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United States · Bill · HR

H.R. 5744 (118th)

Energy Innovation and Carbon Dividend Act of 2023

referredUnited States· United States Congress· EN

Introduced

27 September 2023

Last action

17 December 2024 · Referred

Status

Referred to the Subcommittee on Trade.

Sponsors

Rep. Carbajal, Salud O. [D-CA-24], Rep. Peters, Scott H. [D-CA-50], Rep. Craig, Angie [D-MN-2], Rep. Connolly, Gerald E. [D-VA-11], Rep. Huffman, Jared [D-CA-2], Rep. Cohen, Steve [D-TN-9], Rep. Watson Coleman, Bonnie [D-NJ-12], Rep. Morelle, Joseph D. [D-NY-25], Rep. Chu, Judy [D-CA-28], Rep. Sherman, Brad [D-CA-32], Rep. Ross, Deborah K. [D-NC-2], Rep. DeSaulnier, Mark [D-CA-10], Rep. Stevens, Haley M. [D-MI-11], Rep. Lieu, Ted [D-CA-36], Rep. Pocan, Mark [D-WI-2], Rep. Phillips, Dean [D-MN-3], Rep. Himes, James A. [D-CT-4], Rep. Pingree, Chellie [D-ME-1], Rep. Johnson, Henry C. "Hank" [D-GA-4], Del. Norton, Eleanor Holmes [D-DC-At Large], Rep. Eshoo, Anna G. [D-CA-18], Rep. Scanlon, Mary Gay [D-PA-5], Rep. Hayes, Jahana [D-CT-5], Rep. Adams, Alma S. [D-NC-12], Rep. McBath, Lucy [D-GA-6], Rep. Beyer, Donald S. [D-VA-8], Rep. Sánchez, Linda T. [D-CA-38], Rep. Garamendi, John [D-CA-8], Rep. Ruiz, Raul [D-CA-25], Rep. Swalwell, Eric [D-CA-15], Rep. Cleaver, Emanuel [D-MO-5], Rep. Carson, André [D-IN-7], Rep. Neguse, Joe [D-CO-2]

Subjects

Defence, Energy, Taxation

Source updated

15 January 2025

Defence · Energy · Taxation

Official sourceDownload fileView documentsShare

Summary

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 27 September 2023

    Introduced

    Introduced in House

    Source: IntroReferral

  2. 27 September 2023

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 27 September 2023

    Introduced

    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.

    Source: IntroReferral

  4. 29 September 2023

    Referred

    Referred to the Subcommittee on Energy, Climate and Grid Security.

    Source: Committee

  5. 17 December 2024

    Referred

    Referred to the Subcommittee on Social Security.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 27 September 2023

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  • Introduced in House (PDF)

    Introduced in House · EN · 27 September 2023

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  • Introduced in House

    summary · EN · 27 September 2023

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Sponsors

Related records

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Sources

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