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senate Bill S. 1639

American Opportunity Carbon Fee Act of 2017

bill Progress


  • Not enacted
    The President has not signed this bill
  • The house has not voted
  • The senate has not voted
      senate Committees
      Committee on Finance
    IntroducedJuly 26th, 2017

Bill Details

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Title

American Opportunity Carbon Fee Act of 2017

Official Title

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.

Summary

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.
    Climate change is an imminent threat to our survival and must be aggressively addressed. Just look at all the extreme weather events last year! A carbon fee is one good market-based solution.
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