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Carbon Reduction and Tax Credit Act

12/29/2022, 6:18 PM

Summary of Bill HR 8572

Bill 117 HR 8572, also known as the Carbon Reduction and Tax Credit Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to reduce carbon emissions in the United States and incentivize businesses and individuals to adopt more environmentally friendly practices.

One of the key provisions of the Carbon Reduction and Tax Credit Act is the establishment of a carbon tax credit system. This system would impose a tax on businesses and individuals based on the amount of carbon emissions they produce. However, those who are able to reduce their carbon footprint would be eligible for tax credits, providing a financial incentive for reducing emissions.

Additionally, the bill includes measures to promote the development and use of renewable energy sources, such as wind and solar power. This includes tax incentives for businesses that invest in renewable energy technologies and grants for research and development in the renewable energy sector. Furthermore, the Carbon Reduction and Tax Credit Act aims to create a more sustainable economy by encouraging businesses to adopt energy-efficient practices and reduce their reliance on fossil fuels. This includes funding for energy efficiency programs and initiatives to help businesses transition to cleaner energy sources. Overall, the Carbon Reduction and Tax Credit Act is a comprehensive piece of legislation that seeks to address the urgent issue of climate change by reducing carbon emissions and promoting sustainable practices in the United States.

Congressional Summary of HR 8572

Carbon Reduction and Tax Credit Act

This bill imposes an excise tax on coal mines or oil or gas wells equal to $50 per ton of carbon contained in fuel produced at such mines or wells located in the United States, or entered into the United States for consumption, use, or warehousing. It also allows an individual taxpayer (other than a nonresident alien) a refundable income tax credit equal to $1,000, subject to a phaseout if the taxpayer's adjusted gross income exceeds a certain threshold amount. The dollar amounts in this bill are subject to a inflation adjustment in calendar years after 2023.

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Current Status of Bill HR 8572

Bill HR 8572 is currently in the status of Bill Introduced since July 28, 2022. Bill HR 8572 was introduced during Congress 117 and was introduced to the House on July 28, 2022.  Bill HR 8572's most recent activity was Referred to the House Committee on Ways and Means. as of July 28, 2022

Bipartisan Support of Bill HR 8572

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 8572

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 8572

Carbon Reduction and Tax Credit Act
Carbon Reduction and Tax Credit Act
To amend the Internal Revenue Code of 1986 to impose an excise tax on fuel based on the carbon content of such fuel, and for other purposes.

Comments

Sponsors and Cosponsors of HR 8572

Sean Patrick Maloney
Sean Patrick Maloney
New YorkDemocrat

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