Energy Freedom and Economic Prosperity Act
Latest action · Feb 6, 2012 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 309.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedFeb 2, 2012
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
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 certain plug-in electric vehicles and alternative motor vehicles; (3) the alternative fuel vehicle refueling property tax credit; (4) the tax credits for alcohol used as fuel and for 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 credit for carbon dioxide sequestration; (7) the energy tax credit; and (8) the tax credits for investment in qualifying advanced coal projects and qualifying gasification projects. Terminates after 2012 the tax credits for the production of electricity from certain renewable resources and from advanced nuclear power facilities.
Repeals the grant program under the American Recovery and Reinvestment Act of 2009 for payments to invest in alternative and renewable energy property in lieu of tax credits.
Directs the Secretary of the Treasury to reduce the corporate income tax rates by prescribing proportionate modifications to such rates based upon revenue savings resulting from the repeal of energy tax expenditures by this Act.
Cosponsors 2
Members who signed on, in the order they did. Signatures ran from Feb 2, 2012 to Feb 7, 2012, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-UT | Mike Lee | Original | Feb 2, 2012 |
| R-WI | Ron Johnson | Feb 7, 2012 |
Actions 3
Everything that happened, newest first.
- Feb 6, 2012Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 309.
- Feb 2, 2012Introduced in Senate
- Feb 2, 2012Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 3308 | Energy Freedom and Economic Prosperity Act | Related bill | Nov 4, 2011 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Air quality
- Alternative and renewable resources
- Climate change and greenhouse gases
- Coal
- Corporate finance and management
- Electric power generation and transmission
- Hybrid, electric, and advanced technology vehicles
- Income tax credits
- Income tax rates
- Motor fuels
- Nuclear power
- Oil and gas
- Sales and excise taxes
- Taxation
Text 1
Each version as it was printed, newest first.
- Feb 6, 2012Placed on Calendar Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.