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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 Nov 1, 2017.
America Wins Act
The bill amends the Internal Revenue Code to impose an excise tax on the carbon dioxide content of coal, petroleum and petroleum products, and natural gas sold by the manufacturer, producer, or importer and require the revenues to be used for infrastructure and other purposes.
Refunds or credits for the tax must be issued for carbon substances that are: (1) not emitted due to use as a feedstock or through carbon capture and sequestration, or (2) previously taxed carbon substances used to make another taxable carbon substance.
The bill includes border adjustment provisions that require certain fees, credits, or refunds for carbon-intensive goods that are exported or imported.
The bill also establishes a Build America Trust Fund and appropriates to the fund amounts equal to the increase in revenues attributable to the tax. Specified amounts of the funds must be used, without further appropriation, for infrastructure, including
highways and transit; aviation; passenger rail; harbors, waterways, flood protection, and dams; clean water; Department of Agriculture water and waste disposal programs; and broadband deployment. Specified portions of the funds must also be used for:
providing assistance to workers and communities reliant on industries that primarily produce taxable carbon substances or carbon-intensive goods, an energy refund program to provide payments to certain low-income households, and a refundable tax credit for households that meet specified income requirements.