S.1639 - American Opportunity Carbon Fee Act of 2017115th Congress (2017-2018) |
|Sponsor:||Sen. Whitehouse, Sheldon [D-RI] (Introduced 07/26/2017)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 07/26/2017 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.1639 — 115th Congress (2017-2018)All Information (Except Text)
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.