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H.R. 4283 (114th): Consumers REBATE Act


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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Dec 17, 2015.


Consumers Rebate to ban Emissions and Boost AlTernative Energy Act or the Consumers REBATE Act

This bill amends the Internal Revenue Code to impose as of January 1, 2017, an excise tax on the production or importation of a taxable carbon substance (i.e., coal, oil, and natural gas), payable by the producer, miner, or importer of such substance. The tax does not apply to exports of a taxable carbon substance.

The bill requires the Department of the Treasury to: (1) impose carbon equivalency fees on imports of goods containing or produced using a taxable carbon substance; and (2) make quarterly payments, from the amounts deposited pursuant to imposition of the carbon excise tax, to lawful residents of the United States with a valid social security number.