1. Short title This Act may be cited as the Consumers Rebate to ban Emissions and Boost AlTernative Energy Act or the Consumers REBATE Act . 2. Excise tax on carbon dioxide content of coal, oil, and natural gas (a) In general The Internal Revenue Code of 1986 is amended by adding at the end the following: L Carbon dioxide content of coal, oil, and natural gas Sec. 9901. Imposition of tax. Sec. 9902. Carbon equivalency fee. Sec. 9903. Definitions. Sec. 9904. Special rules. 9901. Imposition of tax (a) In general There is hereby imposed a tax on producing at the wellhead or mine in the United States, or importing, a taxable carbon substance. (b) Rate of tax (1) In general The tax imposed under subsection (a) shall be the applicable amount per ton of carbon dioxide content of the life-cycle emissions from the taxable carbon substance. (2) Applicable amount For purposes of paragraph (1)— (A) In general For calendar year 2020, the term applicable amount means $25. (B) Annual adjustments generally In the case of any taxable year beginning in a calendar year after 2020, the dollar amount in effect under subparagraph (A) for the preceding calendar shall be increased by $10. (3) Zero rate if emission reduction benchmark attained (A) In general If the Administrator determines and specifies in a report issued under subsection (c)(3)(A) in the year immediately preceding a year specified in subsection (c)(1)(A) that the emissions reduction benchmark for that specified year will be met or exceeded, then for that specified year and the succeeding 4 calendar years— (i) paragraph (2) shall not apply, and (ii) the applicable amount shall be zero. (B) Reinstatement (i) In general Except as provided in clause (ii), for any calendar year after a period referred to in subparagraph (A) paragraph (2) shall be applied and the applicable amount for the first such calendar year shall be the dollar amount in effect for the calendar year preceding the beginning of such period. (ii) Exception Clause (i) shall not apply to a calendar year if,