H.R.3420 - American Opportunity Carbon Fee Act of 2017115th Congress (2017-2018)
|Sponsor:||Rep. Blumenauer, Earl [D-OR-3] (Introduced 07/26/2017)|
|Committees:||House - Ways and Means; Transportation and Infrastructure; Veterans' Affairs; Energy and Commerce; Education and the Workforce|
|Latest Action:||House - 07/28/2017 Referred to the Subcommittee on Environment. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3420 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (07/26/2017)
American Opportunity Carbon Fee Act of 2017
This bill 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) associated emissions (attributable to venting, flaring, and leakage across the supply chain).
The bill directs the Department of the Treasury to:
- establish, implement, and report on a program to identify all major source categories of associated emissions and collect data on associated emissions from the coal, petroleum products, and natural gas supply chains;
- make specified adjustments to the new fees for importers and exporters of energy-intensive manufactured goods;
- make a specified payment each calendar year to certain Social Security beneficiaries, veterans, and disabled individuals;
- make cost mitigation grants to states to assist low-income and rural households and provide job training and worker transition assistance; and
- establish a website to make regular disclosures concerning revenue, tax savings, and benefits attributable to this bill.
The bill also: (1) reduces the maximum income tax rate on corporations to 29% of taxable income over $75,000; and (2) allows a new carbon fee offset tax credit for the lesser of: 6.2% of earned income, or $550.