Carbon Tax & Climate Dividends: Family Support & Clean Air
This act introduces a system of fees for greenhouse gas emissions for fossil fuel companies. The collected money will be regularly paid out to citizens as "climate dividends." The goal is to reduce air pollution and provide financial support to households, while also protecting communities most affected by pollution.
Key points
Companies producing or importing crude oil, coal, and natural gas will be required to purchase carbon permits for their emissions.
Proceeds from these permits will go into a special fund, from which eligible U.S. citizens with a valid social security number will receive regular payments.
The act aims to reduce greenhouse gas emissions by 90% by 2050, with specific reduction targets set for various years.
Mechanisms are included to protect communities disproportionately affected by pollution, ensuring air quality monitoring and additional reduction measures.
Border adjustment fees will be imposed on carbon-intensive imports, and payments will be made to exporters, to maintain the competitiveness of U.S. businesses.
Existing rights for citizens and states to pursue claims related to climate change and fossil fuels are preserved, independent of this act.
Expired
Additional Information
Print number: 117_HR_9645
Sponsor: Rep. Beyer, Donald S., Jr. [D-VA-8]
Process start date: 2022-12-21