Energy Innovation and Carbon Dividend Act of 2018
Latest action · Dec 19, 2018 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedDec 19, 2018
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 1
Members who signed on, in the order they did. All signed on Dec 19, 2018.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-AZ | Jeff Flake | Original | Dec 19, 2018 |
Actions 2
Everything that happened, newest first.
- Dec 19, 2018Introduced in Senate
- Dec 19, 2018Read twice and referred to the Committee on Finance.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 7173 | Energy Innovation and Carbon Dividend Act of 2018 | Related bill | Nov 27, 2018 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Administrative law and regulatory procedures
- Air quality
- Alternative and renewable resources
- Appropriations
- Climate change and greenhouse gases
- Coal
- Environmental assessment, monitoring, research
- Environmental Protection Agency (EPA)
- 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
- Taxation
- Trade agreements and negotiations
- User charges and fees
Text 1
Each version as it was printed, newest first.
- Dec 19, 2018Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.
