Energy Innovation and Carbon Dividend Act of 2019

Bill: 116-hr-763
Sponsor: Rep. Deutch, Theodore E. [D-FL-22]
Introduced: 2019-01-24 in the House
Policy area: Taxation
Subjects: 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

Summary:
action_date: 2019-01-24
text: 

Energy Innovation and Carbon Dividend Act of 2019

 
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,
 
exemptions for fuels used by the Armed Forces,
 
 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 suspends 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. 


Legislative actions:
action_date: 2019-01-25
text: Referred to the Subcommittee on Energy.
action_date: 2019-01-24
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Foreign Affairs, 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.
action_date: 2019-01-24
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Foreign Affairs, 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.
action_date: 2019-01-24
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Foreign Affairs, 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.
action_date: 2019-01-24
text: Introduced in House
action_date: 2019-01-24
text: Introduced in House