,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #edeg  ,,in ,,the ,,house ,,of  
,,representatives  ,december #ag1       
#bjai,mr4 ,sean ,patrick ,maloney of    
,new ,york introduced the following     
bill2 which was referred to the         
,committee on ,ways and ,means  ,a      
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to impose an excise tax 
on fuel based on the carbon content of  
such fuel1 and for other purposes4  #a4 
,short title ,this ,act may be cited as 
the ,carbon ,reduction and ,tax ,credit 
,act4  #b4 ,excise tax on carbon content
 of fuels  7a7 ,in general ,chapter #ch 
of the ,internal ,revenue ,code of #aihf
 is amended by adding at the end thereof
 the following new subchapter3  ,e      
,carbon ,content ,fee  ,sec4 #dfia4     
,carbon content4  #dfia4 ,carbon content
  7a7 ,in general ,in the case of a coal
 mine or an oil or gas well1 there is   
hereby imposed a tax equal to #dj per   
ton of carbon contained in fuel         
produced--  7#a7 at such mine or well   

located in the ,united ,states1 or  7#b7
 entered into the ,united ,states for   
consumption1 use1 or warehousing4  7b7  
,adjustment for years after #bjbj  7#a7 
,in general ,in the case of any calendar
 year after #bjbj1 the amount under     
subsection 7a7 shall be increased by an 
amount equal to--  7,a7 such amount1    
multiplied by  7,b7 the cost-of-living  
adjustment determined under section     
#a7;f77#c7 for such calendar year1      
determined--  7i7 by substituting       
calendar year #bjai for calendar year   
#bjaf in subparagraph 7,a77ii7 thereof1 
and  7ii7 by substituting for the       
,c-,,cpi-,u referred to in section      
#a7;f77#c77;,a7 the amount that such    
,,cpi would have been if the annual     
percentage increase in ,,cpi with       
respect to each year after #bjai had    
been one percentage point greater4  7#b7
 ,terms related to ,,cpi  7,a7 ,annual  
percentage increase ,for purposes of    
subparagraph 7,b77ii77,,ii71 the term   
annual percentage increase means the    

percentage 7if any7 by which ,c-,,cpi-,u
 for any year exceeds the ,c-,,cpi-,u   
for the prior year4  7,b7 ,other terms  
,terms used in this paragraph which are 
also used in section #a7;f77#c7 shall   
have the same meanings as when used in  
such section4  7#c7 ,rounding ,any      
increase determined under subparagraph  
7,b7 shall be rounded to the nearest    
multiple of #ej4  4  7b7 ,clerical      
amendment ,the table of subchapters for 
chapter #ch of the ,internal ,revenue   
,code of #aihf is amended by adding at  
the end the following new item3         
,subchapter ,e--,carbon ,content fee  4 
7c7 ,effective date ,the amendments made
 by this section shall apply to fuel    
produced after ,december #ca1 #bjai4    
#c4 ,credit  7a7 ,in general ,subpart ,c
 of part ,,iv of subchapter ,a of       
chapter #a of the ,internal ,revenue    
,code of #aihf 7relating to refundable  
credits7 is amended by inserting after  
section #cf;,b the following new        
section3  #cf;,c4 ,credit for taxpayers 

7a7 ,allowance of credit ,there shall be
 allowed as a credit against the tax    
imposed by this chapter for the taxable 
year with respect to each taxpayer who  
is an individual and each dependent of  
the taxpayer an amount equal to #a1jjj4 
7b7 ,limitation based on adjusted gross 
income ,the amount of the credit        
allowable under subsection 7a7 shall be 
reduced 7but not below zero7 by #ajj for
 each #a1jjj 7or fraction thereof7 by   
which the taxpayer's adjusted gross     
income exceeds #cad1jjj 7#aeg1jjj in the
 case of a return other than a joint    
return74  7c7 ,inflation adjustment ,in 
the case of a taxable year beginning    
after #bjbj1 the dollar amounts in      
subsections 7a7 and 7b7 shall be        
increased by an amount equal to--  7#a7 
such dollar amount1 multiplied by  7#b7 
the cost-of-living adjustment determined
 under section #a7;f77#c7 for the       
calendar year in which the taxable year 
begins1 determined by substituting #bjai
 for #bjaf in subparagraph 7,a77ii7     

thereof4  ,if any increase under this   
clause is not a multiple of #ej1 such   
increase shall be rounded to the next   
lowest multiple of #ej4  7d7            
,nonresident alien ineligible for credit
 ,no credit shall be allowed under this 
section to any nonresident alien4  4    
7b7 ,conforming amendments  7#a7        
,section #fbaa7;b77#d77;,a7 of such     
,code is amended by inserting #cf;,c1   
after #cf;,b14  7#b7 ,paragraph 7#b7 of 
section #acbd7;b7 of title #ca1 ,united 
,states ,code1 is amended by inserting  
#cf;,c1 after #cf;,b14  7#c7 ,the table 
of sections for subpart ,c of part ,,iv 
of subchapter ,a of chapter #a of the   
,internal ,revenue ,code of #aihf is    
amended by inserting after the item     
relating to section #cf;,c the following
 new item3  ,sec4 #cf;,c4 ,credit for   
taxpayers4  4  7c7 ,effective date ,the 
amendments made by this section shall   
apply to taxable years beginning after  
,december #ca1 #bjai4