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United States · Bill · HR

H.R. 4058 (116th)

SWAP Act

referredUnited States· United States Congress· EN

Introduced

25 July 2019

Last action

26 July 2019 · Referred

Status

Referred to the Subcommittee on Consumer Protection and Commerce.

Sponsors

Rep. Rooney, Francis [R-FL-19], Rep. Lipinski, Daniel [D-IL-3]

Subjects

Energy, Taxation, Climate

Source updated

16 January 2025

Energy · Taxation · Climate

Official sourceDownload fileView documentsShare

Summary

Stemming Warming and Augmenting Pay Act of 2019 or the SWAP Act. This bill imposes a tax on combusted fossil fuel greenhouse gas emissions. The tax is equal to $30 per metric ton of carbon dioxide equivalent emissions beginning in 2021. The tax increases by 5% plus inflation each year and increases by $3 per ton every two years if the previous year's emission goals are not met. The revenue from such tax is divided (1) 70% for the reduction of payroll taxes; (2) 10% for additional payments to Social Security beneficiaries, and (3) 20% to establish a carbon trust fund for block grants to offset higher energy costs for low-income households, climate adaptation, energy efficiency, carbon sequestration, and research and development programs. The bill also amends the Clean Air Act to impose a 12-year moratorium on regulations that limit greenhouse gas emissions. This moratorium may be lifted if certain emission targets are not met.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 25 July 2019

    Introduced

    Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Science, Space, and Technology, 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.

    Source: IntroReferral

  2. 25 July 2019

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 25 July 2019

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 26 July 2019

    Referred

    Referred to the Subcommittee on Consumer Protection and Commerce.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 25 July 2019

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  • Introduced in House (PDF)

    Introduced in House · EN · 25 July 2019

    ViewDownloadOpen at official source

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  • Introduced in House

    summary · EN · 25 July 2019

    Open at official source

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Sponsors

Related records

Sources

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