H.R. 763 Energy Innovation and Carbon Dividend Act of 2019
“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.”
This Bill Incentives lowering Carbon emissions by setting a fee on the extraction of coal, natural gas, crude oils and the like from the earth, specifically anything that will emit greenhouse gases into the atmosphere. The fee will be put on producers and importers of the products. The fee is based on the greenhouse gas content of the product multiplied by the current fee($15 starting 2019 and increasing by $10 a year until we have reached our target emissions). The fees will be put into a Carbon Dividend Trust Fund that will be used for dividend payments to citizens and administrative expenses.
- 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 Congress finds that—
(1) efficient markets strengthen our economy and benefit our Nation by encouraging competition, innovation, and technological progress;
(2) efficient markets should reflect all costs of goods to ensure that they advance America’s prosperity and national interests;
(3) emissions of carbon pollution and other harmful pollutants into our Nation’s air impose substantial costs on all Americans and on future generations; and
(4) creation of a Carbon Dividend Trust Fund, to be distributed to the American people, will make markets more efficient, create jobs, and stimulate competition, innovation, and technological progress that benefit all Americans and future generations.
As of yet, no Ohio representatives have backed this bill.