Bill · H.R. 310· House(119-HR-310)
Restoring Energy Market Freedom Act
- Introduced
- 1/9/2025
- Last activity
- 1/9/2025 — Referred to the House Committee on Ways and Means.
- Sponsored by
- Scott Perry
- Cosponsors
- - 3 - 0
- Introduced
- In Committee
What this bill would do
This bill, titled the "Restoring Energy Market Freedom Act," seeks to amend the Internal Revenue Code of 1986. The primary purpose is to repeal various existing tax credits. It specifically strikes several sections related to various credits and amends the General Business Credit. Additionally, the bill includes various conforming amendments to ensure the tax code remains consistent after these repeals. The changes are set to apply to taxable years beginning after December 31, 2024.
Yes
Does this reduce what the federal government spends?+5
The repeal of numerous tax credits reduces the amount of revenue foregone by the federal government through these incentives.
The opposite· 3 of 8
Does this cut the pollution that drives climate change?-5
The bill repeals multiple tax credits that incentivize renewable energy, carbon sequestration, and clean energy production.
Does this put more money into wind, solar and other renewable power?-5
By striking sections 45, 48, and 48A, the bill removes financial incentives intended to drive renewable energy investment.
Would business owners be better off under this?-3
The repeal of several sections of the Internal Revenue Code reduces the available tax credits for business entities.
Who it would affect, and how
Potential Positive Impacts for People
- Repeal of Specific Credits: The bill strikes several sections of the Internal Revenue Code, including sections 45, 45J, 45Q, 45U, 45V, 45X, 45Y, 48, 48A, 48B, 48C, 48D, and 48E (Section 2(a)). While the bill does not explicitly state the benefits, this action is part of the effort to "restore energy market freedom."
Potential Negative Impacts for People
-
Removal of Tax Credits: The bill mandates the repeal of numerous tax credits through the striking of several sections of the Internal Revenue Code, such as sections 45, 45J, 45Q, 45U, 45V, 45X, 45Y, 48, 48A, 48B, 48C, 48D, and 48E (Section 2(a)). The removal of these credits could result in the loss of financial incentives or benefits previously available under these specific sections.
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Changes to General Business Credit: The bill strikes several paragraphs within subsection (b) of section 38 and multiple clauses within subsection (c)(4)(B) (Section 2(b)). These changes reduce the existing structure of the General Business Credit.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Environment Energy And Infrastructure
- Increases Renewable Energy Investment-5Reduces Carbon Emissions-5
- Demographic And Interest Groups
- Good For Business Owners-3Good For Low Income Households-1Good For Urban Residents-1
- Social Issues And Justice
- Improves Affordable Housing-2
- Economy And Finance
- Reduces Government Spending+5Reduces Small Business Taxes-3Improves Small Business Support-2
- 1/9/2025
- Referred to the House Committee on Ways and Means.
- 3 Cosponsors added.
- Introduced in House
Andy BiggsRepublican · Arizona
Andrew OglesRepublican · Tennessee
Chip RoyRepublican · Texas