H.R. 3416 would amend the Internal Revenue Code of 1986 to reduce carbon dioxide emissions in the United States domestic energy supply.

== Detailed Summary ==

<summary>
(Log in to editAmerica's Energy Security Trust Fund Act of 2007 - Amends the wikiInternal Revenue Code to impose an excise tax on any taxable carbon substance sold by a manufacturer, producer, or importer. Defines &quot;taxable carbon substance&quot; as: (1) coal (including lignite and bepeat); (2) petroleum and any petroleum products; and (3) natural gas that is extracted, manufactured, or produced in the firstUnited 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 detailed summarytax credit equal to carbon tax rebate amounts calculated by the Secretary of the bill!)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.
</summary>

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== Status of the Legislation ==

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Latest Major Action: 8/3/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.
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== Points in Favor ==

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== Points Against ==

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