The bill, titled the "MARKET CHOICE Act," establishes a federal carbon tax on greenhouse gas emissions, starting at $35 per metric ton in 2027 and increasing annually by 5% plus inflation. This tax applies to combusted fossil fuels at their point of production or import, greenhouse gas emissions from specific industrial processes, and emissions from certain manufactured product uses. Exemptions are provided for noncombustive uses and carbon capture and storage, with the tax rate subject to adjustment if cumulative emission targets are not met.

Revenues from this carbon tax are largely directed to the newly established Rebuilding Infrastructure and Solutions for the Environment (RISE) Trust Fund, which receives 75% of the collected amounts. These funds are allocated across various initiatives, including 70% to the Highway Trust Fund, 10% for state grants to low-income households, and smaller percentages for weatherization, displaced energy workers, airport and airway infrastructure, abandoned mine reclamation, and carbon capture research and development. The bill also repeals federal motor vehicle and aviation fuel taxes and modifies credits for advanced coal projects.

To complement the carbon tax, the bill amends the Clean Air Act by imposing a moratorium on the Environmental Protection Agency's authority to regulate greenhouse gas emissions based on their climate effects, specifically for emissions subject to the new tax. This moratorium would cease if specified emission reduction targets are not met by certain dates. Additionally, it establishes a 10-year program to assist workers displaced from fossil energy and nuclear power sectors through retraining, relocation, health benefits, and economic redevelopment grants.

The legislation also creates a National Climate Commission to set emissions reduction goals and assess federal policies, and a National Bipartisan Fiscal Commission to recommend legislative packages for stabilizing long-term deficits and debt. Recommendations from the Fiscal Commission would be subject to expedited consideration in Congress. These commissions aim to provide strategic guidance and actionable plans for critical national challenges.

Beyond climate and fiscal policy, the bill addresses several other priorities. It increases the National Cancer Institute's budget for cancer research and mandates a report on cancer drug shortages. A Department of Defense Coordinator is established to engage with communities impacted by PFAS contamination. Members of the House of Representatives would be restricted from owning or trading certain financial instruments, with specific exceptions. The "End Banking for Human Traffickers Act" requires financial institutions to enhance their efforts against money laundering related to human trafficking. Furthermore, the "SAFER Schools Act" directs CISA to develop rules for reinforced doors in federally funded schools, and the "Let America Vote Act" requires states to permit unaffiliated voters in primaries while prohibiting non-citizens from voting. Finally, the bill designates Election Day as a federal holiday, includes veteran-owned small businesses in disadvantaged business enterprise programs for infrastructure, and extends increased dependency and indemnity compensation to surviving spouses of veterans who die from ALS.