A bill to cap the emissions of greenhouse gases through a requirement to purchase carbon permits, to distribute the proceeds of such purchases to eligible individuals, and for other purposes.
About This Bill
Committee
Latest Action · December 11, 2024
Read twice and referred to the Committee on Finance.
# Summary
The Healthy Climate and Family Security Act of 2024 establishes a cap-and-trade system requiring fossil fuel producers and importers to purchase permits for carbon dioxide emissions, with the goal of reducing U.S. emissions by 15 percent below 2015 levels by 2025, reaching 90 percent reductions by 2050. The federal government will auction quarterly carbon permits starting at $40 per ton, increasing by $10 annually, with penalties of three times the permit price for entities that fail to comply. Revenue from permit sales and penalties will be deposited into a Healthy Climate Trust Fund, with all proceeds distributed equally to U.S. residents age 18 and older, with valid Social Security numbers, through quarterly dividend payments made electronically and excluded from taxable income. The bill also directs the Environmental Protection Agency to regulate greenhouse gases beyond carbon dioxide, such as methane from agriculture, and imposes carbon equivalency fees on imports of carbon-intensive goods while providing payments to U.S. exporters, with these trade measures expiring once other countries adopt equivalent climate policies.
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