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]

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.

Tracking Information

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Title

Carbon Reduction and Tax Credit Act

Sponsors


History

DateChamberAction
2019-12-17HouseReferred to the House Committee on Ways and Means.
2019-12-17HouseIntroduced in House

Subjects


US Congress State Sources


Bill Comments

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