America's Energy Security Trust Fund Act

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Just before the August recess, Congressman John B. Larson (D-Conn.) introduced HR 3416, a federal carbon tax proposal.

Elements:

  • Covers coal, petroleum, and natural gas
  • Only regulates carbon dioxide content, not other GHG emissions (the bill calls for a proposal to cover those emissions within 6 months of enactment)
  • Tax starts at $15 per ton and rises at 10% faster than the cost of living adjustment each year
  • Tax refunds or credits include feedstock and any offset project other than enhanced oil recovery, and all exports
  • Revenues raised go into "America's Energy Security Trust Fund". 1/6 up to $10 billion goes to clean energy technology R&D, 1/12 goes to industry relief (declining to zero by 2017), and the remainder goes to offset payroll taxes.