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Restoring Energy Market Freedom Act
2/6/2025, 3:08 AM
Summary of Bill HR 310
Bill 119 hr 310, also known as the "Repeal Certain Credits Act," is a piece of legislation that aims to amend the Internal Revenue Code of 1986 by repealing certain tax credits. The bill was introduced in the House of Representatives and is currently under consideration by the Ways and Means Committee.
The main purpose of this bill is to eliminate specific tax credits that are currently available to taxpayers. These credits are not specified in the bill itself, but it is likely that they are targeted for repeal due to their perceived inefficiency or ineffectiveness in achieving their intended goals.
If passed, this legislation would result in a reduction in the overall number of tax credits available to individuals and businesses. This could potentially simplify the tax code and make it easier for taxpayers to understand and comply with their tax obligations. It is important to note that the bill does not propose any new taxes or tax increases. Instead, it focuses on eliminating existing tax credits that are deemed unnecessary or ineffective. Overall, the "Repeal Certain Credits Act" is a straightforward piece of legislation that seeks to streamline the tax code by repealing specific tax credits. Its impact on taxpayers and the economy would depend on the specific credits that are targeted for repeal and how they are currently being utilized.
The main purpose of this bill is to eliminate specific tax credits that are currently available to taxpayers. These credits are not specified in the bill itself, but it is likely that they are targeted for repeal due to their perceived inefficiency or ineffectiveness in achieving their intended goals.
If passed, this legislation would result in a reduction in the overall number of tax credits available to individuals and businesses. This could potentially simplify the tax code and make it easier for taxpayers to understand and comply with their tax obligations. It is important to note that the bill does not propose any new taxes or tax increases. Instead, it focuses on eliminating existing tax credits that are deemed unnecessary or ineffective. Overall, the "Repeal Certain Credits Act" is a straightforward piece of legislation that seeks to streamline the tax code by repealing specific tax credits. Its impact on taxpayers and the economy would depend on the specific credits that are targeted for repeal and how they are currently being utilized.
Congressional Summary of HR 310
Restoring Energy Market Freedom Act
This bill repeals multiple business tax credits related to the production and sale of energy.
Specifically, the bill repeals the
- renewable electricity production tax credit (for electricity using wind, solar, or other specific types of renewable energy produced by a qualified facility for which construction began before 2025);
- clean electricity production tax credit (for electricity produced using a qualified facility that has no greenhouse gas emissions and was placed into service in 2025 or after);
- advanced nuclear production tax credit (for electricity produced and sold by a qualified nuclear power facility placed into service before 2021);
- zero-emission nuclear power production tax credit (for electricity produced and sold by a qualified nuclear power facility between 2024 and 2032);
- carbon sequestration tax credit (for the capture and sequestration of carbon oxide);
- clean hydrogen production tax credit (for clean hydrogen produced at a qualified clean production facility);
- advanced manufacturing production tax credit (for the production and sale of qualified components, including solar and wind energy components);
- energy investment tax credit (for investments in certain qualified energy property placed into service before 2025);
- clean electricity investment credit (for investments in qualified energy property placed into service in 2025 or after);
- qualifying advance coal project tax credit (for investments in qualifying advanced coal projects),
- clean coal investment tax credit (for investments in qualifying gasification projects);
- advanced energy project tax credit (for investments in qualifying advanced energy projects); and
- advanced manufacturing investment tax credit (for investments in semiconductor or semiconductor manufacturing equipment).
Read the Full Bill
Current Status of Bill HR 310
Bill HR 310 is currently in the status of Bill Introduced since January 9, 2025. Bill HR 310 was introduced during Congress 119 and was introduced to the House on January 9, 2025. Bill HR 310's most recent activity was Referred to the House Committee on Ways and Means. as of January 9, 2025
Bipartisan Support of Bill HR 310
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
3Democrat Cosponsors
0Republican Cosponsors
3Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 310
Primary Policy Focus
Alternate Title(s) of Bill HR 310
To amend the Internal Revenue Code of 1986 to repeal certain credits.
To amend the Internal Revenue Code of 1986 to repeal certain credits.
Comments
Sponsors and Cosponsors of HR 310
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