SB 546

Bill Subjects

Carbon Emissions Energy Environmental Response Tax Credit And Food Security Tax

Abstract

Amends the environmental response, energy, and food security tax to address carbon emissions. Increases the tax rate to effectively set a price of $40 per metric ton of carbon dioxide emissions in 2022. Incrementally increases the tax rate over time so that, in 2032, the tax rate shall be equivalent to a carbon price of $80 per metric ton of carbon emissions. Establishes a refundable tax credit for lower-income individuals. Tax credit applies to taxable years beginning after 12/31/2021. Takes effect 1/1/2022.