H.R. 594, the “Save Our Climate Act of 2009,” has been introduced by Rep. Stark (D-CA). The bill is the first carbon tax bill to be introduced this Congressional session, and it has been referred to the House Ways and Means Committee. The bill would amend the Internal Revenue Code to require producers, manufacturers, and importers of fossil fuels to a pay a $10 tax per ton of carbon in the fossil fuels for which they are responsible. The tax would increase by $10 per year until U.S. carbon emissions drop to 80 percent below 1990 levels. Interestingly, an entity that pays the tax but then uses the fossil fuel to produce a "substance," and sequesters the resulting carbon emissions, would be entitled to a tax credit.