If passed, the bill would amend the Internal Revenue Code of 1986 to:^[4]

• Introduce a carbon tax -- at the point of extraction, beginning at $15 per metric ton of CO₂-e (carbon dioxide equivalent) and increasing each year by $10 (adjusted by inflation) or more, depending on its effectiveness -- with exemptions for fuel used for military and farm purposes and fluorinated gases,
• rebate revenue with an equal share to adults with a Social Security number or Taxpayer Identification Number, and a half-share for all minors and adults younger than 19 per household, and
• introduce a border carbon adjustment on imported carbon-intensive products to discourage companies moving abroad.

It would also make adjustments to the Clean Air Act -- to limit the Environmental Protection Agency from placing restrictions on greenhouse gas emissions under some conditions.