US HB6605 | 2017-2018 | 115th Congress

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on July 26 2018 - 25% progression
Action: 2018-07-26 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Carbon Reduction and Tax Credit Act This bill amends the Internal Revenue Code to impose 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 the dollar amounts for the credit to 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
2018-07-26HouseReferred to the House Committee on Ways and Means.
2018-07-26HouseIntroduced in House

Subjects


US Congress State Sources


Bill Comments

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