Bill Sponsor
House Bill 2307
117th Congress(2021-2022)
Energy Innovation and Carbon Dividend Act of 2021
Introduced
Introduced
Introduced in House on Apr 1, 2021
Overview
Text
Sponsor
Introduced
Apr 1, 2021
Latest Action
Apr 2, 2021
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2307
Congress
117
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
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House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

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.

Text (1)
April 1, 2021
Actions (3)
04/02/2021
Referred to the Subcommittee on Energy.
04/01/2021
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.
04/01/2021
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:48:55 PM