H.R.4520 - Modernizing America with Rebuilding to Kickstart the Economy of the Twenty-first Century with a Historic Infrastructure-Centered Expansion Act116th Congress (2019-2020)
|Sponsor:||Rep. Fitzpatrick, Brian K. [R-PA-1] (Introduced 09/26/2019)|
|Committees:||House - Ways and Means; Energy and Commerce; Natural Resources; Education and Labor; Transportation and Infrastructure; Science, Space, and Technology; Agriculture|
|Latest Action:||House - 10/18/2019 Referred to the Subcommittee on Energy and Mineral Resources. (All Actions)|
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Summary: H.R.4520 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (09/26/2019)
Modernizing America with Rebuilding to Kickstart the Economy of the Twenty-first Century with a Historic Infrastructure-Centered Expansion Act or the MARKET CHOICE Act
This bill imposes a tax on the greenhouse gas emissions of fossil fuels, certain industrial processes, and certain product uses.
The bill appropriates and transfers specified revenue from the tax to a Rebuilding Infrastructure and Solutions for the Environment Trust Fund (RISE Trust Fund) established by the bill. Specified amounts in the trust fund shall be available, as provided by appropriations Acts, for the federal Highway Trust Fund, grants to low-income households; and other specified energy, environmental, infrastructure, and research and development priorities.
The bill also
- eliminates the federal motor vehicle and aviation fuel taxes,
- modifies the tax credit for carbon capture and storage and the qualifying advanced coal project tax credit,
- imposes a moratorium on finalizing and enforcing certain Clean Air Act regulations on greenhouse gas emissions, and
- establishes a National Climate Commission to review policies to reduce greenhouse gas emissions.
The moratorium on regulations expires in 2033 if specified emission targets are not reached.