HB 2792 to Tax Lots of Carbon

Summary – Imposes tax on each fuel supplier and utility based on amount of carbon in carbon-based fuel that is sold by fuel supplier to consumers in state or that is used to produce carbon-generated electricity supplied by utility to consumers in state. Limits tax on certain oil and natural gas to six percent of market value of oil or natural gas. Allows credit against tax for creation of forestry carbon offsets. Distributes proceeds of tax to State Highway Fund, Common School Fund, General Fund, State Department of Energy, Department of Environmental Quality, Department of Land Conservation and Development and Department of Education. Applies to carbon-based fuel sold to consumers or used to produce carbon-generated electricity on or after effective date of Act. Repeals renewable fuels standard adopted by State Department of Agriculture. Applies to biodiesel fuel sold in Oregon after effective date of Act. Adjusts sunset of low carbon fuel standard adopted by Environmental Quality Commission. Repeals energy siting assessment paid to State Department of Energy. Applies to fiscal years beginning on or after effective date of Act. Changes rate of motor vehicle fuel tax. Applies to fuel used on or after effective date of Act.

You can see the complete bill at the Oregon Legislature website.