Establishes the carbon reduction and environmental resiliency act.

Imposes a carbon pollution tax on the sale or use of fossil fuels, including fossil fuels used in generating electricity.

Requires the department of social and health services to establish and administer a low-income carbon pollution mitigation tax grant for residents to assist in the equitable transition to lower carbon emission energy sources.

Requires the joint legislative audit and review committee, in consultation with the department of revenue, the department of commerce, and the department of ecology, to conduct a review of the carbon pollution tax.

Creates the carbon reduction and environmental resiliency account, the water infrastructure account, the forest resilience and fire suppression account, the carbon reduction investment fund account, and the carbon reduction solutions account.