H.R.310 - Restoring Energy Market Freedom Act (119th Congress)
Summary
H.R. 310, the "Restoring Energy Market Freedom Act," aims to amend the Internal Revenue Code of 1986 by repealing several energy-related tax credits. These credits span various forms of energy production and technologies. The bill targets sections within Subpart D of Part IV of Subchapter A of Chapter 1, as well as amendments to other sections of the tax code to conform with these repeals.
Expected Effects
If enacted, the bill would eliminate tax incentives for renewable energy and energy efficiency projects. This could lead to decreased investment in these sectors. It may also shift energy production back towards more traditional sources.
Potential Benefits
- Potentially lower tax burden for some taxpayers due to the elimination of certain credits.
- May simplify the tax code by removing numerous specific credits.
- Could lead to a more market-driven energy sector, theoretically fostering competition.
- Reduced government intervention in energy markets.
- Possible short-term reduction in energy prices if traditional energy sources become more dominant.
Most Benefited Areas:
Potential Disadvantages
- Reduced investment in renewable energy sources and technologies.
- Potential slowdown in the transition to a cleaner energy economy.
- Possible job losses in the renewable energy sector.
- Increased reliance on fossil fuels.
- May hinder efforts to combat climate change and environmental degradation.
Constitutional Alignment
The bill falls under the purview of Congress's power to lay and collect taxes, duties, imposts, and excises, as outlined in Article I, Section 8, Clause 1 of the Constitution. The Constitution grants broad authority to Congress regarding taxation and spending. The repeal of tax credits is a legitimate exercise of this power.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).