HR 5457
Carbon Reduction and Tax Credit Act
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Carbon Reduction and Tax Credit Act introduces a tax on fuel based on its carbon content, levied at $40 per ton for fuel produced in the United States. This tax will be adjusted annually for inflation. Additionally, the bill establishes a refundable tax credit of up to $1,000 per individual taxpayer and dependent, with the credit amount reduced for taxpayers with high adjusted gross incomes. The legislation aims to incentivize carbon reduction through financial mechanisms.
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Primary sponsor
Sean Patrick Maloney
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