H.R.5457 - Carbon Reduction and Tax Credit Act116th Congress (2019-2020)
|Sponsor:||Rep. Maloney, Sean Patrick [D-NY-18] (Introduced 12/17/2019)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 12/17/2019 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.5457 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (12/17/2019)
Carbon Reduction and Tax Credit Act
This bill imposes an excise tax based on the carbon content of fuel. The tax is equal to $40 per ton of carbon contained in fuel (1) produced at a coal mine or an oil or gas well located in the United States; or (2) entered into the United States for consumption, use, or warehousing. The bill requires the tax rate to be adjusted for inflation.
The bill also allows a refundable tax credit of up to $1,000 for each individual taxpayer and each dependent of the taxpayer. The credit must be reduced by a specified amount if the taxpayer's adjusted gross income exceeds $314,000 ($157,000 in the case of a return other than a joint return). The bill requires that the dollar amounts of the credit be adjusted for inflation and specifies that nonresident aliens are ineligible for the credit.