,,ii #aacth ,,congress #b;d ,session ,s4 #bbgi ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,may #a1 #bjad ,mr4 ,lee introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to terminate certain energy tax subsidies and lower the corporate income tax rate4 #a4 ,short title2 reference to #aihf ,code 7a7 ,short title ,this ,act may be cited as the ,energy ,freedom and ,economic ,prosperity ,act of #bjad4 7b7 ,reference to #aihf ,code ,except as otherwise expressly provided1 whenever in this ,act an amendment or repeal is expressed in terms of an amendment to1 or repeal of1 a section or other provision1 the reference shall be considered to be made to a section or other provision of the ,internal ,revenue ,code of #aihf4 ,i ,repeal of energy tax subsidies #aja4 ,repeal of credit for alcohol fuel1 biodiesel1 and alternative fuel mixtures 7a7 ,in general ,section #fdbf is repealed4 7b7 ,conforming amendments 7#a7 ,paragraph 7#a7 of section #daja7;a7 is amended by striking or alcohol 7as defined in section #fdbf7;b77#d77;,a74 7#b7 ,paragraph 7#b7 of section #dajd7;a7 is amended by striking #fdbf1 or #fdbg7;e74 7#c7 ,section #fdbg is amended by striking subsection 7e74 7#d7 ,subparagraph 7,e7 of section #ggjd7;d77#a7 is amended-- 7,a7 by inserting 7as in effect on the day before the date of the enactment of the ,energy ,freedom and ,economic ,prosperity ,act of #bjad7 after of section #fdbf1 and 7,b7 by inserting 7as so in effect7 after section #fdbf7;b77#d77;,a74 7#e7 ,paragraph 7#a7 of section #iejc7;b7 is amended by striking the second sentence4 7c7 ,clerical amendment ,the table of sections for subchapter ,b of chapter #fe is amended by striking the item relating to section #fdbf4 7d7 ,effective dates 7#a7 ,in general ,except as provided in paragraph 7#b71 the amendments made by this section shall apply with respect to fuel sold and used after the date of the enactment of this ,act4 7#b7 ,liquefied hydrogen ,in the case of any alternative fuel or alternative fuel mixture 7as defined in subsection 7d77#b7 or 7e77#c7 of section #fdbf of the ,internal ,revenue ,code of #aihf as in effect before its repeal by this ,act7 involving liquefied hydrogen1 the amendments made by this section shall apply with respect to fuel sold and used after ,september #cj1 #bjad4 #ajb4 ,early termination of credit for qualified fuel cell motor vehicles 7a7 ,in general ,section #cj;,b is repealed4 7b7 ,conforming amendments 7#a7 ,subparagraph 7,a7 of section #bd7;b77#c7 is amended by striking 1 #cj;,b4 7#b7 ,paragraph 7#b7 of section #be;,b7g7 is amended by striking 1 #cj;,b14 7#c7 ,subsection 7b7 of section #ch is amended by striking paragraph 7#be74 7#d7 ,subsection 7a7 of section #ajaf is amended by striking paragraph 7#ce7 and by redesignating paragraphs 7#cf7 and 7#cg7 as paragraphs 7#ce7 and 7#cf71 respectively4 7#e7 ,subsection 7m7 of section #feja is amended by striking 1 #cj;,b7h77#i74 7c7 ,clerical amendment ,the table of sections for subpart ,b of part ,,iv of subchapter ,a of chapter #a is amended by striking the item relating to section #cj;,b4 7d7 ,effective date ,the amendments made by this section shall apply to property placed in service after ,december #ca1 #bjad4 #ajc4 ,early termination of new qualified plug-in electric drive motor vehicles 7a7 ,in general ,section #cj;,d is repealed4 7b7 ,effective date ,the amendment made by this section shall apply to vehicles placed in service after the date of the enactment of this ,act4 #ajd4 ,repeal of credit for alcohol used as fuel 7a7 ,in general ,section #dj is repealed4 7b7 ,conforming amendments 7#a7 ,subsection 7b7 of section #ch is amended by striking paragraph 7#c74 7#b7 ,subsection 7c7 of section #aif is amended by striking paragraph 7#c7 and by redesignating paragraphs 7#d7 through 7#ad7 as paragraphs 7#c7 through 7#ac71 respectively4 7#c7 ,paragraph 7#a7 of section #daja7;a7 is amended by striking 1 and every person producing cellulosic biofuel 7as defined in section #dj7;b77#f77;,e774 7#d7 ,paragraph 7#a7 of section #dajd7;a7 is amended by striking 1 #dj4 7c7 ,effective date ,the amendments made by this section shall apply to fuel sold or used after the date of the enactment of this ,act4 #aje4 ,repeal of enhanced oil recovery credit 7a7 ,in general ,section #dc is repealed4 7b7 ,conforming amendments 7#a7 ,subsection 7b7 of section #ch is amended by striking paragraph 7#f74 7#b7 ,paragraph 7#d7 of section #de,q7d7 is amended by inserting 7as in effect on the day before the date of the enactment of the ,energy ,freedom and ,economic ,prosperity ,act of #bjad7 after section #dc7;c77#b74 7#c7 ,subsection 7c7 of section #aif1 as amended by sections #aje and #ajf of this ,act1 is amended by striking paragraph 7#e7 and by redesignating paragraphs 7#f7 through 7#ab7 as paragraphs 7#e7 through 7#aa71 respectively4 7c7 ,clerical amendment ,the table of sections for subpart ,d of part ,,iv of subchapter ,a of chapter #a is amended by striking the item relating to section #dc4 7d7 ,effective date ,the amendments made by this section shall apply to costs paid or incurred after ,december #ca1 #bjad4 #ajf4 ,repeal of credit for producing oil and gas from marginal wells 7a7 ,in general ,section #de;,i is repealed4 7b7 ,conforming amendment ,subsection 7b7 of section #ch is amended by striking paragraph 7#ai74 7c7 ,clerical amendment ,the table of sections for subpart ,d of part ,,iv of subchapter ,a of chapter #a is amended by striking the item relating to section #de;,i4 7d7 ,effective date ,the amendments made by this section shall apply to production in taxable years beginning after ,december #ca1 #bjad4 #ajg4 ,termination of credit for production from advanced nuclear power facilities 7a7 ,in general ,subparagraph 7,b7 of section #de;,j7d77#a7 is amended by striking ,january #a1 #bjba and inserting ,january #a1 #bjae4 7b7 ,effective date ,the amendments made by this section shall apply to property placed in service after ,december #ca1 #bjad4 #ajh4 ,repeal of credit for carbon dioxide sequestration 7a7 ,in general ,section #de,q is repealed4 7b7 ,effective date ,the amendment made by this section shall apply to carbon dioxide captured after ,december #ca1 #bjad4 #aji4 ,termination of energy credit 7a7 ,in general ,section #dh is amended by adding at the end the following new subsection3 7e7 ,termination ,no credit shall be allowed under subsection 7a7 for any period after ,december #ca1 #bjad4 4 7b7 ,effective date ,the amendments made by this section shall apply to property placed in service after ,december #ca1 #bjad4 #aaj4 ,repeal of qualifying advanced coal project 7a7 ,in general ,section #dh;,a is repealed4 7b7 ,conforming amendment ,section #df is amended by striking paragraph 7#c7 and by redesignating paragraphs 7#d71 7#e71 and 7#f7 as paragraphs 7#c71 7#d71 and 7#e71 respectively4 7c7 ,clerical amendment ,the table of sections for subpart ,e of part ,,iv of subchapter ,a of chapter #a is amended by striking the item relating to section #dh;,a4 7d7 ,effective date ,the amendments made by this section shall apply to property placed in service after ,december #ca1 #bjad4 #aaa4 ,repeal of qualifying gasification project credit 7a7 ,in general ,section #dh;,b is repealed4 7b7 ,conforming amendment ,section #df1 as amended by this ,act1 is amended by striking paragraph 7#c7 and by redesignating paragraphs 7#d7 and 7#e7 as paragraphs 7#c7 and 7#d71 respectively4 7c7 ,clerical amendment ,the table of sections for subpart ,e of part ,,iv of subchapter ,a of chapter #a is amended by striking the item relating to section #dh;,b4 7d7 ,effective date ,the amendments made by this section shall apply to property placed in service after ,december #ca1 #bjad4 #aab4 ,repeal of qualifying advanced energy project credit 7a7 ,in general ,section #dh;,c is repealed4 7b7 ,conforming amendment ,section #df1 as amended by this ,act1 is amended by striking paragraph 7#c7 and by redesignating paragraph 7#d7 as paragraph 7#c74 7c7 ,clerical amendment ,the table of sections for subpart ,e of part ,,iv of subchapter ,a of chapter #a is amended by striking the item relating to section #dh;,c4 7d7 ,effective date ,the amendments made by this section shall apply to property placed in service after ,december #ca1 #bjad4 ,,ii ,reduction of corporate income tax rate #aba4 ,corporate income tax rate reduced 7a7 ,in general ,not later than #a year after the date of the enactment of this ,act1 the ,secretary of the ,treasury shall prescribe1 in lieu of the rates of tax under paragraphs 7#a7 and 7#b7 of section #aa7;b71 section #abja7;a71 and paragraphs 7#a71 7#b71 and 7#f7 of section #adde7;e7 of the ,internal ,revenue ,code of #aihf1 such rates of tax as the ,secretary estimates would result in-- 7#a7 a decrease in revenue to the ,treasury for taxable years beginning during the #aj-year period beginning on the date of the enactment of this ,act1 equal to 7#b7 the increase in revenue for such taxable years by reason of the amendments made by title ,i of this ,act4 7b7 ,maintenance of graduated rates ,in prescribing the tax rates under subsection 7a71 the ,secretary shall ensure that each rate modified under such subsection is reduced by a uniform percentage4 7c7 ,effective date ,the rates prescribed by the ,secretary under subsection 7a7 shall apply to taxable years beginning more than #a year after the date of the enactment of this ,act4