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RCP Congressional Bill Tracker - H.R. 972

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H.R. 972: Managed Carbon Price Act of 2015

Title: Managed Carbon Price Act of 2015

Introduced: Feb 13, 2015 (114th Congress)

Sponsor: Rep. Jim A. McDermott [D-WA7]

Status: Referred to Committee - Referred to the Subcommittee on Energy and Power.

Summary: Managed Carbon Price Act of 2015 Amends the Internal Revenue Code to require U.S. coal producers, oil refinery operators, first sellers of natural gas, and producers of other greenhouse gas [GHG] emission substances and importers of any GHG emission substance (covered persons) to purchase a federal emission permit from the Department of the Treasury for the sale, combustion, or other use of a GHG emission substance. Exempts from such requirement a GHG emission substance to be used for noncombustion agricultural purposes or for which a permit has been previously purchased. Requires Treasury to impose a GHG emission permit equivalency fee on imports of carbon intensive goods. Requires federal emission permits to be: (1) denominated in one-quarter carbon dioxide equivalents, and (2) purchased within 14 calendar days before or after a GHG emission substance is produced or entered into the United States. Requires Treasury to: (1) establish a price for obtaining a permit for a year based on a determination of the dollar amount necessary to meet specified emissions reductions targets; (2) publish a five-year price schedule for permits by January 1, 2016, for each of the five years from 2017 to 2021; and (3) publish a 10-year schedule of the minimum and maximum prices for permits by January 1, 2023, and every 10 years thereafter. Establishes minimum and maximum permit prices. Authorizes Treasury to reduce permit prices if target reductions are being exceeded and to increase such prices if target reductions are not being met. Establishes emission reduction targets for 2016 through 2060 decreasing from 90% to 20% of the carbon dioxide equivalents emitted in the United States in 2005. Requires Treasury to report annually on: (1) the extent to which such limitations are being achieved, (2) GHG emission permits sold and their impact on GHG emissions, and (3) worldwide GHG emissions in relation to 2005 emissions. Defines a "carbon dioxide equivalent" as the quantity of a GHG emission substance that makes the same contribution to global warming as one metric ton of carbon dioxide. Requires the Environmental Protection Agency to publish and update a schedule listing such quantity for each GHG emission substance. Requires: (1) repayment of permit fees to specified permittees that use GHG emission substances in a manner that will make a negligible or no contribution to global warming, and (2) payment of the permit equivalency fees to exporters of carbon-intensive goods. Imposes a tax on covered persons who fail to obtain a federal emission permit. Establishes the Energy and Economic Security Trust Fund to pay monthly dividends to taxpayers from permit sales revenues.

Votes


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