Imposes a carbon pollution mitigation tax on the carbon content of fossil fuels and electricity, including imported electricity, sold or used within the state.

Creates the carbon program oversight board within the executive office of the governor to oversee implementation of this act and advise the governor on whether the tax and programs funded by the tax are achieving greenhouse gas emission reductions equitably, sustainably, and efficiently.

Creates duties for the following as a result of this act: The departments of revenue, ecology, commerce, natural resources, health, licensing, and social and health services; the office of financial management; the joint legislative audit and review committee; and the Washington State University extension energy program.

Creates the equitable transition fund, the carbon reduction investment fund, and the sustainable infrastructure fund.

Creates the mitigation grant account, the natural resources super account, the clean water climate program account, the sustainable forest health account, the clean energy account, and the carbon pollution mitigation account.