MARKET CHOICE Act
Summary
H.R. 3338, the MARKET CHOICE Act, would amend the tax code to eliminate certain fuel excise taxes while imposing a new tax on greenhouse gas emissions from fossil fuels, certain industrial processes, and product uses. The bill would establish a Rebuilding Infrastructure and Solutions for the Environment (RISE) Trust Fund to receive revenue from the new emissions tax. Funds from this trust would be allocated to the federal Highway Trust Fund, grants to low-income households, and other energy, environmental, infrastructure, and research and development priorities. The bill would also implement border tax adjustments for greenhouse gas-intensive products and modify tax credits related to carbon capture and storage. The emissions tax would take effect after December 31, 2025, pending regulatory implementation. This bill is currently in committee and has not yet been voted on by the full House.
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