SWAP Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Jul 25, 2019)
Stemming Warming and Augmenting Pay Act of 2019 or the SWAP Act.
This bill imposes a tax on combusted fossil fuel greenhouse gas emissions. The tax is equal to $30 per metric ton of carbon dioxide equivalent emissions beginning in 2021. The tax increases by 5% plus inflation each year and increases by $3 per ton every two years if the previous year's emission goals are not met.
The revenue from such tax is divided (1) 70% for the reduction of payroll taxes; (2) 10% for additional payments to Social Security beneficiaries, and (3) 20% to establish a carbon trust fund for block grants to offset higher energy costs for low-income households, climate adaptation, energy efficiency, carbon sequestration, and research and development programs.
The bill also amends the Clean Air Act to impose a 12-year moratorium on regulations that limit greenhouse gas emissions. This moratorium may be lifted if certain emission targets are not met.
What just happenedJul 26, 2019
Referred to the Subcommittee on Consumer Protection and Commerce.
Who’s behind it
- Introduced in HouseJul 25, 2019
- Jul 26, 2019Committee
Referred to the Subcommittee on Consumer Protection and Commerce.
Innovation, Data, and Commerce Subcommittee - Jul 25, 2019IntroReferralH11100
Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Science, Space, and Technology, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Science, Space, and Technology Committee - Jul 25, 2019IntroReferralH11100
Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Science, Space, and Technology, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Energy and Commerce Committee - Jul 25, 2019IntroReferralH11100
Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Science, Space, and Technology, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Ways and Means Committee - Jul 25, 2019IntroReferralIntro-H
Introduced in House
- Jul 25, 2019IntroReferral1000
Introduced in House