American Opportunity Carbon Fee Act of 2017
Latest action · Jul 28, 2017 Referred to the Subcommittee on Environment.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 26, 2017
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 1
Members who signed on, in the order they did. All signed on Jul 26, 2017.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-RI | David N. Cicilline | Original | Jul 26, 2017 |
Actions 5
Everything that happened, newest first.
- Jul 28, 2017Referred to the Subcommittee on Environment.
- Jul 27, 2017Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
- Jul 26, 2017Introduced in House
- Jul 26, 2017Referred 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.
- Jul 26, 2017Sponsor introductory remarks on measure. (CR E1057)
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1639 | American Opportunity Carbon Fee Act of 2017 | Identical bill | Jul 26, 2017 |
| S 2368 | American Opportunity Carbon Fee Act of 2018 | Related bill | Feb 5, 2018 |
| HR 4926 | American Opportunity Carbon Fee Act of 2018 | Related bill | Apr 5, 2018 |
Subjects
Assigned by the Library of Congress. Policy area: 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
- Taxation
- Veterans' pensions and compensation
Text 1
Each version as it was printed, newest first.
- Jul 26, 2017Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.
