CART Act

Hozzl · 2022-12-30T07:34:00Z

Explore the details of House Bill 5734 CART Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/30/2022, 7:34 AM

Summary of Bill HR 5734

The Bill 117 hr 5734, also known as the Comprehensive Automated Resilient Transportation (CART) Act, is a piece of legislation introduced in the US Congress. The main goal of this bill is to improve the transportation infrastructure in the United States by promoting the use of automated vehicles.

The CART Act includes provisions for funding research and development of automated vehicle technology, as well as establishing safety standards and regulations for the operation of these vehicles on public roads. The bill also aims to create a framework for the integration of automated vehicles into the existing transportation system, including addressing issues such as liability and insurance.

Additionally, the CART Act seeks to promote the use of automated vehicles as a means of reducing traffic congestion, improving road safety, and increasing access to transportation for individuals with disabilities or limited mobility. The bill also includes provisions for promoting the use of electric and other clean energy vehicles in order to reduce greenhouse gas emissions and combat climate change. Overall, the CART Act is a comprehensive piece of legislation that aims to modernize and improve the transportation infrastructure in the United States through the promotion of automated vehicle technology. It addresses a wide range of issues related to the integration of these vehicles into the existing transportation system, with the ultimate goal of creating a more efficient, safe, and sustainable transportation system for all Americans.

Congressional Summary of HR 5734

Catastrophic Risk Transfer Act of 2021 or the CART Act

This bill establishes a system for the taxation of catastrophic risk transfer companies and their security holders to ensure sufficient capital to cover catastrophic insurance losses. The bill defines catastrophic risk as a risk of loss that has a low likelihood of occurring but that would be large in amount.

The bill defines catastrophic risk transfer company as any domestic corporation created and regulated under state law with the purpose of entering into one or more insurance or reinsurance agreements covering catastrophic risk.

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Current Status of Bill HR 5734

Bill HR 5734 is currently in the status of Bill Introduced since October 26, 2021. Bill HR 5734 was introduced during Congress 117 and was introduced to the House on October 26, 2021. Bill HR 5734's most recent activity was Referred to the Committee on Ways and Means, and in addition to the Committee on the Judiciary, 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. as of October 26, 2021

Bipartisan Support of Bill HR 5734

Total Number of Sponsors

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Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 5734

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 5734

CART Act

Catastrophic Risk Transfer Act of 2021

To amend the Internal Revenue Code of 1986 to establish a system for the taxation of catastrophic risk transfer companies to ensure sufficient capital to cover catastrophic insurance losses, and for other purposes.