Rep. Carlos Curbelo, known for his ardent push for climate action, including his co-founding of the House Climate Solutions Caucus, is introducing a carbon tax bill “in the near future.”
What we do know, according to a draft summary obtained by E&E News:
The measure would set a $23/ton escalating carbon tax on refiners, in exchange for elimination of the gas tax.
The bill would also halt EPA regulation of greenhouse gases as long as the emissions targets are being met.
Revenue would be directed toward infrastructure projects typically funded in part by the gas tax and also would be used to offset energy costs on low income families.
The tax would escalate two percent above inflation annually.
If the decline in emissions fails to reach certain levels, the carbon tax would increase by an additional $2 per ton the following year.
What we don’t know:
Who are the other Republican co-sponsors?
What will the Senate do?
How will the lack of revenue-neutrality impact support from carbon tax allies?
In his own words, “This is designed ambitiously,” Mr. Curbelo said in an interview. “For some it will be a clean energy bill. For some it will be an infrastructure bill. For others, it will be the bill that saves the planet. And all of those characterizations will be accurate.” Alas, we just need to sit tight until Monday, when Curbelo is scheduled to hold a press conference at the National Press Club, where he will unveil the bill. Pass the popcorn.