House Dem Proposes New Carbon Emissions Tax

Law360, Washington (August 2, 2012, 7:05 PM EDT) -- A congressman from Washington state proposed a bill in the U.S. House of Representatives on Thursday that would implement a new carbon emissions pricing system to push for drastic reductions in emissions while creating a fund to offset energy cost increases.

Rep. Jim McDermott, D-Wash., introduced the Managed Carbon Price Act of 2012, which includes a schedule that would reduce carbon dioxide emissions 80 percent from 2005 levels within 42 years of implementation. If passed, the bill would give the energy industry two years to prepare...
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