American Opportunity Carbon Fee Act of 2017

Summary

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.

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Timeline

1. 26 July 2017

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 26 July 2017

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 26 July 2017 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 26 July 2017

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 26 July 2017

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 26 July 2017

  Open at official source

Sponsors

• Sheldon Whitehouse · D · Sponsor
• Brian Schatz · D · Sponsor
• · ssfi00 · Standing

Related records

• related to ← American Opportunity Carbon Fee Act of 2017
• related to ← American Opportunity Carbon Fee Act of 2018
• related to ← American Opportunity Carbon Fee Act of 2018