H.R. 5457 · 116th Congress
Carbon Reduction and Tax Credit 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.
D
MaloneySponsorNo cosponsors.
This bill imposes an excise tax based on the carbon content of fuel. The tax is equal to $40 per ton of carbon contained in fuel (1) produced at a coal mine or an oil or gas well located in the United States; or (2) entered into the United States for consumption, use, or warehousing. The bill requires the tax rate to be adjusted for inflation.
What it does: CRS summary · Introduced in House · Dec 17, 2019
Carbon Reduction and Tax Credit Act
This bill imposes an excise tax based on the carbon content of fuel. The tax is equal to $40 per ton of carbon contained in fuel (1) produced at a coal mine or an oil or gas well located in the United States; or (2) entered into the United States for consumption, use, or warehousing. The bill requires the tax rate to be adjusted for inflation.
The bill also allows a refundable tax credit of up to $1,000 for each individual taxpayer and each dependent of the taxpayer. The credit must be reduced by a specified amount if the taxpayer's adjusted gross income exceeds $314,000 ($157,000 in the case of a return other than a joint return). The bill requires that the dollar amounts of the credit be adjusted for inflation and specifies that nonresident aliens are ineligible for the credit.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Carbon Reduction and Tax Credit Act
Latest action (Dec 17, 2019): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Dec 17, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.