US HB5307 | 2013-2014 | 113th Congress

US Congress House Bill 5307 (Prior Session Legislation)

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on July 31 2014 - 25% progression, died in committee
Action: 2014-07-31 - Referred to House Foreign Affairs
Pending: House Foreign Affairs Committee
Text: Latest bill text (Introduced) [PDF]

Summary

America's Energy Security Trust Fund Act of 2014 - Amends the Internal Revenue Code to impose an excise tax, beginning in calendar year 2016, on any taxable carbon substance sold by its manufacturer, producer, or importer. Defines "taxable carbon substance" as: (1) coal (including lignite and peat); (2) petroleum and any petroleum products; and (3) natural gas that is extracted, manufactured, or produced in the United States, or entered into the United States for consumption, use, or warehousing. Establishes in the Treasury the America's Energy Security Trust Fund to assist industries negatively affected by this Act, make transfers to the Highway Trust Fund to cover shortfalls, and provide payroll tax relief. Allows individual taxpayers a tax credit equal to carbon tax rebate amounts calculated by the Secretary of the Treasury.Directs the Secretary of the Treasury to study and report to Congress on the best methods to assess and collect taxes on non-carbon greenhouse gases.Expresses the sense of Congress that the United States should establish binding agreements with major greenhouse gas emitting nations to reduce global greenhouse gas emissions.

Title

America's Energy Security Trust Fund Act of 2014

History

Date	Chamber	Action
2014-07-31	House	Referred to House Foreign Affairs
2014-07-31	House	Referred to House Ways and Means
2014-07-31	House	Referred to the Committee on Ways and Means, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.