CO-SPONSORSHIP of the Energy Freedom and Economic Prosperity Act (Senate Version)
Last month, Senators Jim DeMint (R-SC) and Mike Lee (R-UT) introduced the Energy Freedom and Economic Prosperity Act (EFEPA) (S.2064). The EFEPA would remove market-distorting energy tax policy by allowing the energy tax credits that expired at the end of last year to remain expired and to expedite the expiration of all other energy tax credits to the end of 2012.
By eliminating the broad array of energy tax credits currently on the books, the EFEPA would begin the process of getting the government out of the business of picking winners and losers in the energy industry. Tax credits in need of elimination include those to the transportation sector, oil, renewable energy, nuclear, gas extraction and advanced coal.
The EFEPA would offset any revenue increase by requiring the Treasury to lower the corporate tax rate permanently. This would offset the 10-year savings accumulated from permanent elimination of the tax credits and ensure that America’s struggling economy does not incur a net tax increase. The lower corporate rate would spur investment, create jobs, and increase gross domestic product and capital stock.
Heritage Action supports S.2064 and will include CO-SPONSORSHIP of this legislation in our scorecard.
Heritage Action’s Legislative Scorecard
Heritage: Real Energy Tax Reform Eliminates Subsidies
Ending Energy Subsidies, Jumpstart Tax Reform
A Great Day for Taxpayers
Letter: Conservatives Tell Congress to End Energy Subsidies
Heritage: What’s an Oil Subsidy?