Referred to the Committee on Ways and Means, and in addition to the Committees on Transportation and Infrastructure, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
This bill would impose a one-time $100 billion assessment on major fossil fuel companies based on their carbon dioxide emissions from 2000 to 2022. The assessment targets companies that extracted fossil fuels or refined crude oil and are responsible for more than one billion metric tons of covered emissions, with the tax amount determined by each company's share of total eligible emissions. Companies could pay the assessment by September 2025 or spread payments over nine years through an installment plan. The revenue would be deposited into a new Polluters Pay Climate Fund to be used for climate-related disaster recovery, resilience infrastructure, environmental justice initiatives, and extreme weather preparedness. At least $15 billion annually must go to the Federal Emergency Management Agency for climate disaster response, at least $6 billion for clean air initiatives, and 40 percent of total Fund amounts must benefit environmental justice communities. The bill does not prevent individuals, states, or tribes from pursuing separate legal claims against fossil fuel companies for climate-related damages.
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