H.R.4058 - SWAP Act116th Congress (2019-2020) |
|Sponsor:||Rep. Rooney, Francis [R-FL-19] (Introduced 07/25/2019)|
|Committees:||House - Ways and Means; Energy and Commerce; Science, Space, and Technology|
|Latest Action:||House - 07/26/2019 Referred to the Subcommittee on Consumer Protection and Commerce. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.4058 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (07/25/2019)
Stemming Warming and Augmenting Pay Act of 2019 or the SWAP Act.
This bill imposes a tax on combusted fossil fuel greenhouse gas emissions. The tax is equal to $30 per metric ton of carbon dioxide equivalent emissions beginning in 2021. The tax increases by 5% plus inflation each year and increases by $3 per ton every two years if the previous year's emission goals are not met.
The revenue from such tax is divided (1) 70% for the reduction of payroll taxes; (2) 10% for additional payments to Social Security beneficiaries, and (3) 20% to establish a carbon trust fund for block grants to offset higher energy costs for low-income households, climate adaptation, energy efficiency, carbon sequestration, and research and development programs.
The bill also amends the Clean Air Act to impose a 12-year moratorium on regulations that limit greenhouse gas emissions. This moratorium may be lifted if certain emission targets are not met.