Utah entered the discussion in 2018, but traction is still elusive.
HB 403 (Rep. Joel Briscoe), proposed in 2018, would assess an upstream fee of $10/ton of CO2 increasing by 3.5% plus inflation each year. Net proceeds then would return to the economy via eliminating a variety of state taxes, such as sales taxes on grocery store food or income taxes on mining and manufacturing businesses. In addition to eliminating taxes, the funds would also fund an Earned Income Tax Credit (EITC) match, where families affected by intergenerational poverty would receive a Utah state tax credit equal to 75% of their federal EITC amount. The bill did not pass.
Last updated March 8, 2020