CO-SPONSORSHIP of the Energy Freedom and Economic Prosperity Act
The Energy Freedom and Economic Prosperity Act (H.R. 259), introduced by Rep. Mike Pompeo (R-KS), would amend the Internal Revenue Code to terminate certain energy tax preferences and lower the corporate income tax rate. It would amend our tax code in the least distortionary way possible.
The Heritage Foundation explains the Energy Freedom and Economic Prosperity Act (EFEPA) eliminates corporate welfare and corporate dependence:
The legislation would benefit energy producers and consumers by eliminating economically unjustified tax credits for both conventional and renewable energy sources and technologies while lowering the corporate tax rate to encourage investment and spur economic growth.
Removing the targeted tax credits for all energy sources and broadly lowering the tax rate, as Congressman Pompeo’s policy does, would allow for a more market-based energy economy that benefits economically viable producers and, ultimately, consumers with reliable, affordable energy.
The bill would restore the fairness afforded by the free market. All energy producers should be permitted to compete based on their economic viability and demand for their product, not the government’s inefficient and inappropriate intervention.
Heritage Action supports Energy Freedom and Economic Prosperity Act (H.R. 259) and will include CO-SPONSORHIP of the legislation on our legislative scorecard.