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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Sep 30, 2019.
Climate Action Rebate Act of 2019
This bill imposes a carbon fee on the use, sale, or transfer of certain fossil fuels and fluorinated gases that emit greenhouse gases into the atmosphere. The fee is imposed on producers and importers of such fuels and is deposited into a Climate Action Rebate Fund established by this bill.
The bill establishes an gradual emissions reduction schedule for such fuels between 2020 and 2050 (100% reduction).
The bill requires payment of an equalization fee by fossil fuels and carbon-intensive imported goods at the border and provides for refunds of comparable exports.
The bill rebates up to 70% of net revenues from the fund to low-income individuals as a monthly dividend. Remaining revenues must be used for investment in infrastructure, energy innovation, and assistance for workers and communities to transition to a cleaner energy economy.
All carbon fee revenue must be spent in accordance with Buy American requirements and the Davis-Bacon Act (requires payment of local prevailing wage on public works projects for laborers and mechanics),