Carbon Fee, Climate Fund, and Quarterly Stimulus Payments
This Act establishes a federal carbon fee on crude oil, natural gas, and coal. The majority of the revenue generated is to be returned directly to eligible citizens through quarterly, non-taxable cash rebates known as America's Clean Future Fund Stimulus payments. Additionally, the legislation creates the Climate Change Finance Corporation (C2FC) to invest in clean energy and resilient infrastructure, and establishes support programs for agriculture and communities impacted by industrial transition.
Key points
A carbon fee is imposed on covered fuels starting in 2023 at $25 per metric ton of CO2-e, increasing annually.
Eligible individuals will receive quarterly, non-taxable stimulus payments from the carbon fund, which are phased out for high-income earners.
Establishes the Climate Change Finance Corporation (C2FC) to finance clean energy and infrastructure, prioritizing low-income and environmental justice communities.
Provides payments to agricultural producers for adopting emission-reducing practices and grants to communities facing job losses in carbon-intensive industries.
Status:
Expired
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