; and (7) there is bipartisan support for pursuing efforts to reduce greenhouse gas emissions through economically viable, broadly supported private and public policies and solutions. I Greenhouse Gas Emissions 101. Treatment of greenhouse gas emissions (a) In general The Internal Revenue Code of 1986 is amended by adding at the end the following: L Greenhouse Gas Emissions Part 1. Taxation of Greenhouse Gas Emissions. Part 2. Tax Adjustments for Imports and Exports of Greenhouse Gas Intensive Products. 1 Taxation of Greenhouse Gas Emissions Sec. 9901. Imposition of tax on combusted fossil fuel greenhouse gas emissions. Sec. 9902. Imposition of tax on greenhouse gas emissions from certain industrial processes. Sec. 9903. Imposition of tax on greenhouse gas emissions from certain product uses. Sec. 9904. Calculation of taxable emissions. Sec. 9905. Credit for State payments. Sec. 9906. Penalties for nonpayment. Sec. 9907. Definitions. 9901. Imposition of tax on combusted fossil fuel greenhouse gas emissions (a) In general There is hereby imposed a tax on fossil fuels produced within, or imported into, the United States. (b) Rate of tax (1) Greenhouse gases that would be released if the fossil fuel were combusted The tax imposed by subsection (a) shall be the applicable amount per ton of carbon dioxide equivalent of all greenhouse gasses that would be released if the fossil fuel were combusted. (2) Applicable amount of carbon dioxide equivalent emissions For purposes of paragraph (1), the term applicable amount means— (A) for calendar year 2020, $24 per metric ton of carbon dioxide equivalent emissions, and (B) for each calendar year after 2020, the tax rate shall be the sum of— (i) the previous calendar year’s tax rate, plus (ii) the sum of— (I) 2 percentage points, plus (II) a percentage increase in the previous year’s tax rate equal to the increase in the Consumer Price Index for the previous calendar year. (C) Consumer Price Index for any calendar year For purposes of subparagraph (B), the Consumer Price Index