Energy Innovation and Carbon Dividend Act of 2021
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Apr 1, 2021)
Energy Innovation and Carbon Dividend Act of 2021
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 in 2021, increases by $10 each year, and is subject to further adjustments based on the progress in meeting specified emissions reduction targets.
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.
What just happenedApr 2, 2021
Referred to the Subcommittee on Energy.
Who’s behind it
- Introduced in HouseApr 1, 2021
- Apr 2, 2021Committee
Referred to the Subcommittee on Energy.
Energy, Climate and Grid Security Subcommittee - Apr 1, 2021IntroReferralH11100
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.
Foreign Affairs Committee - Apr 1, 2021IntroReferralH11100
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.
Energy and Commerce Committee - Apr 1, 2021IntroReferralH11100
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.
Ways and Means Committee - Apr 1, 2021IntroReferralIntro-H
Introduced in House
- Apr 1, 2021IntroReferral1000
Introduced in House