H.R.1666 - Safe Markets Development Act of 2009111th Congress (2009-2010)
Summary: H.R.1666 — 111th Congress (2009-2010)
Introduced in House (03/23/2009)
Safe Markets Development Act of 2009 - Amends the Internal Revenue Code to require the Secretary of the Treasury to: (1) conduct auctions of allowances (authorizations to emit one carbon dioxide equivalent of greenhouse gas) in accordance with procedures established by the Climate Program Oversight and Coordination Board (established by this Act); (2) establish an allowance transfer system to issue, record, and track emission allowances; (3) maintain a registry of allowances for each recorded holder of allowances; and (4) provide for allowance banking.
Provides that the privilege of purchasing, holding, and transferring emission allowances shall not be restricted to the owners and operators of covered facilities.
Requires: (1) the owner or operator of a covered facility to submit to the Secretary an emission allowance for each carbon dioxide equivalent attributable to such facility as calculated by the Administrator of the Environmental Protection Agency (EPA) under a greenhouse gases emissions registry; and (2) revenues from the auctions to be deposited in the Auction Revenue Trust Fund (established by this Act). Sets forth penalties for excess emissions.
Requires the Board to forecast and select gradually rising annual allowance prices for 2012-2020.
Specifies initial expectation amounts of greenhouse gas emissions of covered facilities in the cap and trade program for each of calendar years 2012-2050.
Provides for reductions in the emissions target for 2020 and the expected emissions for 2021-2030 by specified amounts of any cumulative emissions of covered entities for 2012-2020 in excess of the specified expected emission levels over such years.