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H.R. 3242: Save Our Climate Act of 2011
To amend the Internal Revenue Code of 1986 to reduce emissions of carbon dioxide by imposing a tax on primary fossil fuels based on their carbon content.
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Introduced :
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Mon, Oct 24, 2011
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Sponsor :
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Status :
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introduced Mon, Oct 24, 2011
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Feb-12
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5 Total Hits For All Bills
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Co-Sponsors
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Actions
| Date | Type | Description | Result |
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1/1/0001
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action
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Sponsor introductory remarks on measure. (CR E1914)
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1/1/0001
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action
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Referred to the House Committee on Ways and Means.
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Rolls
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Committee Assignments
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Subject Terms
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Related Legislative
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Amendments
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Titles Assigned
| Type | AS | Title |
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short
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introduced
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Save Our Climate Act of 2011
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official
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introduced
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To amend the Internal Revenue Code of 1986 to reduce emissions of carbon dioxide by imposing a tax on primary fossil fuels based on their carbon content.
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SUMMARY:
10/24/2011--Introduced.
Save Our Climate Act of 2011- Amends the Internal Revenue Code to impose an excise tax on the carbon content of any taxable fuel sold by a manufacturer, producer, or importer. Sets the amount of such tax at $10 per ton of the carbon dioxide produced by combustion in such fuel, with annual increases in the amount of such tax until the level of carbon dioxide emissions for a calendar year does not exceed 20% of the level of such emissions for calender year 1990 (target attainment year). Exempts from such tax the sale or in-kind exchange of fuel for deposit in the Strategic Petroleum Reserve and certain exports or resales of such fuel. Defines "taxable fuel" as coal (including lignite and peat), petroleum and any petroleum product, natural gas, biomass, municipal solid waste, and any organic material other than coal, petroleum, and natural gas that is sold for the purpose of energy production, which is extracted, manufactured, or produced in the United States or entered into the United States for consumption, use, or warehousing.
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