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This bill — the Energy Innovation and Carbon Dividend Act of 2018 — would seek to encourage market-driven innovation in clean energy technologies; and promote U.S. interests through the use of clean energy. It has four components: a carbon fee, a carbon dividend, a carbon equalization tariff, and regulatory adjustment -- a detailed below.

Carbon Fee

This would be a gradually rising, upstream fee on fuels’ carbon content, meant to create market-driven demand for cleaner energy technologies and correct market distortions by reflecting the externalities of pollution costs. This fee would be assessed once, upstream, starting at $15 per metric ton of CO2e and increasing by $10 each year. There’s an exemption for agricultural fuels and non-emissive uses. There’s a rebate for carbon capture and storage (CCS). Hydrofluorocarbons (HFCs) are also taxed, at 10% of global warming potential (GWP) of fluorinated gases.

Carbon Dividend

This would rebate 100% of the net revenues from carbon fees to the American people. It’d be administered as an equal share to adults with Social Security Numbers or Taxpayer Identification Numbers. Up to two minors per household would each receive a half share. This dividend would be administered by the Treasury Department, and its administrative cost wouldn’t exceed 2% of revenues. It’d be a one-month advance payment.

Carbon Equalization Tariff

This would levies an equalization tariff on carbon-intensive imported goods if their countries of origin don’t price carbon. Exported goods would receive a refund. It’s intended to remove the incentive for dirty production for all manufacturers from all countries, and creates an economic incentive for all nations to price carbon. This is designed for WTO compliance, and only applies to fossil fuels and carbon-intensive goods.

Regulatory Adjustment

This would adjust certain greenhouse gas (GHG) regulations which would become duplicative with the enactment of this bill. It helps avoid double jeopardy due to both fees on and regulation of certain GHGs). It would only impact certain GHG regulatory authorities, and would keep CAFE vehicle efficiency standards and methane, mercury, and particulate regulations in place. If emissions targets aren’t collectively hit after 10 years, regulatory authority is restored.

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Implementing a Carbon Tax & Returning Its Revenue As a Dividend