Carbon Reduction and Tax Credit Act

Summary

Carbon Reduction and Tax Credit Act This bill imposes an excise tax based on the carbon content of fuel. The tax is equal to $40 per ton of carbon contained in fuel (1) produced at a coal mine or an oil or gas well located in the United States; or (2) entered into the United States for consumption, use, or warehousing. The bill requires the tax rate to be adjusted for inflation. The bill also allows a refundable tax credit of up to $1,000 for each individual taxpayer and each dependent of the taxpayer. The credit must be reduced by a specified amount if the taxpayer's adjusted gross income exceeds $314,000 ($157,000 in the case of a return other than a joint return). The bill requires that the dollar amounts of the credit be adjusted for inflation and specifies that nonresident aliens are ineligible for the credit.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 17 December 2019

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• Introduced in House (PDF)

  Introduced in House · EN · 17 December 2019

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• Introduced in House

  summary · EN · 17 December 2019

  Open at official source

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