America's Clean Future Fund Act

This proposal would place a fee on fossil fuels like crude oil, natural gas, and coal to cut greenhouse gas emissions. It also covers some emissions from energy and industrial activities that aren’t tied to fuel use. The plan sets up refunds when companies capture, store, or use carbon so it doesn’t enter the air. It would also adjust prices at the border so imported and exported goods reflect these carbon costs. The Environmental Protection Agency is referenced for key definitions, and the policy would apply across the United States and its territories .

Key terms say “covered fuel” includes crude oil, natural gas, coal, and products made from them that release greenhouse gases when used. “Noncovered fuel emissions” include carbon dioxide or methane from producing, processing, moving, or using energy and industrial products. There are sections for a carbon fee, a fee on these other emissions, refunds for carbon capture, and border adjustments to keep trade fair under the policy .

• Who is affected: Fuel producers, importers, and parts of the energy and industrial sectors; consumers may see price changes passed through by companies .
• What changes: A new carbon fee on fossil fuels, a fee on certain other emissions, refunds for carbon capture and use, and border adjustments on trade .
• Where it applies: All U.S. states and territories .