Bill > S2378

This bill, the Fair, Affordable, Innovative, and Resilient Transition and Competition Act (FAIR Transition and Competition Act), amends the Internal Revenue Code to establish a border carbon adjustment fee for the importation of certain goods. The bill defines key terms like "border carbon adjustment," "covered goods," and "sectors" (e.g., steel, aluminum, cement), and directs the Secretary of the Treasury to determine the domestic environmental cost incurred for each sector and for the production of each covered fuel. The bill also requires the Administrator of the Environmental Protection Agency to determine the baseline and benchmark emissions for each sector. The border carbon adjustment fee is then calculated based on these factors and imposed on imported goods. The bill also establishes a Resilient Communities Grant Program to provide funding to states for various climate resilience efforts, such as job training, climate adaptation plans, and assistance for frontline communities.

Budget and Finance

https://www.congress.gov/bill/117th-congress/senate-bill/2378/all-info