Following the increased attention to the corporate welfare in the U.S. tax code following the "Fiscal Cliff" deal, Congressman Mike Pompeo, R-Kansas, has introduced H.R. 259, the 2013 Energy Freedom & Economic Prosperity Act (EFEPA). The bill, an earlier version of which was introduced in the last Congress, eliminates all energy tax credits, while maintaining general business deductions available to multiple industries. EFEPA affects both renewable and conventional energy sources while providing for a comparable reduction in tax rates for every dollar generated from the tax credit repeals.
"Companies should have customers, not political patrons," said Pompeo. "The last thing we can afford during our dire financial straits is giving taxpayer-backed subsidies to companies that don't need them in markets that can't sustain them. We need affordable, abundant, American energy to create jobs in the United States, not more borrowing and spending."
Eleven congressmen have already signed on to co-sponsor the bill, which has also received support from the American Energy Alliance, Americans for Prosperity, Americans for Tax Reform, the Club for Growth, Council for Citizens Against Government Waste, Freedom Action, Heritage Action, National Taxpayers Union, 60 Plus Association, and Taxpayers for Common Sense.