,i #aac? ,,congress #b;d ,session ,h4 ,r4 #dged ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,may #bh1 #bjad ,mr4 ,mc,dermott introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means1 & 9 addition to ! ,committee on ,en]gy & ,comm]ce1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to r$uce gre5h\se gas emissions by requir+ a ,f$]al emission p]mit = ! sale or use ( cov]$ sub/ances & to return funds to ! ,am]ican p4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,manag$ ,c>bon ,price ,act ( #bjad4 #b4 ,gre5h\se ,gas ,emission ,sub/ances 7a7 ,9 g5]al ,! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+3 ,l ,gre5h\se ,gas ,emission ,sub/ances ,sec4 #iija4 ,condition prec$5t to sale or use ( gre5h\se gas emission sub/ance4 ,sec4 #iijb4 ,f$]al emission p]mit4 ,sec4 #iijc4 ,def9itions4 ,sec4 #iijd4 ,in=mation report+ requirem5ts4 ,sec4 #iije4 ,regulations4 #iija4 ,condition prec$5t to sale or use ( gre5h\se gas emission sub/ance 7a7 ,9 g5]al ,no cov]$ p]son may sell any gre5h\se gas emission sub/ance except pursuant to a ,f$]al emission p]mit = ea* c>bon dioxide equival5t t ! ,adm9i/rator ( ! ,environm5tal ,protection ,ag5cy det]m9es w\ld be emitt$ f ! combu/ion or o!r gre5h\se gas emitt+ use ( su* sub/ance4 7b7 ,cov]$ p]son ,= purposes ( ?is subtitle1 ! t]m cov]$ p]son means-- 7#a7 9 ! case ( coal 7includ+ lignite & peat7 produc$ f a m9e 9 ! ,unit$ ,/ates1 ! produc] ( su* coal1 7#b7 9 ! case ( crude oil or petroleum products receiv$ at a ,unit$ ,/ates ref9]y1 ! op]ator ( ! ,unit$ ,/ates ref9]y1 7#c7 9 ! case ( natural gas1 ! fir/ sell] ( su* natural gas1 7#d7 9 ! case ( any gre5h\se gas emission sub/ance n describ$ 9 p>agraph 7#a71 7#b71 or 7#c7 produc$ 9 ! ,unit$ ,/ates1 ! produc] ( su* sub/ance1 & 7#e7 9 ! case ( any gre5h\se gas emission sub/ance ent]$ into ! ,unit$ ,/ates = consumption1 use1 or w>eh\s+1 ! p]son ent]+ su* sub/ance = consumption1 use1 or w>eh\s+4 7c7 ,use treat$ z sale 7#a7 ,9 g5]al ,if any p]son uses a gre5h\se gas emission sub/ance be=e ! fir/ retail sale ( su* sub/ance1 !n su* p]son %all be liable = ! pur*ase ( a ,f$]al emission p]mit "u section #iijb 9 ! same mann] z if su* sub/ance 7 sold at retail on ! date ( su* use by su* p]son pursuant to a ,f$]al emission p]mit4 7#b7 ,exemption = use 9 fur!r manufacture ,p>agraph 7#a7 %all n apply to use ( a gre5h\se gas emission sub/ance z mat]ial 9 ! manufacture or production (1 or z a compon5t "p (1 ano!r article to be manufactur$ or produc$ by su* p]son4 7d7 ,exceptions ,subsection 7a7 %all n apply to-- 7#a7 a gre5h\se gas emission sub/ance to be us$ = noncombu/ion agricultural purposes1 or 7#b7 a gre5h\se gas emission sub/ance ) respect to :i* a ,f$]al emission p]mit has previ\sly be5 pur*as$4 7e7 ,importation ( ,c>bon ,int5sive ,goods 7#a7 ,gre5h\se gas emission p]mit equival5cy fees ,! ,secret>y %all impose a gre5h\se gas emission p]mit equival5cy fee on imports ( c>bon int5sive goods t %all be equival5t to ! co/ t dome/ic produc]s ( comp>able c>bon int5sive goods incur z a result (-- 7,a7 p]mit fees paid by cov]$ p]sons = gre5h\se gas emission sub/ances "u ?is section1 & 7,b7 gre5h\se gas emission p]mit equival5cy fees paid by import]s ( c>bon int5sive goods us$ 9 ! production ( ! comp>able c>bon int5sive goods 9 "q4 7#b7 ,expiration ,p>agraph 7#a7 & section #fdcc7;b7 %all cease to h effect at su* "t z & to ! ext5t t-- 7,a7 an int]national agreem5t requir+ c\ntries t emit gre5h\se gases & produce c>bon int5sive goods = int]national m>kets to adopt equival5t measures comes into effect1 & 7,b7 ! c\ntry ( export has implem5t$ equival5t measures1 & ! actions provid$ = by p>agraph 7#a7 & section #fdcc7;b7 are no long] appropriate4 #iijb4 ,f$]al emission p]mit 7a7 ,9 g5]al ,! ,secret>y %all1 subject to subsection 7d71 issue ,f$]al emission p]mits1 z provid$ = 9 ?is subtitle4 ,a ,f$]al emission p]mit may only be obta9$ ^u mak+ paym5t to ! ,secret>y4 7b7 ,rules relat+ to p]mits ,= purposes ( ?is subtitle-- 7#a7 ,ea* ,f$]al emission p]mit %all be d5om9at$ 9 "o-qu>t] c>bon dioxide equival5ts4 7#b7 ,a ,f$]al emission p]mit may only be pur*as$ )9 f\rte5 cal5d> days be=e or aft] a gre5h\se gas emission sub/ance is produc$ or ent]$ into ! ,unit$ ,/ates1 z ! case may be4 7#c7 ,except z provid$ 9 subsection 7a71 a ,f$]al emission p]mit may n be sold1 ex*ang$1 or o!rwise transf]r$4 7c7 ,p]mit ,price 7#a7 ,9 g5]al ,! ,secret>y1 aft] consultation ) ! ,adm9i/rator ( ! ,environm5tal ,protection ,ag5cy & ! ,secret>y ( ,en]gy1 %all e/abli% ! price ( obta9+ a ,f$]al emission p]mit = a cal5d> ye> bas$ on a det]m9ation ( ! doll> am\nt necess>y to meet ! emissions r$uctions t>gets specifi$ 9 subsection 7d74 7#b7 #e-ye> price s*$ule 7,a7 ,9 g5]al ,n lat] ?an ,janu>y #a1 #bjaf1 ! ,secret>y %all publi% a s*$ule ( ! prices det]m9$ "u p>agraph 7#a7 = obta9+ a ,f$]al emission p]mit dur+ ea* ( ! five ye>s f #bjag to #bjba4 ,! ,secret>y %all publi% ! price = obta9+ a ,f$]al emission p]mit 9 ea* ye> aft] #bjbj no lat] ?an five ye>s be=e ,janu>y #a ( ! applicable ye>4 7,b7 ,r$uction 9 price if t>get r$uctions be+ exce$$ ,if ! ,secret>y det]m9es-- 7i7 t gre5h\se gas emissions are be+ r$uc$ at a rate t exce$s ! r$uction expect$ 9 national gre5h\se gas emissions = ! ye>1 & 7ii7 t ! ,f$]al p]mit price c be r$uc$ :ile /ill atta9+ ! national gre5h\se gas emission t>get r$uctions specifi$ 9 subsection 7d7 = ! ye>1 ! ,secret>y may1 at any "t be=e ! beg9n+ ( ! ye>1 r$uce ! ,f$]al p]mit price = t ye>4 7#c7 ,increase 9 price if t>get r$uctions n be+ met ,if ! ,secret>y det]m9es t ! r$uction ( gre5h\se gas emissions is fail+ to meet ! t>get r$uctions specifi$ 9 subsection 7d7 = a ye> 9 su* p]iod1 ! ,secret>y may increase ! ,f$]al p]mit price = p]mits no e>li] ?an #b ye>s aft] ! ye> = :i* ! det]m9ation is made4 7#d7 ,maximum & ,m9imum ,price 7,a7 ,9 g5]al ,n lat] ?an ,janu>y #a1 #bjbc1 & e #aj ye>s !reaft]1 ! ,secret>y1 aft] consultation ) ! ,adm9i/rator ( ! ,environm5tal ,protection ,ag5cy & ! ,secret>y ( ,en]gy1 %all publi% a #aj-ye> s*$ule ( ! m9imum & maximum prices = ,f$]al emissions p]mits4 7,b7 ,prices specifi$ ,! maximum & m9imum price = a ,f$]al emission p]mit issu$ by ! ,secret>y 9 a ye> may n be bel[ ! m9imum price or ! maximum price = ! correspond+ ye> specifi$ 9 ! foll[+ table3 ,ye>3,m9imum ,price is3,maximum ,price is3 #bjaef4beah4ge #bjafah4geca4be #bjagca4bedc4ge #bjahdc4geef4be #bjaief4befh4ge #bjbjfh4gehb4be #bjbaha4beic4ge #bjbbic4geajf4be #bjbcajf4beaah4ge #bjbdaah4geaca4be4 7,c7 ,adju/m5t = inflation ,9 ! case ( any cal5d> ye> beg9n+ aft] #bjae1 ea* doll> am\nt conta9$ 9 ! table 9 subp>agraph 7,b7 %all be increas$ by an am\nt equal to-- 7i7 su* doll> am\nt1 multipli$ by 7ii7 ! co/ ( liv+ adju/m5t det]m9$ "u section #a7;f77#c7 = ! cal5d> ye>1 det]m9$ by sub/itut+ cal5d> ye> #bjad = cal5d> ye> #aiib 9 subp>agraph 7,b7 !re(4 7d7 ,national ,limitation 7#a7 ,t>gets ,= purposes ( ?is section-- 7,a7 #bjae ?r\gh #bjai ,! av]age emissions = ! p]iod #bjae ?r\gh #bjai %all be no m ?an ! c>bon dioxide equival5ts emitt$ 9 ! ,unit$ ,/ates 9 #bjje4 7,b7 #bjbe ?r\gh #bjbi ,! av]age emissions = ! p]iod #bjbe ?r\gh #bjbi %all be no m ?an #gj p]c5t ( ! c>bon dioxide equival5ts emitt$ 9 ! ,unit$ ,/ates 9 #bjje4 7,c7 #bjce ?r\gh #bjci ,! av]age emissions = ! p]iod #bjce ?r\gh #bjci %all be no m ?an #ej p]c5t ( ! c>bon dioxide equival5ts emitt$ 9 ! ,unit$ ,/ates 9 #bjje4 7,d7 #bjde ?r\gh #bjdi ,! av]age emissions = ! p]iod #bjde ?r\gh #bjdi %all be no m ?an #cj p]c5t ( ! c>bon dioxide equival5ts emitt$ 9 ! ,unit$ ,/ates 9 #bjje4 7,e7 #bjee ?r\gh #bjei ,! av]age emissions = ! p]iod #bjee ?r\gh #bjei %all be no m ?an #bj p]c5t ( ! c>bon dioxide equival5ts emitt$ 9 ! ,unit$ ,/ates 9 #bjje4 7#b7 ,det]m9ation ( #bjje levels ,= purposes ( subp>agraph 7,a71 ! numb] ( metric tons ( c>bon dioxide equival5ts emitt$ 9 ! ,unit$ ,/ates 9 #bjje %all be ! numb] det]m9$ "u section #afje7;a7 ( ! ,en]gy ,policy ,act ( #aiib & publi%$ by ! ,en]gy ,in=mation ,adm9i/ration4 7e7 ,report 7#a7 ,9 g5]al ,n lat] ?an ! second ,m>* #a aft] ! date ( ! enactm5t ( ! ,manag$ ,c>bon ,price ,act ( #bjad1 & annually !reaft]1 ! ,secret>y %all publi% a report describ+-- 7,a7 ! ext5t to :i* ! ,unit$ ,/ates gre5h\se gas emission limitations specifi$ "u subsection 7d7 are be+ a*iev$1 7,b7 ! ,unit$ ,/ates gre5h\se gas emission p]mits sold dur+ ! previ\s cal5d> ye> & ! impact ( ! numb] ( su* p]mits on gre5h\se gas emissions 9 ! ,unit$ ,/ates1 & 7,c7 ! total gre5h\se gas emissions worldwide = ! previ\s cal5d> ye> 9 relation to su* emissions = #bjje4 7#b7 ,report details ,su* report %all include-- 7,a7 an explanation ( ! me?odology & assumptions ! ,secret>y has us$ 9 e/abli%+ prices "u ?is section1 & 7,b7 an e/imation1 or range ( e/imations1 ( ! price ( p]mits = ! #aj-ye> p]iod foll[+ ! curr5t prices publi%$ "u subsection 7c74 #iijc4 ,def9itions 7a7 ,9 g5]al ,= purposes ( ?is subtitle-- 7#a7 ,adm9i/rator ,! t]m ,adm9i/rator means ! ,adm9i/rator ( ! ,environm5tal ,protection ,ag5cy4 7#b7 ,c>bon dioxide equival5t ,! t]m c>bon dioxide equival5t means1 = ea* gre5h\se gas emission sub/ance1 ! quantity ( ! gre5h\se gas emission sub/ance t ! ,adm9i/rator det]m9es makes ! same contribution to global w>m+ z #a metric ton ( c>bon dioxide4 7#c7 ,gre5h\se gas emission sub/ance ,! t]m gre5h\se gas emission sub/ance means-- 7,a7 coal 7includ+ lignite1 peat1 & d]ivatives ( coal71 to be us$ z a combu/ion fuel1 7,b7 petroleum & any petroleum product1 to be us$ z a combu/ion fuel1 7,c7 natural gas 7includ+ ! gasses releas$ z a result ( fl>+ or v5t+ su* natural gas71 7,d7 me?ane1 7,e7 nitr\s oxide1 7,f7 sulfur hexafluoride1 7,g7 a p]fluoroc>bon1 7,h7 a hydr(luoroc>bon1 & 7,i7 any o!r sub/ance t is det]m9$ by ! ,adm9i/rator to contribute to global w>m+ to a nonnegligible degree4 7#d7 ,f$]al emission p]mit ,! t]m ,f$]al emission p]mit means a p]mit requir$ "u section #iija4 7#e7 ,c>bon int5sive good ,! t]m c>bon int5sive good means-- 7,a7 7i7 iron1 /eel1 any /eel mill product 7includ+ pipe & tube71 alum9um1 cem5t1 glass 7includ+ flat1 conta9]1 & specialty glass & fib]glass71 pulp1 pap]1 *emicals1 & indu/rial c]amics1 & 7ii7 any o!r manufactur$ product t ! ,secret>y det]m9es-- 7,i7 is sold = purposes ( fur!r manufacture1 & 7,,ii7 g5]ates1 9 ! c\rse ( ! manufacture ( ! product1 direct & indirect gre5h\se gas emissions t are comp>able 7on an emissions p] doll> ( output basis7 to emissions g5]at$ 9 ! manufacture or production ( a good id5tifi$ 9 clause 7i71 & 7,b7 a manufactur$ item 9 :i* "o or m goods id5tifi$ "u subp>agraph 7,a7 are inputs & ! co/ ( production ( :i* 9 ! ,unit$ ,/ates ! ,secret>y det]m9es is significantly increas$ by ?is subtitle4 7#f7 ,petroleum product ,! t]m petroleum product has ! mean+ giv5 su* t]m 9 section #dfab7;a77#c74 7b7 ,id5tification ( c>bon int5sive goods ,! det]m9ations by ! ,secret>y requir$ by subsection 7a77#e7 %all be by rule4 7c7 ,publication ( s*$ule ,n lat] ?an "o ye> aft] ! date ( ! enactm5t ( ! ,manag$ ,c>bon ,price ,act ( #bjad1 ! ,adm9i/rator1 9 consultation ) ! ,secret>y & ! ,secret>y ( ,en]gy1 %all publi% a s*$ule li/+ ea* gre5h\se gas emission sub/ance & ! quantity ( ea* sub/ance requir$ to make #a metric ton ( c>bon dioxide4 ,! ,adm9i/rator1 9 consultation ) ! ,secret>y & ! ,secret>y ( ,en]gy1 may update su* s*$ule f "t to "t4 #iijd4 ,in=mation report+ requirem5ts ,secret>y may solicit in=mation f cov]$ p]sons reg>d+ e/imat$ future use ( gre5h\se gas emissions sub/ances4 #iije4 ,regulations ,! ,secret>y %all issue su* regulations z may be necess>y or appropriate to c>ry out ?is subtitle1 includ+ regulations relat+ to ! timely & effici5t issuance ( p]mits & collection ( paym5ts = su* p]mits4 4 7b7 ,refund ( ,f$]al emission p]mit fee ,sub*apt] ,b ( *apt] #fe ( su* ,code is am5d$ by add+ at ! end ! foll[+ new section3 #fdcc4 ,refunds ( ,f$]al emission p]mit fee = c]ta9 uses 7a7 ,9 g5]al ,if a ,f$]al emission p]mit has be5 acquir$ ) respect to a gre5h\se gas emission sub/ance pursuant to section #iijb & ! acquir] ( su* p]mit uses su* sub/ance 9 a mann] t w make a negligible or no contribution to global w>m+1 z det]m9$ by ! ,secret>y 9 consultation ) ! ,adm9i/rator ( ! ,environm5tal ,protection ,ag5cy1 ! ,secret>y %all pay 7)\t int]e/7 to ! acquir] ( su* sub/ance pursuant to su* p]mit an am\nt equal to ! am\nt paid = ! applicable ,f$]al emission p]mit4 7b7 ,paym5ts to export]s ,! ,secret>y %all pay 7)\t int]e/7 to ! export] ( a c>bon int5sive good 7z def9$ 9 section #iijc7e77 produc$ 9 ! ,unit$ ,/ates an am\nt equal to ! co/ t dome/ic produc]s ( su* c>bon int5sive goods incur z a result (-- 7#a7 ! doll> am\nt paid by cov]$ p]sons = ,f$]al emission p]mits = gre5h\se gas emission sub/ances "u ?is section #iijb1 & 7#b7 gre5h\se gas emission p]mit equival5cy fees paid "u section #iija7;e7 by import]s ( c>bon int5sive goods us$ 9 ! production ( ! comp>able c>bon int5sive goods 9 "q4 4 7c7 ,failure ,to obta9 p]mit ,*apt] #ch ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new sub*apt]3 ,e ,gre5h\se ,gas ,emission ,sub/ances ,sec4 #dfia4 ,gre5h\se gas emission sub/ances4 #dfia4 ,gre5h\se gas emission sub/ances 7a7 ,imposition ( tax ,!re is h]eby impos$ on any cov]$ p]son :o fails to obta9 a ,f$]al emission p]mit pursuant to subtitle ,l a tax equal to #ajj p]c5t ( ! doll> am\nt ( ! fee t w\ld h be5 *>g$ = su* p]mit b = su* failure4 7b7 ,cov]$ p]son ,! t]m cov]$ p]son has ! mean+ giv5 su* t]m by section #iija7;b74 7c7 ,f$]al emission p]mit ,! t]m ,f$]al emission p]mit means a p]mit requir$ "u section #iija4 7d7 ,coord9ation ,! tax impos$ "u ?is section is 9 addition to ! fee impos$ "u subtitle ,l4 4 7d7 ,e/abli%m5t ( ,en]gy & ,economic ,security ,tru/ ,fund 7#a7 ,f9d+ ,! ,congress f9ds t rev5ue g5]at$ f ! sale ( ,f$]al emission p]mits mu/ be recycl$ into ! ,am]ican economy-- 7,a7 to facilitate economic gr[? & clean en]gy production1 & 7,b7 to protect ! economic security ( ,am]ican families & communities4 7#b7 ,e/abli%m5t ( tru/ fund ,sub*apt] ,a ( *apt] #ih ( su* ,code 7relat+ to tru/ fund code7 is am5d$ by add+ at ! end ! foll[+3 #ieab4 ,en]gy & ,economic ,security ,tru/ ,fund 7a7 ,creation ( ,tru/ ,fund ,!re is e/abli%$ 9 ! ,treasury ( ! ,unit$ ,/ates a tru/ fund to be kn[n z ! ,en]gy & ,economic ,security ,tru/ ,fund 7ref]r$ to 9 ?is section z ! ,tru/ ,fund71 consi/+ ( su* am\nts z may be appropriat$ or cr$it$ to ! ,tru/ ,fund z provid$ 9 ?is section or section #ifjb7;b74 7b7 ,transf]s to ,tru/ ,fund ,!re is h]eby appropriat$ to ! ,tru/ ,fund an am\nt equival5t to ! am\nts receiv$ 9 ! ,treasury pursuant to subtitle ,l4 7c7 ,exp5ditures f ,tru/ ,fund 7#a7 ,9 g5]al ,! ,secret>y %all pay mon?ly f ! ,tru/ ,fund ! divid5d am\nt to ea* taxpay]4 7#b7 ,divid5d am\nt ,= purposes ( p>agraph 7#a71 ! t]m divid5d am\nt means ! sum (-- 7,a7 7i7 9 ! case ( ! taxpay] fil+ a jo9t return1 ! individual %>e = ! husb& & ! individual %>e = ! wife1 & 7ii7 9 ! case ( a taxpay] o!r ?an a taxpay] describ$ 9 subp>agraph 7,a71 ! individual %>e1 & 7,b7 9 ! case ( an individual :o is a dep5d5t 7z def9$ 9 section #aeb7 ( ! taxpay]1 ( ! individual %>e4 ,= purposes ( subp>agraph 7,b71 n m ?an #b dep5d5ts may be tak5 into acc\nt = ea* taxpay]4 7#c7 ,individual %>e ,= purposes ( ?is subsection1 ! t]m individual %>e means ! am\nt det]m9$ by ! ,secret>y by divid+ ! total am\nt deposit$ 9 ! ,tru/ ,fund = ! mon? by ! total numb] ( individual %>es payable at ! end ( su* mon?4 7#d7 ,limitation ,= purposes ( ?is subsection-- 7,a7 ,9 g5]al ,no am\nt is payable "u ?is subsection ) respect to an individual unless ! individual is a qualifi$ individual4 7,b7 ,qualifi$ individual ,! t]m qualifi$ individual means an individual :o is a lawful resid5t ( ! ,unit$ ,/ates on ! date ( su* paym5t4 ,= purposes ( ensur+ t paym5ts are made "u ?is subsection to all qualifi$ individuals1 ! ,secret>y %all consult ) su* o!r ,f$]al & ,/ate (ficials z ! ,secret>y det]m9es necess>y or appropriate4 7,c7 ,unit$ ,/ates ,= purposes ( subp>agraph 7,b71 ! ,unit$ ,/ates includes ! ,di/rict ( ,columbia1 ! ,commonweal? ( ,pu]to ,rico1 ! ,virg9 ,isl&s1 ,guam1 ,am]ican ,samoa1 & ! ,commonweal? ( ! ,nor!rn ,m>iana ,isl&s4 4 7e7 ,con=m+ & cl]ical am5dm5ts 7#a7 ,! table ( sub*apt]s = *apt] #ch ( su* ,code is am5d$ by add+ at ! end ! foll[+ new item3 ,sub*apt] ,e4 ,gre5h\se ,gas ,emission ,sub/ances 4 7#b7 ,! table ( subtitles = ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new item3 ,subtitle ,l4 ,gre5h\se ,gas ,emission ,sub/ances 4 7#c7 ,! table ( sections = sub*apt] ,b ( *apt] #fe ( su* ,code is am5d$ by add+ at ! end ! foll[+ new item3 ,sec4 #fdcc4 ,refunds ( ,f$]al emission p]mit fee = c]ta9 uses4 4 7#d7 ,! table ( sections = sub*apt] ,a ( *apt] #ih ( su* ,code is am5d$ by add+ at ! end ! foll[+3 ,sec4 #ieab4 ,en]gy & ,economic ,security ,tru/ ,fund4 4 7f7 ,effective date ,! am5dm5ts made by ?is section %all apply ) respect to ! sale ( any gre5h\se gas emission sub/ance aft] ,decemb] #ca1 #bjad4