I 

114TH CONGRESS 

1ST SESSION H. R. 972 

To amend the Internal Revenue Code of 1986 to reduce greenhouse gas 

emissions by requiring a Federal emission permit for the sale or use 

of covered substances and to return funds to the American people. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 13, 2015 

Mr. MCDERMOTT 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 amend the Internal Revenue Code of 1986 to reduce 

greenhouse gas emissions by requiring a Federal emission permit for the sale or use of covered substances 

and to return funds to the American people. 

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 ‘‘Managed Carbon Price 

5 Act of 2015’’. 


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1 SEC. 2. GREENHOUSE GAS EMISSION SUBSTANCES. 

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

3 1986 is amended by adding at the end the following: 

4 ‘‘Subtitle L—Greenhouse Gas 

5 Emission Substances 

‘‘Sec. 9901. Condition precedent to sale or use of greenhouse gas emission substance. 

‘‘Sec. 9902. Federal emission permit. 

‘‘Sec. 9903. Definitions. 

‘‘Sec. 9904. Information reporting requirements. 

‘‘Sec. 9905. Regulations. 

6 ‘‘SEC. 9901. CONDITION PRECEDENT TO SALE OR USE OF 

7 GREENHOUSE GAS EMISSION SUBSTANCE. 

8 ‘‘(a) IN GENERAL.—No covered person may sell any 

9 greenhouse gas emission substance except pursuant to a 

10 Federal emission permit for each carbon dioxide equiva11 lent that the Administrator of the Environmental Protec12 tion Agency determines would be emitted from the com13 bustion or other greenhouse gas emitting use of such sub14 stance. 

15 ‘‘(b) COVERED PERSON.—For purposes of this sub16 title, the term ‘covered person’ means— 

17 ‘‘(1) in the case of coal (including lignite and 

18 peat) produced from a mine in the United States, 

19 the producer of such coal, 

20 ‘‘(2) in the case of crude oil or petroleum prod21 ucts received at a United States refinery, the oper22 ator of the United States refinery, 


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1 ‘‘(3) in the case of natural gas, the first seller 

2 of such natural gas, 

3 ‘‘(4) in the case of any greenhouse gas emission 

4 substance not described in paragraph (1), (2), or (3) 

5 produced in the United States, the producer of such 

6 substance, and 

7 ‘‘(5) in the case of any greenhouse gas emission 

8 substance entered into the United States for con9 sumption, use, or warehousing, the person entering 

10 such substance for consumption, use, or warehous11 ing. 

12 ‘‘(c) USE TREATED AS SALE.— 

13 ‘‘(1) IN GENERAL.—If any person uses a green14 house gas emission substance before the first retail 

15 sale of such substance, then such person shall be lia16 ble for the purchase of a Federal emission permit 

17 under section 9902 in the same manner as if such 

18 substance were sold at retail on the date of such use 

19 by such person pursuant to a Federal emission per20 mit. 

21 ‘‘(2) EXEMPTION FOR USE IN FURTHER MANU22 FACTURE.—Paragraph (1) shall not apply to use of 

23 a greenhouse gas emission substance as material in 

24 the manufacture or production of, or as a component 


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1 part of, another article to be manufactured or pro2 duced by such person. 

3 ‘‘(d) EXCEPTIONS.—Subsection (a) shall not apply 

4 to— 

5 ‘‘(1) a greenhouse gas emission substance to be 

6 used for noncombustion agricultural purposes, or 

7 ‘‘(2) a greenhouse gas emission substance with 

8 respect to which a Federal emission permit has pre9 viously been purchased. 

10 ‘‘(e) IMPORTATION OF CARBON INTENSIVE GOODS.— 

11 ‘‘(1) GREENHOUSE GAS EMISSION PERMIT

12 EQUIVALENCY FEES.—The Secretary shall impose a 

13 greenhouse gas emission permit equivalency fee on 

14 imports of carbon intensive goods that shall be 

15 equivalent to the cost that domestic producers of 

16 comparable carbon intensive goods incur as a result 

17 of— 

18 ‘‘(A) permit fees paid by covered persons 

19 for greenhouse gas emission substances under 

20 this section, and 

21 ‘‘(B) greenhouse gas emission permit 

22 equivalency fees paid by importers of carbon in23 tensive goods used in the production of the 

24 comparable carbon intensive goods in question. 


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1 ‘‘(2) EXPIRATION.—Paragraph (1) and section 

2 6433(b) shall cease to have effect at such time as 

3 and to the extent that— 

4 ‘‘(A) an international agreement requiring 

5 countries that emit greenhouse gases and 

6 produce carbon intensive goods for international 

7 markets to adopt equivalent measures comes 

8 into effect, and 

9 ‘‘(B) the country of export has imple10 mented equivalent measures, and the actions 

11 provided for by paragraph (1) and section 

12 6433(b) are no longer appropriate. 

13 ‘‘SEC. 9902. FEDERAL EMISSION PERMIT. 

14 ‘‘(a) IN GENERAL.—The Secretary shall, subject to 

15 subsection (d), issue Federal emission permits, as provided 

16 for in this subtitle. A Federal emission permit may only 

17 be obtained upon making payment to the Secretary. 

18 ‘‘(b) RULES RELATING TO PERMITS.—For purposes 

19 of this subtitle— 

20 ‘‘(1) Each Federal emission permit shall be de21 nominated in one-quarter carbon dioxide equivalents. 

22 ‘‘(2) A Federal emission permit may only be 

23 purchased within fourteen calendar days before or 

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1 duced or entered into the United States, as the case 

2 may be. 

3 ‘‘(3) Except as provided in subsection (a), a 

4 Federal emission permit may not be sold, exchanged, 

5 or otherwise transferred. 

6 ‘‘(c) PERMIT PRICE.— 

7 ‘‘(1) INITIAL PRICE.—The price for obtaining a 

8 Federal emission permit for emissions in 2016 is 

9 $12.50. 

10 ‘‘(2) SUBSEQUENT PRICES.—The Secretary, 

11 after consultation with the Administrator of the En12 vironmental Protection Agency and the Secretary of 

13 Energy, shall establish the price of obtaining a Fed14 eral emission permit for a calendar year based on a 

15 determination of the dollar amount necessary to 

16 meet the emissions reductions targets specified in 

17 subsection (d). 

18 ‘‘(3) 5-YEAR PRICE SCHEDULE.— 

19 ‘‘(A) IN GENERAL.—Not later than Janu20 ary 1, 2016, the Secretary shall publish a 

21 schedule of the prices determined under para22 graph (2) for obtaining a Federal emission per23 mit during each of the five years from 2017 to 

24 2021. The Secretary shall publish the price for 

25 obtaining a Federal emission permit in each 


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1 year after 2020 no later than five years before 

2 January 1 of the applicable year. 

3 ‘‘(B) REDUCTION IN PRICE IF TARGET RE4 DUCTIONS BEING EXCEEDED.—If the Secretary 

5 determines— 

6 ‘‘(i) that greenhouse gas emissions are 

7 being reduced at a rate that exceeds the 

8 reduction expected in national greenhouse 

9 gas emissions for the year, and 

10 ‘‘(ii) that the Federal permit price can 

11 be reduced while still attaining the national 

12 greenhouse gas emission target reductions 

13 specified in subsection (d) for the year, 

14 the Secretary may, at any time before the be15 ginning of the year, reduce the Federal permit 

16 price for that year. 

17 ‘‘(4) INCREASE IN PRICE IF TARGET REDUC18 TIONS NOT BEING MET.—If the Secretary deter19 mines that the reduction of greenhouse gas emis20 sions is failing to meet the target reductions speci21 fied in subsection (d) for a year in such period, the 

22 Secretary may increase the Federal permit price for 

23 permits no earlier than 2 years after the year for 

24 which the determination is made. 

25 ‘‘(5) MAXIMUM AND MINIMUM PRICE.— 


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1 ‘‘(A) IN GENERAL.—Not later than Janu2 ary 1, 2023, and every 10 years thereafter, the 

3 Secretary, after consultation with the Adminis4 trator of the Environmental Protection Agency 

5 and the Secretary of Energy, shall publish a 

6 10-year schedule of the minimum and max7 imum prices for Federal emissions permits. 

8 ‘‘(B) PRICES SPECIFIED.—For years prior 

9 to 2026, the maximum and minimum price for 

10 a Federal emission permit issued by the Sec11 retary in a year may not be below the minimum 

12 price or the maximum price for the cor13 responding year specified in the following table: 

‘‘Year: Minimum Price is: Maximum Price is: 

2017 ........................................ $18.75 $31.25

2018 ........................................ $31.25 $43.75

2019 ........................................ $43.75 $56.25

2020 ........................................ $56.25 $68.75

2021 ........................................ $68.75 $82.25

2022 ........................................ $81.25 $93.75

2023 ........................................ $93.75 $106.25

2024 ........................................ $106.25 $118.75

2025 ........................................ $118.75 $131.25. 

14 ‘‘(C) ADJUSTMENT FOR INFLATION.—In 

15 the case of any calendar year beginning after 

16 2016, each dollar amount contained in the table 

17 in subparagraph (B) shall be increased by an 

18 amount equal to— 

19 ‘‘(i) such dollar amount, multiplied by 


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1 ‘‘(ii) the cost of living adjustment de2 termined under section 1(f)(3) for the cal3 endar year, determined by substituting 

4 ‘calendar year 2015’ for ‘calendar year 

5 1992’ in subparagraph (B) thereof. 

6 ‘‘(d) NATIONAL LIMITATION.— 

7 ‘‘(1) TARGETS.—For purposes of this section— 

8 ‘‘(A) 2016 THROUGH 2020.—The average 

9 emissions for the period 2016 through 2020 

10 shall be no more than 90 percent of the carbon 

11 dioxide equivalents emitted in the United States 

12 in 2005. 

13 ‘‘(B) 2026 THROUGH 2030.—The average 

14 emissions for the period 2026 through 2030 

15 shall be no more than 70 percent of the carbon 

16 dioxide equivalents emitted in the United States 

17 in 2005. 

18 ‘‘(C) 2036 THROUGH 2040.—The average 

19 emissions for the period 2036 through 2040 

20 shall be no more than 50 percent of the carbon 

21 dioxide equivalents emitted in the United States 

22 in 2005. 

23 ‘‘(D) 2046 THROUGH 2050.—The average 

24 emissions for the period 2046 through 2050 

25 shall be no more than 30 percent of the carbon 


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1 dioxide equivalents emitted in the United States 

2 in 2005. 

3 ‘‘(E) 2056 THROUGH 2060.—The average 

4 emissions for the period 2056 through 2060 

5 shall be no more than 20 percent of the carbon 

6 dioxide equivalents emitted in the United States 

7 in 2005. 

8 ‘‘(2) DETERMINATION OF 2005 LEVELS.—For 

9 purposes of subparagraph (A), the number of metric 

10 tons of carbon dioxide equivalents emitted in the 

11 United States in 2005 shall be the number deter12 mined under section 1605(a) of the Energy Policy 

13 Act of 1992 and published by the Energy Informa14 tion Administration. 

15 ‘‘(e) REPORT.— 

16 ‘‘(1) IN GENERAL.—Not later than the second 

17 March 1 after the date of the enactment of the Man18 aged Carbon Price Act of 2015, and annually there19 after, the Secretary shall publish a report describ20 ing— 

21 ‘‘(A) the extent to which the United States 

22 greenhouse gas emission limitations specified 

23 under subsection (d) are being achieved, 

24 ‘‘(B) the United States greenhouse gas 

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1 endar year and the impact of the number of 

2 such permits on greenhouse gas emissions in 

3 the United States, and 

4 ‘‘(C) the total greenhouse gas emissions 

5 worldwide for the previous calendar year in re6 lation to such emissions for 2005. 

7 ‘‘(2) REPORT DETAILS.—Such report shall in8 clude— 

9 ‘‘(A) an explanation of the methodology 

10 and assumptions the Secretary has used in es11 tablishing prices under this section, and 

12 ‘‘(B) an estimation, or range of esti13 mations, of the price of permits for the 10-year 

14 period following the current prices published 

15 under subsection (c). 

16 ‘‘SEC. 9903. DEFINITIONS. 

17 ‘‘(a) IN GENERAL.—For purposes of this subtitle— 

18 ‘‘(1) ADMINISTRATOR.—The term ‘Adminis19 trator’ means the Administrator of the Environ20 mental Protection Agency. 

21 ‘‘(2) CARBON DIOXIDE EQUIVALENT.—The 

22 term ‘carbon dioxide equivalent’ means, for each 

23 greenhouse gas emission substance, the quantity of 

24 the greenhouse gas emission substance that the AdVerDate Sep 11 2014 02:43 Feb 26, 2015 Jkt 049200 PO 00000 Frm 00011 Fmt 6652 Sfmt 6201 E:\BILLS\H972.IH H972

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1 ministrator determines makes the same contribution 

2 to global warming as 1 metric ton of carbon dioxide. 

3 ‘‘(3) GREENHOUSE GAS EMISSION SUB4 STANCE.—The term ‘greenhouse gas emission sub5 stance’ means— 

6 ‘‘(A) coal (including lignite, peat, and de7 rivatives of coal), to be used as a combustion 

8 fuel, 

9 ‘‘(B) petroleum and any petroleum prod10 uct, to be used as a combustion fuel, 

11 ‘‘(C) natural gas (including the gasses re12 leased as a result of flaring or venting such nat13 ural gas), 

14 ‘‘(D) methane, 

15 ‘‘(E) nitrous oxide, 

16 ‘‘(F) sulfur hexafluoride, 

17 ‘‘(G) a perfluorocarbon, 

18 ‘‘(H) a hydrofluorocarbon, and 

19 ‘‘(I) any other substance that is deter20 mined by the Administrator to contribute to 

21 global warming to a nonnegligible degree. 

22 ‘‘(4) FEDERAL EMISSION PERMIT.—The term 

23 ‘Federal emission permit’ means a permit required 

24 under section 9901. 


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1 ‘‘(5) CARBON INTENSIVE GOOD.—The term 

2 ‘carbon intensive good’ means— 

3 ‘‘(A)(i) iron, steel, any steel mill product 

4 (including pipe and tube), aluminum, cement, 

5 glass (including flat, container, and specialty 

6 glass and fiberglass), pulp, paper, chemicals, 

7 and industrial ceramics, and 

8 ‘‘(ii) any other manufactured product that 

9 the Secretary determines— 

10 ‘‘(I) is sold for purposes of further 

11 manufacture, and 

12 ‘‘(II) generates, in the course of the 

13 manufacture of the product, direct and in14 direct greenhouse gas emissions that are 

15 comparable (on an emissions per dollar of 

16 output basis) to emissions generated in the 

17 manufacture or production of a good iden18 tified in clause (i), and 

19 ‘‘(B) a manufactured item in which one or 

20 more goods identified under subparagraph (A) 

21 are inputs and the cost of production of which 

22 in the United States the Secretary determines 

23 is significantly increased by this subtitle. 


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1 ‘‘(6) PETROLEUM PRODUCT.—The term ‘petro2 leum product’ has the meaning given such term in 

3 section 4612(a)(3). 

4 ‘‘(b) IDENTIFICATION OF CARBON INTENSIVE

5 GOODS.—The determinations by the Secretary required by 

6 subsection (a)(5) shall be by rule. 

7 ‘‘(c) PUBLICATION OF SCHEDULE.—Not later than 

8 one year after the date of the enactment of the Managed 

9 Carbon Price Act of 2015, the Administrator, in consulta10 tion with the Secretary and the Secretary of Energy, shall 

11 publish a schedule listing each greenhouse gas emission 

12 substance and the quantity of each substance required to 

13 make 1 metric ton of carbon dioxide. The Administrator, 

14 in consultation with the Secretary and the Secretary of 

15 Energy, may update such schedule from time to time. 

16 ‘‘SEC. 9904. INFORMATION REPORTING REQUIREMENTS. 

17 ‘‘Secretary may solicit information from covered per18 sons regarding estimated future use of greenhouse gas 

19 emissions substances. 

20 ‘‘SEC. 9905. REGULATIONS. 

21 ‘‘The Secretary shall issue such regulations as may 

22 be necessary or appropriate to carry out this subtitle, in23 cluding regulations relating to the timely and efficient 

24 issuance of permits and collection of payments for such 

25 permits.’’. 


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1 (b) REFUND OF FEDERAL EMISSION PERMIT FEE.— 

2 Subchapter B of chapter 65 of such Code is amended by 

3 adding at the end the following new section: 

4 ‘‘SEC. 6433. REFUNDS OF FEDERAL EMISSION PERMIT FEE 

5 FOR CERTAIN USES. 

6 ‘‘(a) IN GENERAL.—If a Federal emission permit has 

7 been acquired with respect to a greenhouse gas emission 

8 substance pursuant to section 9902 and the acquirer of 

9 such permit uses such substance in a manner that will 

10 make a negligible or no contribution to global warming, 

11 as determined by the Secretary in consultation with the 

12 Administrator of the Environmental Protection Agency, 

13 the Secretary shall pay (without interest) to the acquirer 

14 of such substance pursuant to such permit an amount 

15 equal to the amount paid for the applicable Federal emis16 sion permit. 

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

18 shall pay (without interest) to the exporter of a carbon 

19 intensive good (as defined in section 9903(5)) produced 

20 in the United States an amount equal to the cost that 

21 domestic producers of such carbon intensive goods incur 

22 as a result of— 

23 ‘‘(1) the dollar amount paid by covered persons 

24 for Federal emission permits for greenhouse gas 

25 emission substances under this section 9902, and 


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1 ‘‘(2) greenhouse gas emission permit equiva2 lency fees paid under section 9901(e) by importers 

3 of carbon intensive goods used in the production of 

4 the comparable carbon intensive goods in question.’’. 

5 (c) FAILURE TO OBTAIN PERMIT.—Chapter 38 of 

6 the Internal Revenue Code of 1986 is amended by adding 

7 at the end the following new subchapter: 

8 ‘‘Subchapter E—Greenhouse Gas Emission 

9 Substances 

‘‘Sec. 4691. Greenhouse gas emission substances. 

10 ‘‘SEC. 4691. GREENHOUSE GAS EMISSION SUBSTANCES. 

11 ‘‘(a) IMPOSITION OF TAX.—There is hereby imposed 

12 on any covered person who fails to obtain a Federal emis13 sion permit pursuant to subtitle L a tax equal to 100 per14 cent of the dollar amount of the fee that would have been 

15 charged for such permit but for such failure. 

16 ‘‘(b) COVERED PERSON.—The term ‘covered person’ 

17 has the meaning given such term by section 9901(b). 

18 ‘‘(c) FEDERAL EMISSION PERMIT.—The term ‘Fed19 eral emission permit’ means a permit required under sec20 tion 9901. 

21 ‘‘(d) COORDINATION.—The tax imposed under this 

22 section is in addition to the fee imposed under subtitle 

23 L.’’. 


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1 (d) ESTABLISHMENT OF ENERGY AND ECONOMIC

2 SECURITY TRUST FUND.— 

3 (1) FINDING.—The Congress finds that revenue 

4 generated from the sale of Federal emission permits 

5 must be recycled into the American economy— 

6 (A) to facilitate economic growth and clean 

7 energy production, and 

8 (B) to protect the economic security of 

9 American families and communities. 

10 (2) ESTABLISHMENT OF TRUST FUND.—Sub11 chapter A of chapter 98 of such Code (relating to 

12 trust fund code) is amended by adding at the end 

13 the following: 

14 ‘‘SEC. 9512. ENERGY AND ECONOMIC SECURITY TRUST 

15 FUND. 

16 ‘‘(a) CREATION OF TRUST FUND.—There is estab17 lished in the Treasury of the United States a trust fund 

18 to be known as the ‘Energy and Economic Security Trust 

19 Fund’ (referred to in this section as the ‘Trust Fund’), 

20 consisting of such amounts as may be appropriated or 

21 credited to the Trust Fund as provided in this section or 

22 section 9602(b). 

23 ‘‘(b) TRANSFERS TO TRUST FUND.—There is hereby 

24 appropriated to the Trust Fund an amount equivalent to 


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1 the amounts received in the Treasury pursuant to subtitle 

2 L. 

3 ‘‘(c) EXPENDITURES FROM TRUST FUND.— 

4 ‘‘(1) IN GENERAL.—The Secretary shall pay 

5 monthly from the Trust Fund the dividend amount 

6 to each taxpayer. 

7 ‘‘(2) DIVIDEND AMOUNT.—For purposes of 

8 paragraph (1), the term ‘dividend amount’ means 

9 the sum of— 

10 ‘‘(A)(i) in the case of the taxpayer filing a 

11 joint return, the individual share for the hus12 band and the individual share for the wife, and 

13 ‘‘(ii) in the case of a taxpayer other than 

14 a taxpayer described in subparagraph (A), the 

15 individual share, and 

16 ‘‘(B) in the case of an individual who is a 

17 dependent (as defined in section 152) of the 

taxpayer, 1 18 ⁄2 of the individual share. 

19 For purposes of subparagraph (B), not more than 2 

20 dependents may be taken into account for each tax21 payer. 

22 ‘‘(3) INDIVIDUAL SHARE.—For purposes of this 

23 subsection, the term ‘individual share’ means the 

24 amount determined by the Secretary by dividing the 

25 total amount deposited in the Trust Fund for the 


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1 month by the total number of individual shares pay2 able at the end of such month. 

3 ‘‘(4) LIMITATION.—For purposes of this sub4 section— 

5 ‘‘(A) IN GENERAL.—No amount is payable 

6 under this subsection with respect to an indi7 vidual unless the individual is a qualified indi8 vidual. 

9 ‘‘(B) QUALIFIED INDIVIDUAL.—The term 

10 ‘qualified individual’ means an individual who is 

11 a lawful resident of the United States on the 

12 date of such payment. For purposes of ensuring 

13 that payments are made under this subsection 

14 to all qualified individuals, the Secretary shall 

15 consult with such other Federal and State offi16 cials as the Secretary determines necessary or 

17 appropriate. 

18 ‘‘(C) UNITED STATES.—For purposes of 

19 subparagraph (B), the United States includes 

20 the District of Columbia, the Commonwealth of 

21 Puerto Rico, the Virgin Islands, Guam, Amer22 ican Samoa, and the Commonwealth of the 

23 Northern Mariana Islands.’’. 

24 (e) CONFORMING AND CLERICAL AMENDMENTS.— 


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1 (1) The table of subchapters for chapter 38 of 

2 such Code is amended by adding at the end the fol3 lowing new item: 

‘‘SUBCHAPTER E. GREENHOUSE GAS EMISSION SUBSTANCES’’. 

4 (2) The table of subtitles for the Internal Rev5 enue Code of 1986 is amended by adding at the end 

6 the following new item: 

‘‘Subtitle L. Greenhouse Gas Emission Substances’’. 

7 (3) The table of sections for subchapter B of 

8 chapter 65 of such Code is amended by adding at 

9 the end the following new item: 

‘‘Sec. 6433. Refunds of Federal emission permit fee for certain uses.’’. 

10 (4) The table of sections for subchapter A of 

11 chapter 98 of such Code is amended by adding at 

12 the end the following: 

‘‘Sec. 9512. Energy and Economic Security Trust Fund.’’. 

13 (f) EFFECTIVE DATE.—The amendments made by 

14 this section shall apply with respect to the sale of any 

15 greenhouse gas emission substance after December 31, 

16 2014. 

Æ 


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