Energy Innovation and Carbon Dividend Act of 2023
- Last Action
- 12/17/2024
Actions
- 2024-12-17Referred to the Subcommittee on Trade.
- 2024-12-17Referred to the Subcommittee on Social Security.
- 2023-09-29Referred to the Subcommittee on Energy, Climate and Grid Security.
- 2023-09-27Referred 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.
- 2023-09-27Referred 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.
- 2023-09-27Referred 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.
- 2023-09-27Introduced in House
- 2023-09-27Introduced in House
CRS Summary
As of 2023-09-27 (00)
Energy Innovation and Carbon Dividend Act of 2023
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 per metric ton of CO2-e (i.e., carbon dioxide equivalent) in 2023, increases by $10 each year, and is subject to further adjustments based on the progress in meeting specified emissions reduction targets.
The bill also 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 requires the Department of Energy to enter into agreements with the National Academy of Sciences to study and report on various impacts related to the carbon fee and emissions reduction schedule established by the bill.
Cosponsors (20)
- Scott Peters (D-CA)
- Angie Craig (D-MN)
- Gerald Connolly (D-VA)
- Jared Huffman (D-CA)
- Steve Cohen (D-TN)
- Bonnie Watson Coleman (D-NJ)
- Joseph Morelle (D-NY)
- Judy Chu (D-CA)
- Brad Sherman (D-CA)
- Deborah Ross (D-NC)
- Mark DeSaulnier (D-CA)
- Haley Stevens (D-MI)
- Ted Lieu (D-CA)
- Mark Pocan (D-WI)
- Dean Phillips (D-MN)
- James Himes (D-CT)
- Chellie Pingree (D-ME)
- Henry Johnson (D-GA)
- Eleanor Norton (D-DC)
- Anna Eshoo (D-CA)
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
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.