15th, 2013
- house Committees
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Energy Freedom and Economic Prosperity Act
To amend the Internal Revenue Code of 1986 to terminate certain energy tax subsidies and lower the corporate income tax rate.
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.