American Opportunity Carbon Fee Act of 2017

Bill: 115-hr-3420
Sponsor: Rep. Blumenauer, Earl [D-OR-3]
Introduced: 2017-07-26 in the House
Policy area: Taxation
Subjects: 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

Summary:
action_date: 2017-07-26
text: 

American Opportunity Carbon Fee Act of 201

7

 
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.


Legislative actions:
action_date: 2017-07-28
text: Referred to the Subcommittee on Environment.
action_date: 2017-07-27
text: Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
action_date: 2017-07-26
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Transportation and Infrastructure, Veterans' Affairs, Energy and Commerce, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2017-07-26
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Transportation and Infrastructure, Veterans' Affairs, Energy and Commerce, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2017-07-26
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Transportation and Infrastructure, Veterans' Affairs, Energy and Commerce, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2017-07-26
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Transportation and Infrastructure, Veterans' Affairs, Energy and Commerce, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2017-07-26
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Transportation and Infrastructure, Veterans' Affairs, Energy and Commerce, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2017-07-26
text: Sponsor introductory remarks on measure. (CR E1057)
action_date: 2017-07-26
text: Introduced in House
action_date: 2017-07-26
text: Introduced in House