To distribute proceeds from greenhouse gas emissions allowance auctions to low and moderate income households, through refundable tax credits for wage earners and senior citizens and monthly rebates to low-income citizens, to offset any loss in purchasing power such households may experience as a result of the regulation of greenhouse gas emissions.
Climate Change Rebate Act of 2008 - Requires that 35% of the total value of greenhouse gas emission allowances created by federal legislation limiting such emissions be auctioned each year to finance the purposes of this Act.
Amends the Internal Revenue Code to allow certain low-income taxpayers a refundable tax credit for energy cost increases attributable to carbon regulation (climate change tax credit).
Requires the Administrator of the Environmental Protection Agency (EPA) to: (1) formulate and administer a Climate Change Rebate Program to provide monthly rebates based on energy cost increases to low-income families and families receiving federal assistance; (2) establish a schedule and standards to implement such Program.
Requires receipts from the auction of greenhouse gas emission allowances to be used equally for the Low-Income Home Energy Assistance Program and the Weatherization Assistance Program under the Energy Conservation and Production Act.
Introduced in House
Introduced in House
Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Education and Labor, 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.
Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Education and Labor, 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.
Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Education and Labor, 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.
Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Education and Labor, 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.
Referred to the Subcommittee on Energy and Air Quality.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line