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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.

USA115th CongressS-2368| Senate 
| Updated: 2/5/2018
Sheldon Whitehouse

Sheldon Whitehouse

Democratic Senator

Rhode Island

Cosponsors (1)
Brian Schatz (Democratic)

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
American Opportunity Carbon Fee Act of 201 8 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 allows a new carbon fee offset tax credit for the lesser of: 6.2% of earned income, or $800.
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Timeline
Feb 5, 2018
Introduced in Senate
Feb 5, 2018
Read twice and referred to the Committee on Finance.
Apr 5, 2018

Latest Companion Bill Action

HR 115-4926
Referred to the Subcommittee on Higher Education and Workforce Development.
  • February 5, 2018
    Introduced in Senate


  • February 5, 2018
    Read twice and referred to the Committee on Finance.


  • April 5, 2018

    Latest Companion Bill Action

    HR 115-4926
    Referred to the Subcommittee on Higher Education and Workforce Development.

Taxation

Related Bills

  • HR 115-3420: 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.
  • HR 115-4926: 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.
  • S 115-1639: 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.
Air qualityClimate change and greenhouse gasesCoalCorporate finance and managementDisability assistanceEmployment and training programsGovernment information and archivesIncome tax creditsIncome tax ratesManufacturingOil and gasRural conditions and developmentSales and excise taxesSocial security and elderly assistanceVeterans' pensions and compensation

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.

USA115th CongressS-2368| Senate 
| Updated: 2/5/2018
American Opportunity Carbon Fee Act of 201 8 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 allows a new carbon fee offset tax credit for the lesser of: 6.2% of earned income, or $800.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Feb 5, 2018
Introduced in Senate
Feb 5, 2018
Read twice and referred to the Committee on Finance.
Apr 5, 2018

Latest Companion Bill Action

HR 115-4926
Referred to the Subcommittee on Higher Education and Workforce Development.
  • February 5, 2018
    Introduced in Senate


  • February 5, 2018
    Read twice and referred to the Committee on Finance.


  • April 5, 2018

    Latest Companion Bill Action

    HR 115-4926
    Referred to the Subcommittee on Higher Education and Workforce Development.
Sheldon Whitehouse

Sheldon Whitehouse

Democratic Senator

Rhode Island

Cosponsors (1)
Brian Schatz (Democratic)

Finance Committee

Taxation

Related Bills

  • HR 115-3420: 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.
  • HR 115-4926: 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.
  • S 115-1639: 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 Committee
  • On Floor
  • Passed Chamber
  • Enacted
Air qualityClimate change and greenhouse gasesCoalCorporate finance and managementDisability assistanceEmployment and training programsGovernment information and archivesIncome tax creditsIncome tax ratesManufacturingOil and gasRural conditions and developmentSales and excise taxesSocial security and elderly assistanceVeterans' pensions and compensation