Bill > S3422

This bill, the Clean Competition Act, amends the Internal Revenue Code to create a carbon border adjustment based on the carbon intensity of covered primary goods, both imported and domestically produced. The bill establishes a reporting system for facilities in covered national industries to disclose their greenhouse gas emissions, electricity usage, and production. It then calculates the carbon intensity for each facility, covered national industry, and imported goods, and imposes a charge on imports and domestic production that exceeds a phasing-down percentage of the relevant carbon intensity. The bill also provides for a rebate system for exported goods. Additionally, the bill establishes a grant program to support investments in technology to reduce the carbon intensity of eligible facilities, and provides funding for the Department of State's climate and clean energy programs.