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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Energy Innovation and Carbon Dividend Act of 2018

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to create a Carbon Dividend Trust Fund for the American people in order to encourage market-driven innovation of clean energy technologies and market efficiencies which will reduce harmful pollution and leave a healthier, more stable, and more prosperous nation for future generations.


Actions Overview (1)

Date
12/19/2018Introduced in Senate

All Actions (1)

Date
12/19/2018Read twice and referred to the Committee on Finance.
Action By: Senate

Cosponsors (1)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Flake, Jeff [R-AZ]* 12/19/2018

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Finance12/19/2018 Referred to

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Latest Summary (1)

There is one summary for S.3791. View summaries

Shown Here:
Introduced in Senate (12/19/2018)

Energy Innovation and Carbon Dividend Act of 2018

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 in 2019, increases by $10 each year, and is subject to further adjustments based on the progress in meeting specified emissions reduction targets. The bill also imposes a specified fee on fluorinated greenhouse gases.

The bill includes:

  • exemptions for fuels used for agricultural or nonemitting purposes,
  • 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 Environmental Protection Agency (EPA) must evaluate the effectiveness of the fees at reducing emissions. If the targets specified in this bill have been met or exceeded, the EPA may review certain regulations related to the fuels and fluorinated greenhouse gases on which the fees have been imposed.