US HB5457 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on December 17 2019 - 25% progression, died in committee
Action: 2019-12-17 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on December 17 2019 - 25% progression, died in committee
Action: 2019-12-17 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
Carbon Reduction and Tax Credit Act
Sponsors
Rep. Sean Maloney [D-NY] |
History
Date | Chamber | Action |
---|---|---|
2019-12-17 | House | Referred to the House Committee on Ways and Means. |
2019-12-17 | House | Introduced in House |
Subjects
Air quality
Climate change and greenhouse gases
Coal
Income tax credits
Inflation and prices
Mining
Oil and gas
Sales and excise taxes
Taxation
Climate change and greenhouse gases
Coal
Income tax credits
Inflation and prices
Mining
Oil and gas
Sales and excise taxes
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/house-bill/5457/all-info |
Text | https://www.congress.gov/116/bills/hr5457/BILLS-116hr5457ih.pdf |