To create a new carbon tax on any persons involved with the extraction or importation of coal, petroleum, or natural gas products, as well as at the point of retail sale on any motor vehicle, aircraft or special fuels. The carbon tax rate would begin in 2008 with a substantial increase every year thereafter. In addition, this bill would create the climate action fund authority for the purpose of the distribution of funds collected under the carbon tax in an effort to reduce greenhouse gasses.   Official Text and Analysis.