I 

111TH CONGRESS 

1ST SESSION H. R. 1862 

To cap the emissions of greenhouse gases through a requirement to purchase 

carbon permits, to distribute the proceeds of such purchases to eligible 

individuals, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 1, 2009 

Mr. VAN HOLLEN (for himself, Mr. THOMPSON of California, Mr. 

BLUMENAUER, and Mr. DOGGETT) introduced the following bill; which 

was referred to the Committee on Ways and Means, and in addition to 

the Committee on Energy and Commerce, 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 

A BILL 

To cap the emissions of greenhouse gases through a requirement to purchase carbon permits, to distribute the proceeds of such purchases to eligible individuals, and for 

other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Cap and Dividend Act 

5 of 2009’’. 


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1 SEC. 2. AUCTION OF CARBON PERMITS AND DISTRIBUTION 

2 OF CONSUMER DIVIDENDS. 

3 (a) IN GENERAL.—The Internal Revenue Code of 

4 1986 is amended by adding at the end the following new 

5 subtitle: 

6 ‘‘Subtitle L—Auction of Carbon 

7 Permits and Distribution of 

8 Consumer Dividends 

‘‘Chapter 101. Cap and Dividend Program Rules. 

‘‘Chapter 102. Consumer Dividends. 

‘‘Chapter 103. Border Adjustments. 

9 ‘‘CHAPTER 101—CAP AND DIVIDEND 

10 PROGRAM RULES 

‘‘Sec. 9901. Definitions. 

‘‘Sec. 9902. Carbon permits. 

‘‘Sec. 9903. Auctions. 

‘‘Sec. 9904. Compliance obligation. 

‘‘Sec. 9905. Penalty for noncompliance. 

‘‘Sec. 9906. Carbon capture and sequestration. 

‘‘Sec. 9907. Trading. 

‘‘Sec. 9908. Banking and borrowing. 

11 ‘‘SEC. 9901. DEFINITIONS. 

12 ‘‘For purposes of this subtitle: 

13 ‘‘(1) ADMINISTRATOR.—The term ‘Adminis14 trator’ means the Administrator of the Environ15 mental Protection Agency. 

16 ‘‘(2) CARBON PERMIT.—The term ‘carbon per17 mit’ means a carbon permit established by the Sec18 retary under section 9902(a). 


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1 ‘‘(3) COVERED ENTITY.—The term ‘covered en2 tity’ means a person who makes the first sale in 

3 United States markets of a covered fuel, as deter4 mined by the Secretary, in consultation with the Ad5 ministrator. 

6 ‘‘(4) COVERED FUEL.—The term ‘covered fuel’ 

7 means oil, natural gas, coal, or any other product 

8 derived therefrom for use as a combustible fuel of9 fered for sale in United States markets. 

10 ‘‘(5) FAIR MARKET VALUE.—The term ‘fair 

11 market value’ means the average auction price for 

12 carbon permits during the 4 quarters immediately 

13 preceding a failure to surrender, when required 

14 under section 9904, the required number of carbon 

15 permits under such section. 

16 ‘‘(6) STATE.—The term ‘State’ means the sev17 eral States, the District of Columbia, the Common18 wealth of Puerto Rico, the United States Virgin Is19 lands, Guam, American Samoa, the Commonwealth 

20 of the Northern Mariana Islands, and any other 

21 commonwealth, territory, or possession of the United 

22 States. 

23 ‘‘(7) VINTAGE YEAR.—The term ‘vintage year’ 

24 means the calendar year for which a carbon permit 

25 is established under section 9902. 


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1 ‘‘SEC. 9902. CARBON PERMITS. 

2 ‘‘(a) IN GENERAL.—The Secretary, in consultation 

3 with the Administrator, shall establish a separate quantity 

4 of carbon permits for calendar year 2012 and each cal5 endar year thereafter, as set forth under subsection (b). 

6 ‘‘(b) EMISSIONS REDUCTION SCHEDULE.— 

7 ‘‘(1) IN GENERAL.—The quantity of carbon 

8 permits established by the Secretary, in consultation 

9 with the Administrator, under subsection (a) shall 

10 represent equal, pro rata increments that meet the 

11 targets described in paragraph (2). 

12 ‘‘(2) TARGETS.— 

13 ‘‘(A) INITIAL TARGET.—The quantity of 

14 carbon permits established for 2012 shall be 

15 equal to the number of metric tons of carbon 

16 dioxide emitted in the United States in 2005. 

17 ‘‘(B) DECADAL TARGETS.—The quantity 

18 of carbon permits established for— 

19 ‘‘(i) 2020 shall be equal to 25 percent 

20 less than the number of metric tons of car21 bon dioxide emitted in the United States in 

22 2005; 

23 ‘‘(ii) 2030 shall be equal to 45 percent 

24 less than the number of metric tons of car25 bon dioxide emitted in the United States in 

26 2005; 


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1 ‘‘(iii) 2040 shall be equal to 65 per2 cent less than the number of metric tons 

3 of carbon dioxide emitted in the United 

4 States in 2005; and 

5 ‘‘(iv) 2050 shall be equal to 85 per6 cent less than the number of metric tons 

7 of carbon dioxide emitted in the United 

8 States in 2005. 

9 ‘‘(3) REPORT.—The Secretary shall report to 

10 Congress if the Secretary, after consultation with 

11 the Administrator, determines the emissions reduc12 tions targets under this subsection should be revised 

13 in order to avert catastrophic climate impacts. Such 

14 report shall include recommended revisions to the 

15 existing emissions reduction schedule and the basis 

16 for those recommendations. 

17 ‘‘(c) IDENTIFICATION NUMBERS.—The Secretary 

18 shall assign to each carbon permit established under sub19 section (a) a unique identification number that includes 

20 the vintage year for that carbon permit. 

21 ‘‘(d) LEGAL STATUS OF CARBON PERMITS.— 

22 ‘‘(1) IN GENERAL.—A carbon permit does not 

23 constitute a property right. 

24 ‘‘(2) TERMINATION OR LIMITATION.—Nothing 

25 in this subtitle or any other provision of law shall be 


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1 construed to limit or alter the authority of the 

2 United States, including the Secretary acting pursu3 ant to statutory authority, to terminate or limit a 

4 carbon permit. 

5 ‘‘(3) OTHER PROVISIONS UNAFFECTED.—Noth6 ing in this subtitle relating to carbon permits issued 

7 under this section shall affect the application of any 

8 other provision of law to a covered entity, or the re9 sponsibility for a covered entity to comply with any 

10 such provision of law. Regional and State green11 house gas initiatives are not preempted by this sub12 title. 

13 ‘‘(e) REGULATIONS.—Not later than 24 months after 

14 the date of enactment of this subtitle, the Secretary shall 

15 promulgate regulations to carry out the provisions of this 

16 subtitle. 

17 ‘‘SEC. 9903. AUCTIONS. 

18 ‘‘(a) PERIODIC AUCTIONS.—The Secretary shall con19 duct periodic public auctions of carbon permits established 

20 under section 9902(a). The Secretary shall conduct at 

21 least 4 such auctions in each year for which carbon per22 mits are established. 

23 ‘‘(b) AUCTION RULES.—The Secretary shall— 

24 ‘‘(1) limit auction participation only to owners 

25 of covered entities; 


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1 ‘‘(2) establish a limit on the amount of carbon 

2 permits that can be purchased by the owner of a sin3 gle entity at each auction and an aggregate limit on 

4 the total amount of permits that can be held by the 

5 owner of a single entity at any one time that— 

6 ‘‘(A) reflects anticipated sector and partici7 pant demand; 

8 ‘‘(B) prevents speculation, manipulation, 

9 or hoarding of permits; and 

10 ‘‘(C) does not interfere with normal mar11 ket competition; and 

12 ‘‘(3) have the authority to set a minimum per13 mit price at auction. 

14 ‘‘SEC. 9904. COMPLIANCE OBLIGATION. 

15 ‘‘(a) IN GENERAL.—Not later than April 1, 2013, 

16 and April 1 of each year thereafter, the owner of a covered 

17 entity shall surrender to the Secretary a quantity of car18 bon permits at least as great as the number of metric tons 

19 of carbon dioxide that the Secretary, in consultation with 

20 the Administrator, determines would be emitted by the 

21 combustion of covered fuels with respect to which the cov22 ered entity made the first sale in United States markets 

23 during the previous calendar year. 

24 ‘‘(b) EXEMPTION.—The owner of a covered entity 

25 shall not have to surrender a carbon permit for the sale 


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1 of a covered fuel consumed for a non-emitting use, as de2 fined and verified by the Secretary in consultation with 

3 the Administrator, unless such covered fuel is sold to a 

4 person issued carbon permits under section 9906. 

5 ‘‘SEC. 9905. PENALTY FOR NONCOMPLIANCE. 

6 ‘‘(a) IN GENERAL.—The owner of any covered entity 

7 that fails for any year to surrender, by the deadline de8 scribed in section 9904, one or more of the carbon permits 

9 due pursuant to such section shall be liable for payment 

10 to the Secretary of a penalty in the amount described in 

11 subsection (b). 

12 ‘‘(b) AMOUNT.—The amount of a penalty required to 

13 be paid under subsection (a) shall be equal to the product 

14 obtained by multiplying— 

15 ‘‘(1) the number of carbon permits that the 

16 owner failed to surrender by the deadline; by 

17 ‘‘(2) 3 times the fair market value of carbon 

18 permits issued for emissions occurring in the cal19 endar year for which the carbon permits were due. 

20 ‘‘(c) TIMING.—A penalty required under this section 

21 shall be immediately due and payable to the Secretary, 

22 without demand, in accordance with regulations promul23 gated by the Secretary, which shall be issued not later 

24 than 2 years after the date of enactment of this subtitle. 


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1 ‘‘(d) NO EFFECT ON LIABILITY.—A penalty due and 

2 payable by the owner of a covered entity under this section 

3 shall not diminish the liability of the owner for any fine, 

4 penalty, or assessment against the owner for the same vio5 lation under any other provision of law. 

6 ‘‘SEC. 9906. CARBON CAPTURE AND SEQUESTRATION. 

7 ‘‘The Secretary shall issue, to any person who the 

8 Secretary, in consultation with the Administrator, deter9 mines has safely and verifiably captured and sequestered 

10 carbon dioxide from the combustion of covered fuels in the 

11 United States, carbon permits, in addition to the quantity 

12 of permits established under section 9902(a), in an 

13 amount equivalent to the number of metric tons of carbon 

14 dioxide so captured and sequestered. 

15 ‘‘SEC. 9907. TRADING. 

16 ‘‘(a) PERMITTED TRANSACTIONS.—The lawful holder 

17 of a carbon permit may— 

18 ‘‘(1) hold the carbon permit, subject to the lim19 its established by the Secretary under section 

20 9903(b)(2); 

21 ‘‘(2) sell, exchange, or transfer the carbon per22 mit to the owner of a covered entity consistent with 

23 the limits established by the Secretary under section 

24 9903(b)(2); or 


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1 ‘‘(3) request that the Secretary retire the car2 bon permit. 

3 ‘‘(b) EFFECTIVENESS OF CARBON PERMIT TRANS4 FERS.—No transfer of a carbon permit shall be effective 

5 until a written certification of the transfer, signed by a 

6 responsible official of the transferor, is received and re7 corded by the Secretary in accordance with regulations 

8 promulgated under section 9902(e). 

9 ‘‘(c) CARBON PERMIT TRACKING SYSTEM.—The reg10 ulations promulgated under section 9902(e) shall include 

11 a system for issuing, recording, holding, and tracking car12 bon permits that shall specify all necessary procedures and 

13 requirements for an orderly and competitive functioning 

14 of the carbon permit system. Such regulations shall pro15 vide for appropriate publication of the information in the 

16 system on the Internet. 

17 ‘‘SEC. 9908. BANKING AND BORROWING. 

18 ‘‘(a) BANKING.—A carbon permit may be used to 

19 meet the compliance obligation requirements of section 

20 9904 for emissions in— 

21 ‘‘(1) the vintage year for the carbon permit; or 

22 ‘‘(2) any calendar year subsequent to the vin23 tage year for the carbon permit. 

24 ‘‘(b) EXPIRATION.—A carbon permit shall not expire 

25 unless— 


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1 ‘‘(1) it is surrendered to the Secretary under 

2 section 9904 or section 9907(a)(3); or 

3 ‘‘(2) the Secretary determines by regulation 

4 that expiration is necessary to ensure the authen5 ticity and integrity of carbon permits or the carbon 

6 permit tracking system. 

7 ‘‘(c) BORROWING FUTURE VINTAGE YEAR CARBON

8 PERMITS.—If the auction price for carbon permits in9 creases by more than 100 percent above the average auc10 tion price for carbon permits during the preceding two 

11 years (or, if before the third year for which auctions are 

12 conducted, the average auction price for carbon permits 

13 during the preceding auctions), the Secretary shall auction 

14 as many additional carbon permits as are necessary to sta15 bilize the auction price, not to exceed 8 percent of the total 

16 amount of carbon permits otherwise available at that auc17 tion. Any carbon permits made available under this sub18 section shall result in an equivalent reduction in the aggre19 gate amount of carbon permits made available in vintage 

20 years 2030 through 2050 as set forth in section 9902, and 

21 the Secretary shall reduce the number of carbon permits 

22 by an equal percentage in each of those vintage years. 

23 ‘‘CHAPTER 102—CONSUMER DIVIDENDS 

‘‘Sec. 9911. Healthy Climate Trust Fund. 

‘‘Sec. 9912. Consumer Dividend payment. 

‘‘Sec. 9913. Transparency. 


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1 ‘‘SEC. 9911. HEALTHY CLIMATE TRUST FUND. 

2 ‘‘(a) ESTABLISHMENT.—There is established in the 

3 Treasury of the United States a trust fund to be known 

4 as the ‘Healthy Climate Trust Fund’, consisting of such 

5 amounts as may be appropriated to such trust fund as 

6 provided for in this section. 

7 ‘‘(b) TRANSFERS.— 

8 ‘‘(1) PROCEED AMOUNTS.—There are appro9 priated to the Healthy Climate Trust Fund amounts 

10 equivalent to funds received as proceeds under sec11 tion 9903. 

12 ‘‘(2) PENALTY AMOUNTS.—There are appro13 priated to the Healthy Climate Trust Fund amounts 

14 equivalent to funds received as penalties under sec15 tion 9905. 

16 ‘‘(c) EXPENDITURES.— 

17 ‘‘(1) ADMINISTRATIVE EXPENSES.—Such 

18 amounts as may be necessary from the Healthy Cli19 mate Trust Fund shall be available to pay the ad20 ministrative expenses necessary to carry out this sec21 tion for each month, but not exceeding 0.50 percent 

22 of the amounts appropriated to such trust fund 

23 under subsection (b) in such month. 

24 ‘‘(2) CONSUMER DIVIDEND PAYMENTS.— 

25 Amounts in the Healthy Climate Trust Fund not 

26 used under paragraph (1) for any month shall be 


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1 available for making Consumer Dividend payments 

2 under section 9912. 

3 ‘‘SEC. 9912. CONSUMER DIVIDEND PAYMENTS. 

4 ‘‘(a) IN GENERAL.—For purposes of this section: 

5 ‘‘(1) CONSUMER DIVIDEND PAYMENT.—The 

6 term ‘Consumer Dividend payment’ means the indi7 vidual pro-rata share, as determined by the Sec8 retary, of amounts available for any month in the 

9 Healthy Climate Trust Fund under section 

10 9911(c)(2). For purposes of the preceding sentence, 

11 the amounts available for any month shall be the 

12 fraction of the total amount made available from an 

13 auction conducted under section 9903— 

14 ‘‘(A) the numerator of which is 1, and 

15 ‘‘(B) the denominator of which is the num16 ber of months in the period beginning with the 

17 month in which such auction is conducted and 

18 ending with the month before the month in 

19 which the next such auction is scheduled to be 

20 conducted. 

21 ‘‘(2) ELIGIBLE INDIVIDUAL.—The term ‘eligible 

22 individual’ means, with respect to any month, any 

23 individual with a valid social security number (other 

24 than a nonresident alien individual) who is lawfully 

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1 termined and verified by the Secretary in consulta2 tion with any other Federal entity the Secretary de3 termines appropriate. 

4 ‘‘(b) PAYMENT OF CONSUMER DIVIDEND.—From 

5 amounts made available under section 9911(c)(2), the 

6 Secretary shall make a Consumer Dividend payment not 

7 later than the end of the month after the month in which 

8 such amounts are appropriated to the Healthy Climate 

9 Trust Fund under section 9911 to each individual who 

10 is an eligible individual for that month. 

11 ‘‘(c) REGULATIONS.—The Secretary shall prescribe 

12 such regulations and other guidance as may be necessary 

13 or appropriate to carry out this section. 

14 ‘‘SEC. 9913. TRANSPARENCY. 

15 ‘‘(a) REPORT TO CONGRESS.—Not later than Feb16 ruary 1, 2013, and at least annually thereafter, the Sec17 retary shall transmit to Congress a report accounting for 

18 the disposition of amounts in the Healthy Climate Trust 

19 Fund in the previous calendar year. 

20 ‘‘(b) HEALTHY CLIMATE TRUST FUND WEBSITE.— 

21 Not later than 90 days after the date of the enactment 

22 of this subtitle, the Secretary shall establish and maintain 

23 a website to provide the public with information on the 

24 disposition of any amounts in the Healthy Climate Trust 

25 Fund. 


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1 ‘‘CHAPTER 103—BORDER ADJUSTMENTS 

‘‘Sec. 9921. Carbon equivalency fee. 

‘‘Sec. 9922. Definitions. 

‘‘Sec. 9923. Sense of Congress. 

2 ‘‘SEC. 9921. CARBON EQUIVALENCY FEE. 

3 ‘‘(a) IMPORTS.—The Secretary shall impose carbon 

4 equivalency fees to be collected by the Commissioner re5 sponsible for U.S. Customs and Border Control on imports 

6 of carbon-intensive goods. The amount of the carbon 

7 equivalency fee shall be equal to the cost that domestic 

8 producers of a comparable carbon-intensive good incur as 

9 a result of— 

10 ‘‘(1) prices paid in the acquisition of carbon 

11 permits by covered entities under this subtitle; and 

12 ‘‘(2) carbon equivalency fees paid by importers 

13 of carbon-intensive goods used in the production of 

14 the comparable carbon-intensive good. 

15 ‘‘(b) PAYMENTS TO EXPORTERS.—The Secretary 

16 shall pay without interest to persons exporting from the 

17 United States carbon-intensive goods produced in the 

18 United States. The amount of the payment shall be equal 

19 to the cost that domestic producers of the carbon-intensive 

20 good incur as a result of— 

21 ‘‘(1) prices paid in the acquisition of carbon 

22 permits by covered entities under this subtitle; and 


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1 ‘‘(2) carbon equivalency fees paid by importers 

2 of carbon-intensive goods used in the production of 

3 the comparable carbon-intensive good. 

4 ‘‘(c) EXPIRATION.—This section shall cease to have 

5 effect at such time as and to the extent that— 

6 ‘‘(1) an international agreement requiring coun7 tries that emit greenhouse gases and produce car8 bon-intensive goods for export markets to adopt 

9 equivalent measures comes into effect; or 

10 ‘‘(2) the country of export has implemented 

11 equivalent measures, as determined by the Sec12 retary, in consultation with the Secretary of State. 

13 ‘‘SEC. 9922. DEFINITIONS. 

14 ‘‘In this chapter: 

15 ‘‘(1) CARBON-INTENSIVE GOOD.—The term 

16 ‘carbon-intensive good’ means a good that, as identi17 fied by the Secretary, in consultation with the Ad18 ministrator, by rule— 

19 ‘‘(A) is a primary product; or 

20 ‘‘(B) is a manufactured item in which one 

21 or more primary products are inputs and the 

22 cost of production of which in the United States 

23 is significantly increased by reason of the re24 quirements under this subtitle. 


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1 ‘‘(2) PRIMARY PRODUCT.—The term ‘primary 

2 product’ means— 

3 ‘‘(A) iron, steel, steel mill products (includ4 ing pipe and tube), aluminum, cement, glass 

5 (including flat, container, and specialty glass 

6 and fiberglass), pulp, paper, chemicals, or in7 dustrial ceramics; and 

8 ‘‘(B) any other manufactured product that 

9 the Secretary, in consultation with the Adminis10 trator, determines— 

11 ‘‘(i) is sold for purposes of further 

12 manufacture; and 

13 ‘‘(ii) generates, in the course of the 

14 manufacture of the product, direct and in15 direct greenhouse gas emissions that are 

16 comparable (on an emissions-per-dollar of 

17 output basis) to emissions generated in the 

18 manufacture or production of a primary 

19 product identified in subparagraph (A). 

20 ‘‘(3) EQUIVALENT MEASURE.—The term ‘equiv21 alent measure’ means a tax, or other regulatory re22 quirement that imposes a cost, on manufacturers of 

23 carbon-intensive goods located outside the United 

24 States, by reason of greenhouse gas emissions in the 

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1 proximately equal to the cost imposed by this sub2 title on manufacturers of comparable carbon-inten3 sive goods located in the United States. 

4 ‘‘SEC. 9923. SENSE OF CONGRESS. 

5 ‘‘It is the sense of Congress that the United States 

6 should work proactively under the United Nations Frame7 work Convention on Climate Change and in other appro8 priate fora, to establish binding agreements committing all 

9 major greenhouse gas emitting countries and countries 

10 with globally competitive producers of carbon-intensive 

11 goods to contribute equitably to the reduction of global 

12 greenhouse gas emissions.’’. 

13 (b) CLERICAL AMENDMENT.—The table of subtitles 

14 for the Internal Revenue Code of 1986 is amended by add15 ing at the end the following new item: 

‘‘Subtitle L. Auction of Carbon Permits and Distribution of Consumer 

Dividends.’’. 

16 SEC. 3. DISCLOSURE OF INFORMATION. 

17 (a) LIMITED DISCLOSURE OF IDENTITY.—Subsection 

18 (l) of section 6103 of the Internal Revenue Code of 1986 

19 is amended by adding at the end the following new para20 graph: 

21 ‘‘(21) LIMITED DISCLOSURE OF IDENTITY IN22 FORMATION RELATING TO CONSUMER DIVIDEND

23 PAYMENTS.— 


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1 ‘‘(A) DEPARTMENT OF THE TREASURY.— 

2 Individual identity information shall, without 

3 written request, be open to inspection by or dis4 closure to officers and employees of the Depart5 ment of the Treasury whose official duties re6 quire such inspection or disclosure for purposes 

7 of section 9912. 

8 ‘‘(B) COMMISSIONER OF SOCIAL SECU9 RITY.—The Commissioner of Social Security 

10 shall, on written request, disclose to officers 

11 and employees of the Department of the Treas12 ury individual identity information which has 

13 been disclosed to the Social Security Adminis14 tration as provided by paragraph (1) or (5). 

15 ‘‘(C) RESTRICTION ON DISCLOSURE.—In16 formation disclosed under this paragraph shall 

17 be disclosed only for purposes of, and to the ex18 tent necessary in, carrying out section 9912.’’. 

19 (b) CONFORMING AMENDMENTS.—Section 

20 6103(p)(3)(A) of the Internal Revenue Code of 1986 is 

21 amended by striking ‘‘or (18)’’ and inserting ‘‘, (18), or 

22 (21)’’. 


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1 SEC. 4. EFFECTIVE DATE. 

2 The amendments made by this Act shall take effect 

3 on the date of the enactment of this Act. 

Æ 


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