H.R. 763, the Energy Innovation and Carbon Dividend Act of 2019, died with the adjournment of the 116th Congress on January 3, 2021. CCL expects a similar bill, with a new number and perhaps name, to be introduced in the just seated 117th Congress. We expect bipartisan sponsorship and hearings on the new bill in committees, ultimately leading to votes in both the House and the Senate. We will publish links to the new bill once it is submitted by its Congressional sponsors after the inauguration of the new administration. Until then, H.R. 763 is probably the most useful guide to the forthcoming legislation. We will keep you posted.
House Bill 763, currently sponsored by 41 Representatives will establish a national carbon fee and dividend program designed to reduce carbon production by establishing a fee at the source of production (or import) of carbon fuel energy sources. This fee would initially be set at a low level and annually increase over a extended period. The goal of this initiative is to stimulate businesses and individuals to seek alternative sources for energy.
A key element of this approach is that all fees collected by the program would be returned to the public through a special income tax dividend, mitigating the impact on families. Studies have shown a net benefit for most citizens of the Kansas City region. Special consideration of the unique needs of farming communities is addressed in the current bill, acknowledging the current dependence on fossil fuel in this market segment.
The Citizens' Climate Lobby maintains several sites and links to additional information on the fee and dividend concept along with specifics of HR 763