119-hr310

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 310 Introduced in House

    (IH) ]

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119th CONGRESS
 1st Session
 H. R. 310

 To amend the Internal Revenue Code of 1986 to repeal certain credits.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 January 9, 2025

 Mr. Perry (for himself, Mr. Biggs of Arizona, Mr. Ogles, and Mr. Roy) 
 introduced the following bill; which was referred to the Committee on 
 Ways and Means

_______________________________________________________________________

 A BILL

 To amend the Internal Revenue Code of 1986 to repeal certain credits.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Restoring Energy Market Freedom 
Act''.

SEC. 2. REPEAL OF CREDITS.

    (a) In General.--Subpart D of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended by striking sections 
45, 45J, 45Q, 45U, 45V, 45X, 45Y, 48, 48A, 48B, 48C, 48D, and 48E (and 
by striking the items relating to such sections in the table of 
sections for such subpart).

    (b) General Business Credit.--

Section 38 of such Code is amended--

    (1) in subsection

    (b) , by striking paragraphs

    (8) ,

    (21) ,

    (29) ,

    (36) ,

    (37) ,

    (38) , and

    (39) and redesignating paragraphs

    (9) -

    (20) ,

    (22) -

    (28) ,

    (30) -

    (35) , and

    (40) -

    (41) as paragraphs

    (8) -

    (19) ,

    (20) -

    (26) ,

    (27) -

    (32) , and

    (33) -

    (34) , respectively, 
 and

    (2) in subsection
            (c) (4)
        (B) , by striking clauses
            (iv) ,
            (v) , 
 and
            (x) and redesignating clauses
            (vi) -
            (ix) and
            (xi) -
            (xii) as 
 clauses
            (iv) -
            (vii) and
            (viii) -
            (ix) , respectively.
            (c) Conforming Amendments.--

    (1) Section 25

    (e)

    (3) of such Code is amended by adding 
 ``(as in effect immediately before its repeal)'' before the 
 period at the end.

    (2) Section 30C of such Code is amended--
        (A) in subsection

    (g)

    (2)
        (B) , by inserting ``(as in 
 effect immediately prior to its repeal)'' after 
 ``

section 45

    (b)

    (7)
        (B) '', and
        (B) in subsection

    (g)

    (3) , by inserting ``(as in 
 effect immediately prior to its repeal)'' after 
 ``

section 45

    (b)

    (8) ''.

    (3) Section 45K

    (b)

    (3) of such Code is amended by striking 
 ``(within the meaning of 

section 48

    (a)

    (4)
            (C) )'' and inserting 
 ``(within the meaning of 

section 48

    (a)

    (4)
            (C) as in effect 
 immediately before its repeal)''.

    (4) Section 45K

    (g)

    (2) of such Code is amended by striking 
 subparagraph
        (E) .

    (5) Section 45L

    (g)

    (2)
        (B) of such Code is amended by 
 inserting ``(as in effect immediately prior to its repeal)'' 
 after ``

section 45

    (b)

    (7)
        (B) ''.

    (6) Section 45Z of such Code is amended--
        (A) in subsection
            (c) , by inserting ``(as in effect 
 immediately prior to its repeal)'' after ``pursuant to 
 

section 45Y
            (c) '',
        (B) by amending subsection
            (d) (4) to read as 
 follows:
 ``

    (4) Qualified facility.--The term `qualified facility' 
 means a facility used for the production of transportation 
 fuels.'', and
            (C) in subsection

    (f) --
            (i) in paragraph

    (5) , by inserting ``(as in 
 effect immediately prior to its repeal)'' after 
 ``

section 45Y

    (g)

    (6) '',
            (ii) in paragraph

    (6) , by inserting ``(as 
 in effect immediately prior to its repeal)'' 
 after ``

section 45

    (b)

    (7) '', and
            (iii) in paragraph

    (7) , by inserting ``(as 
 in effect immediately prior to its repeal)'' 
 after ``

section 45

    (b)

    (8) ''.

    (7) Section 49

    (a)
            (C) of such Code is amended by adding 
 ``and'' at the end of clause
            (i) , by striking the comma at the 
 end of clause
            (ii) and inserting a period, and by striking 
 clauses
            (ii) ,
            (iv) ,
            (v) , and
            (vi) .

    (8) Section 50

    (a)

    (2)
        (E) of such Code is amended by striking 
 ``

section 48

    (b) ''.

    (9) Section 50

    (a) of such Code is amended--
        (A) in paragraph

    (2) , by striking subparagraph
        (E) , 
 and
        (B) by striking paragraph

    (3) .

    (10) Section 56A
            (c) of such Code is amended by striking 
 paragraph

    (9) .

    (11) Section 59A

    (b)

    (4) of such Code is amended by striking 
 ``properly allocable to'' and all that follows through the 
 period and by inserting ``properly allocable to the low-income 
 housing credit determined under 

section 42

    (a) .''.

    (12) Section 142

    (o) of such Code is amended by inserting 
 ``as in effect immediately prior to its repeal'' after ``(as 
 defined in 

section 45Q

    (e)

    (3) ''.

    (13) Section 168

    (e)

    (3)
        (B) of such Code is amended--
        (A) in clause
            (v) , by adding ``and'' at the end, 
 and
        (B) by striking clause
            (vi) .

    (14) Section 179D

    (b) of such Code is amended--
        (A) in paragraph

    (4)
        (B) , by inserting ``(as in 
 effect immediately prior to its repeal)'' after 
 ``

section 45

    (b)

    (7)
        (B) '', and
        (B) in paragraph

    (5) , by inserting ``(as in effect 
 immediately prior to its repeal)'' after ``

section 45

    (b)

    (8) ''.

    (15) Section 409 of such Code is amended--
        (A) in subsection

    (g) , by striking ``

section 48

    (n)

    (1) or'' and ``

section 48

    (n)

    (1) and'', and
        (B) in subsection
            (m) , by striking ``, or 
 subparagraph
        (A) or
        (B) of 

section 48

    (n)

    (1) ''.

    (16) Section 501
            (c) (12) of such Code is amended by striking 
 subparagraph
            (I) and by redesignating subparagraph
        (J) as 
 subparagraph
            (I) .

    (17) Section 6417 of such Code is amended--
        (A) in subsection

    (b) , by striking paragraphs

    (2) ,

    (3) ,

    (4) ,

    (5) ,

    (7) ,

    (8) ,

    (10) ,

    (11) , and

    (12) and by 
 redesignating paragraphs

    (6) and

    (9) as paragraphs

    (2) and

    (3) , respectively, and
        (B) in subsection
            (d) --
            (i) by amending paragraph

    (1) to read as 
 follows:
 ``

    (1) Applicable entity.--The term `applicable entity' 
 means--
 ``
        (A) any organization exempt from the tax imposed 
 by subtitle A,
 ``
        (B) any State or political subdivision thereof,
 ``
            (C) the Tennessee Valley Authority,
 ``
            (D) an Indian tribal government (as defined in 
 

section 30D

    (g)

    (9) ),
 ``
        (E) any Alaska Native Corporation (as defined in 
 

section 3 of the Alaska Native Claims Settlement Act 
 (43 U.S.C. 1602
            (m) ), or
 ``
        (F) any corporation operating on a cooperative 
 basis which is engaged in furnishing electric energy to 
 persons in rural areas.'', and
            (ii) by amending paragraph

    (3) to read as 
 follows:
 ``

    (3) Elections.--
 ``
        (A) Due date.--Any election under subsection

    (a) shall be made not later than--
 ``
            (i) in the case of any government, or 
 political subdivision, described in paragraph

    (1) and for which no return is required under 
 

section 6011 or 6033

    (a) , such date as is 
 determined appropriate by the Secretary, or
 ``
            (ii) in any other case, the due date 
 (including extensions of time) for the return 
 of tax for the taxable year for which the 
 election is made, but in no event earlier than 
 180 days after the date of the enactment of 
 this section.
 ``
        (B) Additional rules.--Any election under 
 subsection

    (a) , once made, shall be irrevocable and 
 shall apply (except as otherwise provided in this 
 paragraph) with respect to any credit for the taxable 
 year for which the election is made.''.

    (18) Section 6418

    (f)

    (1) of such Code is amended--
        (A) in subparagraph
        (A) , by striking clauses
            (ii) -
            (vii) and
            (ix) -
            (xi) and by redesignating clause
            (viii) as clause
            (ii) ,
        (B) by striking subparagraph
        (B) , and
            (C) by redesignating subparagraph
            (C) as 
 subparagraph
        (B) .
            (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2024.
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