Summary: S.1548 — 114th Congress (2015-2016)All Information (Except Text)

There is one summary for S.1548. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (06/10/2015)

American Opportunity Carbon Fee Act of 2015

Amends the Internal Revenue Code to impose fees on: (1) fossil fuel products producing carbon dioxide emissions, including coal, petroleum products, and natural gas; (2) fluorinated greenhouse gases; (3) emissions of any greenhouse gas from any greenhouse gas emissions source; and (4) methane emissions.

Directs the Department of the Treasury to: (1) establish, implement, and report on a program to collect data on methane emissions by major non-natural sources, including emissions attributable to the extraction and distribution of coal, petroleum products, and natural gas; (2) pay a refund of fees imposed by this Act to exporters of energy-intensive manufactured goods; (3) make one $500 payment each calendar year to certain social security beneficiaries, veterans, and disabled individuals; (4) make cost mitigation grants to states to assist low-income and rural households and provide job training and worker transition assistance; and (5) establish a website to make regular disclosures concerning revenue, tax savings, and benefits attributable to this Act.

Reduces the maximum income tax rate on corporations to 29% of taxable income over $75,000.

Allows a new carbon fee offset tax credit for the lesser of: (1) 6.2% of earned income, or (2) $500.