This bill, titled the "MARKET CHOICE Act," amends the Internal Revenue Code to impose a new **greenhouse gas emissions tax** on fossil fuels, industrial processes, and certain manufactured products. The tax on fossil fuels begins at $40 per metric ton of carbon dioxide equivalent in 2027 and will increase annually by 5% plus the Consumer Price Index. The bill includes a mechanism to further increase the tax rate if specific cumulative emission reduction targets are not met by certain deadlines. The legislation also establishes a **border tax adjustment** system to tax imported greenhouse gas-intensive products and provide rebates for exported domestic products. This system aims to prevent carbon leakage, encourage international emission reductions, and ensure fair competition for U.S. manufacturers. The Secretary of the Treasury, in consultation with the EPA Administrator, will define the calculation methods for these taxes and adjustments, and a credit for state-level greenhouse gas payments will be phased out over five years. To manage the revenues, the bill creates the **Rebuilding Infrastructure and Solutions for the Environment (RISE) Trust Fund**, which will receive 75% of the new greenhouse gas tax proceeds. Funds from the RISE Trust Fund are allocated to various critical areas. These include significant portions for the Highway Trust Fund (70%) and the Airport and Airway Trust Fund (2.5%), along with 10% for **State grants** to eligible low-income households. Further allocations from the RISE Trust Fund support a range of initiatives, such as weatherization programs, assistance for displaced energy workers, abandoned mine reclamation, coastal flooding mitigation, and various research and development efforts. These R&D areas encompass carbon capture, carbon removal technologies, energy storage, and identifying novel uses for carbon oxides. Additionally, funds are directed towards reforestation and agricultural environmental quality incentives. The bill also makes significant amendments to other laws, including a **moratorium on EPA's authority** to regulate greenhouse gas emissions based on their climate effects under the Clean Air Act, provided those emissions are subject to the new tax. However, this moratorium includes exceptions for certain vehicle emissions, nonroad engines, aircraft, and specific industrial facilities. The moratorium is set to expire in 2039, or earlier if the established emission reduction targets are not met by 2030 or 2034. Furthermore, the bill repeals **federal motor vehicle and aviation fuel excise taxes** effective December 31, 2025. It also modifies the qualifying advanced coal project credit to include new sequestration requirements and adjust capacity thresholds for eligible projects. The legislation authorizes grants for **frequent and chronic flooding mitigation and adaptation infrastructure projects**, prioritizing those that protect special flood hazard areas and critical infrastructure. A dedicated program provides **assistance to displaced workers in the energy sector**, specifically those in fossil and nuclear energy, for a period of 10 years. This assistance can cover retraining, relocation expenses, early retirement, health benefits, and block grants for economic redevelopment in affected communities, including transfers to the 1974 United Mine Workers of America Pension Plan. Finally, the bill establishes a **bipartisan National Climate Commission** composed of 10 members with expertise in economy, energy, climate, or public health. This Commission is tasked with setting greenhouse gas emission reduction goals, assessing existing policies, and reporting recommendations to Congress and the President every five years, starting in 2032.