H.R. 3416 (110th): America’s Energy Security Trust Fund Act of 2007

Introduced:
Aug 03, 2007 (110th Congress, 2007–2009)
Sponsor:
Rep. John Larson [D-CT1]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as H.R. 1337 (111th) on Mar 05, 2009.

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on August 3, 2007, in a previous session of Congress, but was not enacted.

Progress
Introduced Aug 03, 2007
Cosponsors
12 cosponsors (12D) (show)
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Internal Revenue Code of 1986 to reduce carbon dioxide emissions in the United States domestic energy supply.

Summary

No summaries available.

Text

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Last updated Aug 03, 2007.
17 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

8/3/2007--Introduced.
America's Energy Security Trust Fund Act of 2007 - Amends the Internal Revenue Code to impose an excise tax on any taxable carbon substance sold by a manufacturer, producer, or importer. Defines "taxable carbon substance" as: (1) coal (including lignite and peat); (2) petroleum and any petroleum products; and (3) natural gas that is extracted, manufactured, or produced in the United States, or entered into the United States for consumption, use, or warehousing. Establishes in the Treasury the America's Energy Security Trust Fund to finance research in clean energy technology, assist industries negatively affected by this Act, and provide carbon tax rebates to individual taxpayers.
Allows individual taxpayers a tax credit equal to carbon tax rebate amounts calculated by the Secretary of the Treasury.
Directs the Secretary of the Treasury to study and report to Congress on the best methods to assess and collect taxes on non-carbon greenhouse gases.
Expresses the sense of Congress that the major greenhouse gas emitting countries should join with the United States in reducing greenhouse gas emissions.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)