HR310-119

1. Short title This Act may be cited as the Restoring Energy Market Freedom Act.

2. Repeal of credits Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by striking sections 45, 45J, 45Q, 45U, 45V, 45X, 45Y, 48, 48A, 48B, 48C, 48D, and 48E (and by striking the items relating to such sections in the table of sections for such subpart). Section 38 of such Code is amended— in subsection (b), by striking paragraphs (8), (21), (29), (36), (37), (38), and (39) and redesignating paragraphs (9)–(20), (22)–(28), (30)–(35), and (40)–(41) as paragraphs (8)–(19), (20)–(26), (27)–(32), and (33)–(34), respectively, and in subsection (c)(4)(B), by striking clauses (iv), (v), and (x) and redesignating clauses (vi)–(ix) and (xi)–(xii) as clauses (iv)–(vii) and (viii)–(ix), respectively. Section 25(e)(3) of such Code is amended by adding (as in effect immediately before its repeal) before the period at the end. Section 30C of such Code is amended— in subsection (g)(2)(B), by inserting (as in effect immediately prior to its repeal) after section 45(b)(7)(B), and in subsection (g)(3), by inserting (as in effect immediately prior to its repeal) after section 45(b)(8). Section 45K(b)(3) of such Code is amended by striking (within the meaning of section 48(a)(4)(C)) and inserting (within the meaning of section 48(a)(4)(C) as in effect immediately before its repeal). Section 45K(g)(2) of such Code is amended by striking subparagraph (E). Section 45L(g)(2)(B) of such Code is amended by inserting (as in effect immediately prior to its repeal) after section 45(b)(7)(B). Section 45Z of such Code is amended— in subsection (c), by inserting (as in effect immediately prior to its repeal) after pursuant to section 45Y(c), by amending subsection (d)(4) to read as follows: The term qualified facility means a facility used for the production of transportation fuels. in subsection (f)— in paragraph (5), by inserting (as in effect immediately prior to its repeal) after section 45Y(g)(6), in paragraph (6), by inserting (as in effect immediately prior to its repeal) after section 45(b)(7), and in paragraph (7), by inserting (as in effect immediately prior to its repeal) after section 45(b)(8). Section 49(a)(C) of such Code is amended by adding and at the end of clause (i), by striking the comma at the end of clause (ii) and inserting a period, and by striking clauses (ii), (iv), (v), and (vi). Section 50(a)(2)(E) of such Code is amended by striking section 48(b). Section 50(a) of such Code is amended— in paragraph (2), by striking subparagraph (E), and by striking paragraph (3). Section 56A(c) of such Code is amended by striking paragraph (9). Section 59A(b)(4) of such Code is amended by striking properly allocable to and all that follows through the period and by inserting properly allocable to the low-income housing credit determined under section 42(a).. Section 142(o) of such Code is amended by inserting as in effect immediately prior to its repeal after (as defined in section 45Q(e)(3). Section 168(e)(3)(B) of such Code is amended— in clause (v), by adding and at the end, and by striking clause (vi). Section 179D(b) of such Code is amended— in paragraph (4)(B), by inserting (as in effect immediately prior to its repeal) after section 45(b)(7)(B), and in paragraph (5), by inserting (as in effect immediately prior to its repeal) after section 45(b)(8). Section 409 of such Code is amended— in subsection (g), by striking section 48(n)(1) or and section 48(n)(1) and, and in subsection (m), by striking , or subparagraph (A) or (B) of section 48(n)(1). Section 501(c)(12) of such Code is amended by striking subparagraph (I) and by redesignating subparagraph (J) as subparagraph (I). Section 6417 of such Code is amended— in subsection (b), by striking paragraphs (2), (3), (4), (5), (7), (8), (10), (11), and (12) and by redesignating paragraphs (6) and (9) as paragraphs (2) and (3), respectively, and in subsection (d)— by amending paragraph (1) to read as follows: The term applicable entity means— any organization exempt from the tax imposed by subtitle A, any State or political subdivision thereof, the Tennessee Valley Authority, an Indian tribal government (as defined in section 30D(g)(9)), any Alaska Native Corporation (as defined in section 3 of the Alaska Native Claims Settlement Act (43 U.S.C. 1602(m)), or any corporation operating on a cooperative basis which is engaged in furnishing electric energy to persons in rural areas. by amending paragraph (3) to read as follows: Any election under subsection (a) shall be made not later than— in the case of any government, or political subdivision, described in paragraph (1) and for which no return is required under section 6011 or 6033(a), such date as is determined appropriate by the Secretary, or in any other case, the due date (including extensions of time) for the return of tax for the taxable year for which the election is made, but in no event earlier than 180 days after the date of the enactment of this section. Any election under subsection (a), once made, shall be irrevocable and shall apply (except as otherwise provided in this paragraph) with respect to any credit for the taxable year for which the election is made. Section 6418(f)(1) of such Code is amended— in subparagraph (A), by striking clauses (ii)–(vii) and (ix)–(xi) and by redesignating clause (viii) as clause (ii), by striking subparagraph (B), and by redesignating subparagraph (C) as subparagraph (B). The amendments made by this section shall apply to taxable years beginning after December 31, 2024. (4)Qualified facilityThe term qualified facility means a facility used for the production of transportation fuels. , and (1)Applicable entityThe term applicable entity means—(A)any organization exempt from the tax imposed by subtitle A, (B)any State or political subdivision thereof,(C)the Tennessee Valley Authority, (D)an Indian tribal government (as defined in section 30D(g)(9)),(E)any Alaska Native Corporation (as defined in section 3 of the Alaska Native Claims Settlement Act (43 U.S.C. 1602(m)), or(F)any corporation operating on a cooperative basis which is engaged in furnishing electric energy to persons in rural areas., and (3)Elections(A)Due dateAny election under subsection (a) shall be made not later than—(i)in the case of any government, or political subdivision, described in paragraph (1) and for which no return is required under section 6011 or 6033(a), such date as is determined appropriate by the Secretary, or (ii)in any other case, the due date (including extensions of time) for the return of tax for the taxable year for which the election is made, but in no event earlier than 180 days after the date of the enactment of this section.(B)Additional rulesAny election under subsection (a), once made, shall be irrevocable and shall apply (except as otherwise provided in this paragraph) with respect to any credit for the taxable year for which the election is made..