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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

American Opportunity Carbon Fee Act of 2017

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Internal Revenue Code of 1986 to provide for carbon dioxide and other greenhouse gas emission fees, reduce the rate of the corporate income tax, provide tax credits to workers, deliver additional benefits to retired and disabled Americans, and for other purposes.

Actions Overview (1)

Date Actions Overview
07/26/2017Introduced in Senate

All Actions (1)

Date All Actions
07/26/2017Read twice and referred to the Committee on Finance.
Action By: Senate

Cosponsors (1)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Schatz, Brian [D-HI]* 07/26/2017

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Related Documents
Senate Finance07/26/2017 Referred to

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Latest Summary (1)

There is one summary for S.1639. View summaries

Shown Here:
Introduced in Senate (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.