Proposal:Carbon Reduction and Tax Credit Act

This proposal is archived and closed to further debate. It was introduced in the 116th Congress, which has concluded, and the bill was not enacted into law.

Bill	HR 5457
Type of Legislation	House Bill
Congress	116
Source	View original on Congress.gov

Geographic Scope

National

Description

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.

Bill Title

Carbon Reduction and Tax Credit Act

Linked Goals

• Goal:Promote General Welfare

Steps

• 2019-12-17: Referred to the House Committee on Ways and Means.
• 2019-12-17: Introduced in House
• 2019-12-17: Introduced in House

Projected Outcome

A more informed proposal or public response aligned with the Promote General Welfare goal.