Larson Carbon Tax Bill: America's Energy Security Trust Fund Act (HR 3416)

The Cunctator — Thu, 16 Aug 2007 11:27:00 -0500

Just before the August recess, Congressman John B. Larson (D-Conn.) introduced HR 3416, a federal carbon tax proposal that follows the basic model of Al Gore’s carbon tax recommendation.

Elements:

Covers coal, petroleum, and natural gas
Only regulates carbon dioxide content, not other GHG emissions (the bill calls for a proposal to cover those emissions within 6 months of enactment)
Tax starts at $15 per ton and rises at 10% faster than the cost of living adjustment each year
Tax refunds or credits include feedstock and any offset project other than enhanced oil recovery, and all exports
Revenues raised go into “America’s Energy Security Trust Fund”. 1/6 up to $10 billion goes to clean energy technology R&D, 1/12 goes to industry relief (declining to zero by 2017), and the remainder goes to offset payroll taxes.

Hill Heat: Tag HR 3416

Larson Carbon Tax Bill: America's Energy Security Trust Fund Act (HR 3416)