To cap the emissions of greenhouse gases through a requirement to purchase carbon permits, to distribute the proceeds of such purchases to eligible individuals, and for other purposes.

Referred to the Committee on Energy and Commerce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Bill 118 hr 10418, also known as the Carbon Permit Purchase Act, aims to address the issue of greenhouse gas emissions by implementing a cap on these emissions. The bill proposes a requirement for businesses and individuals to purchase carbon permits in order to offset their greenhouse gas emissions.

The funds generated from the purchase of these permits would be distributed to eligible individuals, potentially providing financial assistance to those most affected by the impacts of climate change. Additionally, the bill includes provisions for monitoring and enforcing compliance with the carbon permit purchase requirement.

Overall, the Carbon Permit Purchase Act seeks to reduce greenhouse gas emissions and mitigate the effects of climate change by implementing a market-based approach to regulating carbon emissions.