H.R. 5858, The Combating Climate Change Through Individual Action Act of 2008'

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

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H.R. 5858 would amend the Internal Revenue Code of 1986 to provide incentives for carbon sequestration.

Detailed Summary

Combating Climate Change Through Individual Action Act of 2008 - Amends the Internal Revenue Code to allow tax credits for: (1) 30% of carbon sequestration and soil conservation expenditures made by taxpayers engaged in the business of farming; (2) 10% of qualifying planting expenditures, including expenditures for the purchase and planting of any tree, plant, shrub, or bush, and the purchase and installation of a vegetated roof system; (3) the conversion of cropland to pasture for grazing purposes or to grassland or rangeland; and (4) certain types of reforestation and afforestation of land.

Status of the Legislation

Latest Major Action: 4/22/2008: Referred to House committee. Status: Referred to the House Committee on Ways and Means.

Points in Favor

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Points Against

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