110-H.R.2069

To 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.

4/26/2007--Introduced.

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.

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