GREENHOUSE GAS-CAP

Creates the Climate Change and Emissions Management Act. Provides that, beginning in calendar year 2016, a facility that has direct greenhouse gas emissions totalling 1,000,000 metric tons or more shall reduce its greenhouse gas emission by a specified amount. Provides that the reduction may be accomplished by applying emission offsets and emission performance credits to the facility's total annual greenhouse gas emissions or by making payments to the Climate Change and Emissions Management Fund. Creates the Climate Change and Emissions Management Fund. Contains provisions concerning reports, records, penalties, and rulemaking. Effective immediately.