3.0.0 3791 2023-01-11T13:40:39Z 2023-01-11T13:40:39Z Senate S 2018-12-19 115 ssfi00 Finance Committee Senate Standing Referred to 2018-12-19T22:29:58Z Energy Innovation and Carbon Dividend Act of 2018 115 7173 HR 2018-11-27 Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Foreign Affairs, 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. Related bill CRS 2018-12-19 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2018-12-19 Introduced in Senate IntroReferral 10000 9 Library of Congress C001088 Sen. Coons, Christopher A. [D-DE] Christopher Coons D DE A. N F000444 Sen. Flake, Jeff [R-AZ] JEFF FLAKE R AZ 2018-12-19 True Taxation Administrative law and regulatory procedures Air quality Alternative and renewable resources Appropriations Climate change and greenhouse gases Coal Environmental Protection Agency (EPA) Environmental assessment, monitoring, research Environmental regulatory procedures Free trade and trade barriers Government studies and investigations Government trust funds Inflation and prices Interest, dividends, interest rates International law and treaties Motor fuels Oil and gas Sales and excise taxes Tariffs Trade agreements and negotiations User charges and fees Taxation 00 2018-12-19 Introduced in Senate 2019-02-14T17:17:41Z Energy Innovation and Carbon Dividend Act of 2018

This bill imposes a fee on the carbon content of fuels, including crude oil, natural gas, coal, or any other product derived from those fuels that will be used so as to emit greenhouse gases into the atmosphere.

The fee is imposed on the producers or importers of the fuels and is equal to the greenhouse gas content of the fuel multiplied by the carbon fee rate. The rate begins at $15 in 2019, increases by $10 each year, and is subject to further adjustments based on the progress in meeting specified emissions reduction targets. The bill also imposes a specified fee on fluorinated greenhouse gases.

The bill includes:

  • exemptions for fuels used for agricultural or nonemitting purposes,
  • rebates for facilities that capture and sequester carbon dioxide, and
  • border adjustment provisions that require certain fees or refunds for carbon-intensive products that are exported or imported.

The fees must be deposited into a Carbon Dividend Trust Fund and used for administrative expenses and dividend payments to U.S. citizens or lawful residents. The fees must be decommissioned when emissions levels and monthly dividend payments fall below specified levels.

The Environmental Protection Agency (EPA) must evaluate the effectiveness of the fees at reducing emissions. If the targets specified in this bill have been met or exceeded, the EPA may review certain regulations related to the fuels and fluorinated greenhouse gases on which the fees have been imposed.

]]> Energy Innovation and Carbon Dividend Act of 2018 Display Title Energy Innovation and Carbon Dividend Act of 2018 Official Title as Introduced A bill to create a Carbon Dividend Trust Fund for the American people in order to encourage market-driven innovation of clean energy technologies and market efficiencies which will reduce harmful pollution and leave a healthier, more stable, and more prosperous nation for future generations. Introduced in Senate IS Short Titles as Introduced Energy Innovation and Carbon Dividend Act of 2018 Introduced in Senate 2018-12-19T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s3791is/xml/BILLS-115s3791is.xml 2018-12-19 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.