H.R. 4058 · 116th Congress
SWAP Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
RooneySponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Stemming Warming and Augmenting Pay Act of 2019 or the SWAP Act.
What it does: CRS summary · Introduced in House · Jul 25, 2019
Stemming Warming and Augmenting Pay Act of 2019 or the SWAP Act.
This bill imposes a tax on combusted fossil fuel greenhouse gas emissions. The tax is equal to $30 per metric ton of carbon dioxide equivalent emissions beginning in 2021. The tax increases by 5% plus inflation each year and increases by $3 per ton every two years if the previous year's emission goals are not met.
The revenue from such tax is divided (1) 70% for the reduction of payroll taxes; (2) 10% for additional payments to Social Security beneficiaries, and (3) 20% to establish a carbon trust fund for block grants to offset higher energy costs for low-income households, climate adaptation, energy efficiency, carbon sequestration, and research and development programs.
The bill also amends the Clean Air Act to impose a 12-year moratorium on regulations that limit greenhouse gas emissions. This moratorium may be lifted if certain emission targets are not met.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: SWAP Act
Also known as: Stemming Warming and Augmenting Pay Act of 2019
Latest action (Jul 26, 2019): Referred to the Subcommittee on Consumer Protection and Commerce.
Policy area: Taxation · Origin: House · Introduced: Jul 25, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.