What does Preamble of Restoring Energy Market Freedom Act do?

This bill aims to amend the Internal Revenue Code of 1986 The amendment seeks to repeal certain credits

What does SHORT TITLE. of Restoring Energy Market Freedom Act do?

This bill is formally titled the Restoring Energy Market Freedom Act

What does REPEAL OF CREDITS. of Restoring Energy Market Freedom Act do?

This section amends the Internal Revenue Code of 1986 by repealing or modifying various tax credits. Subpart D of part IV of subchapter A of chapter 1 is amended, striking sections 45, 45J, 45Q, 45U, 45V, 45X, 45Y, 48, 48A, 48B, 48C, 48D, and 48E, along with related items in the table of sections. Section 38 of the Code is amended, striking and redesignating paragraphs within subsections (b) and (c)(4)(B). Certain sections of the Code are amended to include language referencing the state of effect immediately prior to the repeal of specific sections. Section 45Z is amended, including a redefinition of 'qualified facility' to mean 'a facility used for the production of transportation fuels.' Section 6417 is amended, revising the definition of 'applicable entity' and modifying rules related to elections. The amendments are generally applicable to taxable years beginning after December 31, 2024.

Back to bills

Restoring Energy Market Freedom Act

Last updated: 1/9/2025 · Introduced: 1/9/2025

Author: Scott Perry (R-PA)

TL;DR (AI)

This bill repeals or modifies numerous tax credits within the Internal Revenue Code of 1986, including credits related to renewable energy, energy efficiency, and transportation fuels.
The bill amends Section 38 of the Internal Revenue Code, striking and redesignating paragraphs within subsections (b) and (c)(4)(B).
The bill redefines 'qualified facility' under Section 45Z to specifically mean a facility used for the production of transportation fuels.

119th Congressin committeeOfficial page

Verified Votes

No verified votes yet.

Community Votes

No community votes yet. Be the first!

Voting as guest · Sign in for verified votes

Other Sections

Includes provisions on preamble, short title., and 1 more.

3 sections

Click "Show details" to explore individual sections. Use the community vote above or visit All Sections to vote per section.

Read official text

Want the full experience?

Create a free account to cast verified votes on each section, get a personalized summary, and track your voting history.

Create Free Account