Carbon Tax Proposals from the 110th Congress

 

H.R. 2069: [1] Save Our Climate Act of 2007. This bill would amend the Internal Revenue Code of 1986 to impose a carbon tax based on the carbon content of primary fossil fuels. The tax would be imposed on any taxable fuel—coal (including lignite and peat), petroleum and any petroleum product, and natural gas—which is extracted, manufactured, or produced in the United States or entered into the United States for consumption, use, or warehousing. The tax would be imposed on the manufacturer, producer, or importer of that fuel, and would start at $10 per ton of carbon in such fuel. The bill directs the Secretary of Transportation and the Secretary of Energy to determine the carbon content of taxable fuels. For each calendar year beginning after 2008, the tax will increase at a rate of $10 per year, until the level of US CO₂ emissions does not exceed 20% of 1990 levels, as determined by the Energy Information Administration. Sponsor: Rep. Fortney Stark (D-CA) (1 cosponsor)

H.R. 3416: [2] America’s Energy Security Trust Fund Act of 2007. This bill would amend the Internal Revenue Code of 1986 to impose a tax on the carbon dioxide content of coal (including lignite and peat), petroleum and any petroleum product, and natural gas, which is extracted, manufactured, or produced in the United States or entered into the United States for consumption, use, or warehousing. Beginning in 2008, the bill would impose a tax of $15 per ton of CO₂ content, increasing incrementally each year thereafter. The bill provides for tax refunds for generated CO₂ that is sequestered or offset by a qualified offset project. Revenues generated by the tax would fund the America’s Energy Security trust fund, which would be used for clean energy technology research and development, industry transition assistance, and payroll tax relief. Sponsor: Rep. John Larson (D-CT)

 

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