US SB1128 | 2019-2020 | 116th Congress

Status

Spectrum: Partisan Bill (Democrat 4-0)
Status: Introduced on April 10 2019 - 25% progression, died in committee
Action: 2019-04-10 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Imposes fees on carbon dioxide and other greenhouse gas emissions, establishes a tax credit for workers, provides payments to retired and disabled individuals, and provides cost mitigation grants to states. Specifically, the bill imposes fees on (1) fossil fuel products producing carbon dioxide emissions, including coal, petroleum products, and natural gas; (2) fluorinated greenhouse gases; (3) facilities that emit greenhouse gases; and (4) associated emissions (attributable to venting, flaring, and leakage across the supply chain). The bill directs the Department of the Treasury to establish, implement, and report on a program to identify all major source categories of associated emissions and collect data on associated emissions from the coal, petroleum products, and natural gas supply chains; make specified adjustments to the new fees for importers and exporters of energy-intensive manufactured goods; make a specified payment each calendar year to certain Social Security beneficiaries and other retired and disabled individuals; make cost mitigation grants to states for assisting low-income and rural households in reducing energy expenses, providing job training and worker transition assistance, or assisting in dealing with climate change or the transition to a low-carbon economy; and establish a website to make regular disclosures concerning revenue, tax savings, and benefits attributable to this bill. The bill also allows a new carbon fee offset tax credit for the lesser of 6.2% of earned income or $900.

Tracking Information

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Title

American Opportunity Carbon Fee Act of 2019

Sponsors


History

DateChamberAction
2019-04-10SenateRead twice and referred to the Committee on Finance.

Subjects


US Congress State Sources


Bill Comments

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