H.R. 2069 would amend the Internal Revenue Code of 1986 to reduce emissions of carbon dioxide by imposing a tax on primary fossil fuels based on their carbon content.
Detailed Summary
Save Our Climate Act of 2007 - Amends the Internal Revenue Code to impose an excise tax on the carbon content of any taxable fuel sold by a manufacturer, producer, or importer. Sets the amount of such tax at $10 per ton of the carbon content in such fuel. Defines "taxable fuel" as coal (including lignite and peat), petroleum and any petroleum product, and natural gas. Exempts from such tax the sale or in-kind exchange of fuel for deposit in the Strategic Petroleum Reserve and certain exports or resales of such fuel.
Status of the Legislation
Latest Major Action: 4/26/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.
Points in Favor
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