3.0.0 5457 2022-10-28T01:45:53Z 2022-10-28T01:45:53Z House HR 2019-12-17 116 [Congressional Record Volume 165, Number 204 (Tuesday, December 17, 2019)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. SEAN PATRICK MALONEY of New York:H.R. 5457.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8[Page H10610]]]> hswm00 Ways and Means Committee House Standing Referred to 2019-12-17T14:01:20Z 2019-12-17 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2019-12-17 Introduced in House IntroReferral Intro-H 9 Library of Congress 2019-12-17 Introduced in House IntroReferral 1000 9 Library of Congress M001185 Rep. Maloney, Sean Patrick [D-NY-18] Sean Maloney D NY Patrick 18 N Taxation Air quality Climate change and greenhouse gases Coal Income tax credits Inflation and prices Mining Oil and gas Sales and excise taxes Taxation 00 2019-12-17 Introduced in House 2020-01-16T17:11:30Z 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.

]]> Carbon Reduction and Tax Credit Act Display Title Carbon Reduction and Tax Credit Act Official Title as Introduced To amend the Internal Revenue Code of 1986 to impose an excise tax on fuel based on the carbon content of such fuel, and for other purposes. Introduced in House IH Short Title(s) as Introduced Carbon Reduction and Tax Credit Act Introduced in House IH Introduced in House 2019-12-17T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr5457ih/xml/BILLS-116hr5457ih.xml 2019-12-17 Referred to the House Committee on Ways and Means. 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.