H.R. 310 — Restoring Energy Market Freedom Act

This section repeals multiple clean energy tax credits by striking IRC §§45 (renewable electricity production), 45J, 45Q (carbon oxide sequestration), 45U (nuclear power production), 45V (clean hydrogen production), 45X (advanced manufacturing production), 45Y (clean electricity production), 48 (energy percentage), 48A, 48B, 48C (advanced energy projects), 48D, and 48E (clean electricity investment). It also (1) removes those credits from the general business credit under IRC §38; (2) makes conforming amendments to eliminate cross-references in over 15 other IRC sections, including modifications to elective payment rules under §6417 (retaining eligibility for Alaska Native Corporations, as defined in 43 U.S.C. §1602(m)) and transfer rules under §6418; and (3) revises the definition of qualified facility under §45Z (clean fuel production credit) to mean a facility used for the production of transportation fuels. The amendments apply to taxable years beginning after a date to be specified.