US HB6605 | 2017-2018 | 115th Congress


Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on July 26 2018 - 25% progression, died in committee
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]


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.

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Carbon Reduction and Tax Credit Act



2018-07-26HouseReferred to the House Committee on Ways and Means.
2018-07-26HouseIntroduced in House


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