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Carbon Tax and Tax Credit for Citizens

This act introduces a new excise tax on fuels based on their carbon content, levied on producers and importers. Simultaneously, citizens can expect a new refundable tax credit of $1,000 per individual, designed to offset potential cost increases. The credit amount will be income-dependent and adjusted annually for inflation.
Key points
A new tax of $50 per ton of carbon in fuel produced in the U.S. or imported will take effect on January 1, 2023.
The tax amount will be adjusted annually for inflation starting in 2024.
A new refundable tax credit of $1,000 for each taxpayer and dependent will be introduced, applicable for tax years beginning after December 31, 2022.
The credit will be gradually reduced for higher-income individuals (above $314,000 for joint filers or $157,000 for other filers).
The credit amount will also be adjusted annually for inflation, starting in 2024.
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Additional Information
Print number: 117_HR_8572
Sponsor: Rep. Maloney, Sean Patrick [D-NY-18]
Process start date: 2022-07-28
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Carbon Reduction and Tax Credit Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_8572.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-07-28.

What are the main provisions?

Key points include:

  • A new tax of $50 per ton of carbon in fuel produced in the U.S. or imported will take effect on January 1, 2023.
  • The tax amount will be adjusted annually for inflation starting in 2024.
  • A new refundable tax credit of $1,000 for each taxpayer and dependent will be introduced, applicable for tax years beginning after December 31, 2022.
  • The credit will be gradually reduced for higher-income individuals (above $314,000 for joint filers or $157,000 for other filers).
  • The credit amount will also be adjusted annually for inflation, starting in 2024.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Maloney, Sean Patrick [D-NY-18].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Taxes Environment Economy