3.0.0 1639 2023-01-11T13:37:02Z 2023-01-11T13:37:02Z Senate S 2017-07-26 115 ssfi00 Finance Committee Senate Standing Referred to 2017-07-26T21:25:02Z American Opportunity Carbon Fee Act of 2017 115 3420 HR 2017-07-28 Referred to the Subcommittee on Environment. Identical bill CRS American Opportunity Carbon Fee Act of 2018 115 2368 S 2018-02-05 Read twice and referred to the Committee on Finance. Related bill CRS American Opportunity Carbon Fee Act of 2018 115 4926 HR 2018-04-05 Referred to the Subcommittee on Higher Education and Workforce Development. Related bill CRS 2017-07-26 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-07-26 Introduced in Senate IntroReferral 10000 9 Library of Congress W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI N S001194 Sen. Schatz, Brian [D-HI] Brian Schatz D HI 2017-07-26 True Taxation Air quality Climate change and greenhouse gases Coal Corporate finance and management Disability assistance Employment and training programs Government information and archives Income tax credits Income tax rates Manufacturing Oil and gas Rural conditions and development Sales and excise taxes Social security and elderly assistance Veterans' pensions and compensation Taxation 00 2017-07-26 Introduced in Senate 2017-08-08T14:45:34Z 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.

]]> American Opportunity Carbon Fee Act of 2017 Display Title American Opportunity Carbon Fee Act of 2017 Official Title 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. Introduced in Senate IS Short Titles as Introduced American Opportunity Carbon Fee Act of 2017 Introduced in Senate 2017-07-26T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s1639is/xml/BILLS-115s1639is.xml 2017-07-26 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.