{"@context":"https://schema.org","@type":"Legislation","name":"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.","description":"

Energy Innovation and Carbon Dividend Act of 2018

This bill amends the Internal Revenue Code to impose 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 bill also amends the Clean Air Act to suspend certain regulations that limit greenhouse gas emissions. The suspensions expire if the emissions targets established by this bill are not reached after a specified time period.

","legislationIdentifier":"HR 7173","legislationType":"Bill","legislationLegalForce":"NotInForce","legislationJurisdiction":"USA","author":[{"@type":"Person","name":"Theodore E. Deutch","url":"https://legisdaily.com/mp/theodoree-deutch-us"}],"about":{"@type":"Thing","name":"Taxation"},"keywords":"Air quality, Alternative and renewable resources, Appropriations, Aviation and airports, Climate change and greenhouse gases, Coal, Customs enforcement, Diplomacy, foreign officials, Americans abroad, Environmental regulatory procedures, Free trade and trade barriers, Government studies and investigations, Government trust funds, Interest, dividends, interest rates, International law and treaties, Motor fuels, Motor vehicles, Oil and gas, Tariffs, Trade agreements and negotiations, User charges and fees","dateModified":"2025-01-03T00:00:00.000Z","url":"https://legisdaily.com/bill/USA-115-HR-7173"}

Theodore E. Deutch

Theodore E. Deutch

Ways and Means Committee, Foreign Affairs Committee, Energy and Commerce Committee