II 

116TH CONGRESS 

2D SESSION S. 4484 

To amend the Internal Revenue Code of 1986 to establish a carbon fee 

to reduce greenhouse gas emissions, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

AUGUST 6, 2020 

Mr. DURBIN introduced the following bill; which was read twice and referred 

to the Committee on Finance 

A BILL 

To amend the Internal Revenue Code of 1986 to establish 

a carbon fee to reduce greenhouse gas emissions, and 

for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘America’s Clean Fu5 ture Fund Act’’. 

6 SEC. 2. CLIMATE CHANGE FINANCE CORPORATION. 

7 (a) ESTABLISHMENT.— 

8 (1) IN GENERAL.—There is established in the 

9 executive branch an independent agency, to be 

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1 tion’’ (referred to in this section as the ‘‘C2FC’’), 

2 which shall finance clean energy and climate change 

3 resiliency activities in accordance with subsection 

4 (c). 

5 (2) MISSION.— 

6 (A) IN GENERAL.—The mission of the 

7 C2FC is to combat and reduce the effects of cli8 mate change by building resilience among com9 munities facing harmful impacts of climate 

10 change and supporting a dramatic reduction in 

11 greenhouse gas emissions— 

12 (i) through the deployment of clean 

13 and renewable technology, resilient infra14 structure, research and development, the 

15 commercialization of new technology, clean 

16 energy manufacturing, and industrial 

17 decarbonization; and 

18 (ii) to meet the goals of— 

19 (I) by 2030, a net reduction of 

20 greenhouse gas emissions by 45 per21 cent, based on 2018 levels; and 

22 (II) by 2050, a net reduction of 

23 greenhouse gas emissions by 100 per24 cent, based on 2018 levels. 


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1 (B) ACTIVITIES.—The C2FC shall carry 

2 out the mission described in subparagraph (A) 

3 by— 

4 (i) financing investments in clean en5 ergy and transportation, resiliency, and in6 frastructure; 

7 (ii) using Federal investment to en8 courage the infusion of private capital and 

9 investment into the clean energy and resil10 ient infrastructure sectors, while creating 

11 new workforce opportunities; and 

12 (iii) providing financing in cases 

13 where private capital cannot be leveraged, 

14 while minimizing competition with private 

15 investment. 

16 (3) EXERCISE OF POWERS.—Except as other17 wise provided expressly by law, all Federal laws deal18 ing with public or Federal contracts, property, 

19 works, officers, employees, budgets, or funds, includ20 ing the provisions of chapters 5 and 7 of title 5, 

21 United States Code, shall apply to the exercise of 

22 the powers of the C2FC. 

23 (b) BOARD OF DIRECTORS.— 

24 (1) IN GENERAL.—The management of the 

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1 ferred to in this section as the ‘‘Board’’) consisting 

2 of 7 members, who shall be appointed by the Presi3 dent, by and with the advice and consent of the Sen4 ate. 

5 (2) CHAIRPERSON AND VICE CHAIRPERSON.— 

6 (A) IN GENERAL.—A Chairperson and 

7 Vice Chairperson of the Board shall be ap8 pointed by the President, by and with the ad9 vice and consent of the Senate, from among the 

10 individuals appointed to the Board under para11 graph (1). 

12 (B) TERM.—An individual— 

13 (i) shall serve as Chairperson or Vice 

14 Chairperson of the Board for a 3-year 

15 term; and 

16 (ii) may be renominated for the posi17 tion until the term of that individual on 

18 the Board under paragraph (3)(C) expires. 

19 (3) BOARD MEMBERS.— 

20 (A) CITIZENSHIP REQUIRED.—Each mem21 ber of the Board shall be an individual who is 

22 a citizen of the United States. 

23 (B) REPRESENTATION.—The members of 

24 the Board shall fairly represent agricultural, 

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1 mental, labor, and commercial interests 

2 throughout the United States. 

3 (C) TERM.— 

4 (i) IN GENERAL.—Except as otherwise 

5 provided in this section, each member of 

6 the Board— 

7 (I) shall be appointed for a term 

8 of 6 years; and 

9 (II) may be reappointed for 1 ad10 ditional term. 

11 (ii) INITIAL STAGGERED TERMS.—Of 

12 the members first appointed to the 

13 Board— 

14 (I) 2 shall each be appointed for 

15 a term of 2 years; 

16 (II) 3 shall each be appointed for 

17 a term of 4 years; and 

18 (III) 2 shall each be appointed 

19 for a term of 6 years. 

20 (4) INITIAL MEETING.—Not later than 30 days 

21 after the date on which all members of the Board 

22 are appointed under paragraph (1), the Board shall 

23 hold an initial meeting. 

24 (c) INVESTMENT TOOLS.— 

25 (1) DEFINITIONS.—In this subsection: 


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1 (A) ELIGIBLE BORROWER.—The term ‘‘eli2 gible borrower’’ means any person, including a 

3 business owner or project developer, that seeks 

4 a loan to carry out approved practices or 

5 projects described in subparagraph (A)(i) of 

6 paragraph (2) from an eligible lender that may 

7 receive a loan guarantee under that paragraph 

8 for that loan, according to criteria determined 

9 by the C2FC. 

10 (B) ELIGIBLE ENTITY.—The term ‘‘eligible 

11 entity’’ means— 

12 (i) a State; 

13 (ii) a unit of local government; and 

14 (iii) a research and development insti15 tution (including a National Laboratory). 

16 (C) ELIGIBLE LENDER.—The term ‘‘eligi17 ble lender’’ means— 

18 (i) a Federal- or State-chartered 

19 bank; 

20 (ii) a Federal- or State-chartered 

21 credit union; 

22 (iii) an agricultural credit corporation; 

23 (iv) a United States Green Bank In24 stitution; and 


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1 (v) any other lender that the Board 

2 determines has a demonstrated ability to 

3 underwrite and service loans for the in4 tended approved practice for which the 

5 loan will be used. 

6 (2) GRANTS, LOAN GUARANTEES, AND OTHER

7 INVESTMENT TOOLS.— 

8 (A) IN GENERAL.—The C2FC— 

9 (i) shall provide grants to eligible enti10 ties and loan guarantees to eligible lenders 

11 issuing loans to eligible borrowers for ap12 proved practices and projects relating to 

13 climate change mitigation and resilience 

14 measures, including— 

15 (I) energy efficiency upgrades to 

16 infrastructure; 

17 (II) electric, hydrogen, and clean 

18 transportation programs and deploy19 ment, including programs— 

20 (aa) to purchase personal 

21 vehicles, commercial vehicles, and 

22 public transportation fleets and 

23 school bus fleets; 


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1 (bb) to deploy electric vehi2 cle charging and hydrogen infra3 structure; and 

4 (cc) to develop and deploy 

5 low carbon sustainable aviation 

6 fuels; 

7 (III) clean energy and vehicle 

8 manufacturing research, demonstra9 tions, and deployment; 

10 (IV) battery storage research, 

11 demonstrations, and deployment; 

12 (V) development or purchase of 

13 equipment for practices described in 

14 section 6; 

15 (VI) development and deployment 

16 of clean energy and clean tech17 nologies, with a focus on— 

18 (aa) carbon capture, utiliza19 tion, and sequestration, bioenergy 

20 with carbon capture and seques21 tration, direct air capture, and 

22 infrastructure associated with 

23 those processes, including con24 struction of carrier pipelines for 


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1 the transportation of anthropo2 genic carbon dioxide; 

3 (bb) energy storage and grid 

4 modernization; 

5 (cc) geothermal energy; 

6 (dd) commercial and resi7 dential solar; 

8 (ee) wind energy; and 

9 (ff) any other clean tech10 nology use or development, as de11 termined by the Board; 

12 (VII) measures that anticipate 

13 and prepare for climate change im14 pacts, and reduce risks and enhance 

15 resilience to sea level rise, extreme 

16 weather events, and other climate 

17 change impacts, including by— 

18 (aa) building resilient en19 ergy, water, and transportation 

20 infrastructure; 

21 (bb) providing weatheriza22 tion assistance for low-income 

23 households; and 

24 (cc) increasing the resilience 

25 of the agriculture sector; and 


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1 (VIII) natural infrastructure re2 search, demonstrations, and deploy3 ment; and 

4 (ii) may implement other investment 

5 tools and products approved by the Board, 

6 pursuant to subparagraph (D), to achieve 

7 the mission of the C2FC described in sub8 section (a)(2). 

9 (B) PROJECT PRIORITIZATION.— 

10 (i) DEFINITION OF ENVIRONMENTAL

11 JUSTICE COMMUNITY.—The term ‘‘environ12 mental justice community’’ means a com13 munity with significant representation of 

14 communities of color, low-income commu15 nities, or Tribal and indigenous commu16 nities that experiences, or is at risk of ex17 periencing, higher or more adverse human 

18 health or environmental effects. 

19 (ii) PRIORITIZATION.—In providing fi20 nancial and other assistance under sub21 paragraph (A), the C2FC shall give pri22 ority to, as determined by the C2FC— 

23 (I) deindustrialized communities 

24 or communities with significant local 


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1 economic reliance on carbon-intensive 

2 industries; 

3 (II) environmental justice com4 munities, communities with popu5 lations of color, communities of color, 

6 indigenous communities, and low-in7 come communities that— 

8 (aa) experience a dispropor9 tionate burden of the negative 

10 human health and environmental 

11 impacts of pollution or other en12 vironmental hazards; or 

13 (bb) may not have access to 

14 public information and opportu15 nities for meaningful public par16 ticipation relating to human 

17 health and environmental plan18 ning, regulations, and enforce19 ment; 

20 (III) communities at risk of im21 pacts of natural disasters or sea level 

22 rise exacerbated by climate change; 

23 (IV) public or nonprofit entities 

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1 erans, or individuals with a barrier to 

2 employment; and 

3 (V) communities that have mini4 mal or no investment in the approved 

5 practices and projects described in 

6 subparagraph (A)(i). 

7 (C) LOAN GUARANTEES.— 

8 (i) IN GENERAL.—In providing loan 

9 guarantees under subparagraph (A), the 

10 C2FC shall cooperate with eligible lenders 

11 through agreements to participate on a de12 ferred (guaranteed) basis. 

13 (ii) LEVEL OF PARTICIPATION IN

14 GUARANTEED LOANS.—In providing a loan 

15 guarantee under subparagraph (A), the 

16 C2FC shall guarantee 75 percent of the 

17 balance of the financing outstanding at the 

18 time of disbursement of the loan. 

19 (iii) INTEREST RATES.—Notwith20 standing the provisions of the constitution 

21 of any State or the laws of any State lim22 iting the rate or amount of interest that 

23 may be charged, taken, received, or re24 served, the maximum legal rate of interest 

25 on any financing made on a deferred basis 


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1 under this subsection shall not exceed a 

2 rate prescribed by the C2FC. 

3 (iv) GUARANTEE FEES.— 

4 (I) IN GENERAL.—With respect 

5 to each loan guaranteed under this 

6 subsection (other than a loan that is 

7 repayable in 1 year or less), the C2FC 

8 shall collect a guarantee fee, which 

9 shall be payable by the eligible lender, 

10 and may be charged to the eligible 

11 borrower in accordance with subclause 

12 (II). 

13 (II) BORROWER CHARGES.—A 

14 guarantee fee described in subclause 

15 (I) charged to an eligible borrower 

16 shall not— 

17 (aa) exceed 2 percent of the 

18 deferred participation share of a 

19 total loan amount that is equal to 

20 or less than $150,000; 

21 (bb) exceed 3 percent of the 

22 deferred participation share of a 

23 total loan amount that is greater 

24 than $150,000 but less than 

25 $700,000; or 


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1 (cc) exceed 3.5 percent of 

2 the deferred participation share 

3 of a total loan amount that is 

4 equal to or greater than 

5 $700,000. 

6 (D) OTHER INVESTMENT TOOLS AND

7 PRODUCTS.— 

8 (i) IN GENERAL.—The Board may, 

9 based on market needs, develop and imple10 ment any other investment tool or product 

11 necessary to achieve the mission of the 

12 C2FC described in subsection (a)(2) and 

13 the deployment of projects described in 

14 subparagraph (A)(i), including offering— 

15 (I) warehousing and aggregation 

16 credit facilities; 

17 (II) zero interest loans; 

18 (III) credit enhancements; and 

19 (IV) construction finance. 

20 (ii) STATE AND LOCAL GREEN

21 BANKS.—The Board shall provide funds to 

22 United States Green Bank Institutions as 

23 necessary to finance projects that are best 

24 served by those entities. 


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1 (3) WAGE RATE REQUIREMENTS.—All laborers 

2 and mechanics employed by eligible entities and eli3 gible borrowers on projects funded directly by or as4 sisted in whole or in part by the activities of the 

5 C2FC under this section shall be paid at wages at 

6 rates not less than those prevailing on projects of a 

7 similar character in the locality as determined by the 

8 Secretary of Labor in accordance with subchapter 

9 IV of chapter 31 of title 40, United States Code 

10 (commonly known as the ‘‘Davis-Bacon Act’’). 

11 (4) BUY AMERICA REQUIREMENTS.— 

12 (A) IN GENERAL.—All iron, steel, and 

13 manufactured goods used for projects under 

14 this section shall be produced in the United 

15 States. 

16 (B) WAIVER.—The Board may waive the 

17 requirement in subparagraph (A) if the Board 

18 finds that— 

19 (i) enforcing the requirement would be 

20 inconsistent with the public interest; 

21 (ii) the iron, steel, and manufactured 

22 goods produced in the United States are 

23 not produced in a sufficient and reasonably 

24 available amount or are not of a satisfac25 tory quality; or 


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1 (iii) enforcing the requirement will in2 crease the overall cost of the project by 

3 more than 25 percent. 

4 (d) PROGRAM REVIEW AND REPORT.—Not later than 

5 2 years after the date of enactment of this Act, and every 

6 2 years thereafter, the Board shall— 

7 (1) conduct a review of the activities of the 

8 C2FC; and 

9 (2) submit to Congress a report that— 

10 (A) describes the projects and funding op11 portunities that have been most successful in 

12 progressing towards the mission described in 

13 subsection (a)(2) during the time period covered 

14 by the report; and 

15 (B) includes recommendations on the clean 

16 energy and resiliency projects that should be 

17 prioritized in forthcoming years to achieve that 

18 mission. 

19 (e) INITIAL CAPITALIZATION.— 

20 (1) IN GENERAL.—There is appropriated to 

21 carry out this section, out of any funds in the Treas22 ury not otherwise appropriated, $7,500,000,000 for 

23 each of fiscal years 2021 and 2022, to remain avail24 able until expended. 


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1 (2) ADDITIONAL CAPITALIZATION.—If, pursu2 ant to section 4692(g) of the Internal Revenue Code 

3 of 1986 (as added by section 3), the carbon fee has 

4 been reduced to zero for calendar year 2022, there 

5 is appropriated to carry out this section, out of any 

6 funds in the Treasury not otherwise appropriated, 

7 $7,500,000,000 for fiscal year 2023, to remain 

8 available until expended. 

9 SEC. 3. CARBON FEE. 

10 Chapter 38 of subtitle D of the Internal Revenue 

11 Code of 1986 is amended by adding at the end the fol12 lowing new subchapter: 

13 ‘‘Subchapter E—Carbon Fee 

‘‘Sec. 4691. Definitions. 

‘‘Sec. 4692. Carbon fee. 

‘‘Sec. 4693. Fee on noncovered fuel emissions. 

‘‘Sec. 4694. Refunds for carbon capture, sequestration, and utilization. 

‘‘Sec. 4695. Border adjustments. 

14 ‘‘SEC. 4691. DEFINITIONS. 

15 ‘‘For purposes of this subchapter— 

16 ‘‘(1) ADMINISTRATOR.—The term ‘Adminis17 trator’ means the Administrator of the Environ18 mental Protection Agency. 

19 ‘‘(2) CARBON DIOXIDE EQUIVALENT OR CO2- 

20 E.—The term ‘carbon dioxide equivalent’ or ‘CO2-e’ 

21 means the number of metric tons of carbon dioxide 

22 emissions with the same global warming potential 


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1 over a 100-year period as one metric ton of another 

2 greenhouse gas. 

3 ‘‘(3) CARBON-INTENSIVE PRODUCT.—The term 

4 ‘carbon-intensive product’ means— 

5 ‘‘(A) iron, steel, steel mill products (includ6 ing pipe and tube), aluminum, cement, glass 

7 (including flat, container, and specialty glass 

8 and fiberglass), pulp, paper, chemicals, or in9 dustrial ceramics, and 

10 ‘‘(B) any manufactured product which the 

11 Secretary, in consultation with the Adminis12 trator, the Secretary of Commerce, and the Sec13 retary of Energy, determines is energy-intensive 

14 and trade-exposed (with the exception of any 

15 covered fuel). 

16 ‘‘(4) COVERED ENTITY.—The term ‘covered en17 tity’ means— 

18 ‘‘(A) in the case of crude oil— 

19 ‘‘(i) any operator of a United States 

20 refinery (as described in subsection (d)(1) 

21 of section 4611), and 

22 ‘‘(ii) any person entering such product 

23 into the United States for consumption, 

24 use, or warehousing (as described in sub25 section (d)(2) of such section), 


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1 ‘‘(B) in the case of coal— 

2 ‘‘(i) any producer subject to the tax 

3 under section 4121, and 

4 ‘‘(ii) any importer of coal into the 

5 United States, 

6 ‘‘(C) in the case of natural gas— 

7 ‘‘(i) any entity which produces natural 

8 gas (as defined in section 613A(e)(2)) 

9 from a well located in the United States, 

10 and 

11 ‘‘(ii) any importer of natural gas into 

12 the United States, 

13 ‘‘(D) in the case of any noncovered fuel 

14 emissions, the entity which is the source of such 

15 emissions, provided that the total amount of 

16 carbon dioxide or methane emitted by such enti17 ty for the preceding year (as determined using 

18 the methodology required under section 

19 4692(e)(4)) was not less than 25,000 metric 

20 tons, and 

21 ‘‘(E) any entity or class of entities which, 

22 as determined by the Secretary, is transporting, 

23 selling, or otherwise using a covered fuel in a 

24 manner which emits a greenhouse gas into the 

25 atmosphere and which has not been covered by 


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1 the carbon fee, the fee on noncovered fuel emis2 sions, or the carbon border fee adjustment. 

3 ‘‘(5) COVERED FUEL.—The term ‘covered fuel’ 

4 means crude oil, natural gas, coal, or any other 

5 product derived from crude oil, natural gas, or coal 

6 which shall be used so as to emit greenhouse gases 

7 to the atmosphere. 

8 ‘‘(6) GREENHOUSE GAS.—The term ‘greenhouse 

9 gas’— 

10 ‘‘(A) has the meaning given such term in 

11 section 901 of the Energy Independence and 

12 Security Act of 2007 (42 U.S.C. 17321), and 

13 ‘‘(B) includes any other gases identified by 

14 rule of the Administrator. 

15 ‘‘(7) GREENHOUSE GAS CONTENT.—The term 

16 ‘greenhouse gas content’ means the amount of 

17 greenhouse gases, expressed in metric tons of CO2- 

18 e, which would be emitted to the atmosphere by the 

19 use of a covered fuel. 

20 ‘‘(8) NONCOVERED FUEL EMISSION.—The term 

21 ‘noncovered fuel emission’ means any carbon dioxide 

22 or methane emitted as a result of the production, 

23 processing, transport, or use of any product or mate24 rial within the energy or industrial sectors— 


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1 ‘‘(A) including any fugitive or process 

2 emissions associated with the production, proc3 essing, or transport of a covered fuel, and 

4 ‘‘(B) excluding any emissions from the 

5 combustion or use of a covered fuel. 

6 ‘‘(9) QUALIFIED CARBON OXIDE.—The term 

7 ‘qualified carbon oxide’ has the meaning given the 

8 term in section 45Q(c). 

9 ‘‘(10) UNITED STATES.—The term ‘United 

10 States’ shall be treated as including each possession 

11 of the United States (including the Commonwealth 

12 of Puerto Rico and the Commonwealth of the North13 ern Mariana Islands). 

14 ‘‘SEC. 4692. CARBON FEE. 

15 ‘‘(a) DEFINITIONS.—In this section: 

16 ‘‘(1) APPLICABLE PERIOD.—Subject to sub17 section (g), the term ‘applicable period’ means, with 

18 respect to any determination made by the Secretary 

19 under subsection (e)(3) for any calendar year, the 

20 period— 

21 ‘‘(A) beginning on January 1, 2022, and 

22 ‘‘(B) ending on December 31 of the pre23 ceding calendar year. 

24 ‘‘(2) CUMULATIVE EMISSIONS.—The term ‘cu25 mulative emissions’ means an amount equal to the 


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1 sum of any greenhouse gas emissions resulting from 

2 the use of covered fuels and any noncovered fuel 

3 emissions for all years during the applicable period. 

4 ‘‘(3) CUMULATIVE EMISSIONS TARGET.—The 

5 term ‘cumulative emissions target’ means an amount 

6 equal to the sum of the emissions targets for all 

7 years during the applicable period. 

8 ‘‘(4) EMISSIONS TARGET.—The term ‘emissions 

9 target’ means the target for greenhouse gas emis10 sions during a calendar year as determined under 

11 subsection (e)(1). 

12 ‘‘(b) CARBON FEE.—Subject to subsection (g), dur13 ing any calendar year that begins after December 31, 

14 2021, there is imposed a carbon fee on any covered enti15 ty’s use, sale, or transfer of any covered fuel. 

16 ‘‘(c) AMOUNT OF THE CARBON FEE.—The carbon fee 

17 imposed by this section is an amount equal to— 

18 ‘‘(1) the greenhouse gas content of the covered 

19 fuel, multiplied by 

20 ‘‘(2) the carbon fee rate, as determined under 

21 subsection (d). 

22 ‘‘(d) CARBON FEE RATE.—The carbon fee rate shall 

23 be determined in accordance with the following: 


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1 ‘‘(1) IN GENERAL.—The carbon fee rate, with 

2 respect to any use, sale, or transfer during a cal3 endar year, shall be— 

4 ‘‘(A) in the case of calendar year 2022, 

5 $25, and 

6 ‘‘(B) except as provided in paragraphs (2) 

7 and (3), in the case of any calendar year after 

8 2022, the amount equal to the sum of— 

9 ‘‘(i) the amount under subparagraph 

10 (A), plus 

11 ‘‘(ii)(I) in the case of calendar year 

12 2023, $10, and 

13 ‘‘(II) in the case of any calendar year 

14 after 2023, the amount in effect under this 

15 clause for the preceding calendar year, plus 

16 $10. 

17 ‘‘(2) INFLATION ADJUSTMENT.— 

18 ‘‘(A) IN GENERAL.—In the case of any cal19 endar year after 2022, the amount determined 

20 under paragraph (1)(B) shall be increased by 

21 an amount equal to— 

22 ‘‘(i) that dollar amount, multiplied by 

23 ‘‘(ii) the cost-of-living adjustment de24 termined under section 1(f)(3) for that cal25 endar year, determined by substituting 


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1 ‘2021’ for ‘2016’ in subparagraph (A)(ii) 

2 thereof. 

3 ‘‘(B) ROUNDING.—If any increase deter4 mined subparagraph (A) is not a multiple of 

5 $1, such increase shall be rounded up to the 

6 next whole dollar amount. 

7 ‘‘(3) ADJUSTMENT OF CARBON FEE RATE.— 

8 ‘‘(A) INCREASE IN RATE FOLLOWING

9 MISSED CUMULATIVE EMISSIONS TARGET.—In 

10 the case of any calendar year following a deter11 mination by the Secretary pursuant to sub12 section (e)(3) that the cumulative emissions for 

13 the preceding calendar year exceeded the cumu14 lative emissions target for such year, paragraph 

15 (1)(B)(ii)(II) shall be applied— 

16 ‘‘(i) in the case of calendar years 

17 2025 through 2030, by substituting ‘$15’ 

18 for ‘$10’, 

19 ‘‘(ii) in the case of calendar years 

20 2031 through 2040, by substituting ‘$20’ 

21 for ‘$10’, and 

22 ‘‘(iii) in the case of any calendar year 

23 beginning after 2040, by substituting ‘$25’ 

24 for ‘$10’. 


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1 ‘‘(B) CESSATION OF RATE INCREASE FOL2 LOWING ACHIEVEMENT OF CUMULATIVE EMIS3 SIONS TARGET.—In the case of any year fol4 lowing a determination by the Secretary pursu5 ant to subsection (e)(3) that— 

6 ‘‘(i) the average annual emissions of 

7 greenhouse gases from covered entities 

8 over the preceding 3-year period are not 

9 more than 10 percent of the greenhouse 

10 gas emissions during the year 2018, and 

11 ‘‘(ii) the cumulative emissions did not 

12 exceed the cumulative emissions target, 

13 paragraph (1)(B)(ii)(II) shall be applied by 

14 substituting ‘$0’ for ‘$10’. 

15 ‘‘(C) METHODOLOGY.—With respect to 

16 any year, the annual greenhouse gas emissions 

17 and cumulative emissions described in subpara18 graph (A) or (B) shall be determined using the 

19 methodology required under subsection (e)(4). 

20 ‘‘(e) EMISSIONS TARGETS.— 

21 ‘‘(1) IN GENERAL.— 

22 ‘‘(A) REFERENCE YEAR.—For purposes of 

23 subsection (d), the emissions target for any 

24 year shall be the amount of greenhouse gas 

25 emissions that is equal to— 


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1 ‘‘(i) for calendar years 2022 and 

2 2023, the applicable percentage of the total 

3 amount of greenhouse gas emissions from 

4 the use of any covered fuel during calendar 

5 year 2018, and 

6 ‘‘(ii) for calendar year 2024 and each 

7 calendar year thereafter, the applicable 

8 percentage of the total amount of green9 house gas emissions from the use of any 

10 covered fuel and noncovered fuel emissions 

11 during calendar year 2018. 

12 ‘‘(B) METHODOLOGY.—For purposes of 

13 subparagraph (A), with respect to determining 

14 the total amount of greenhouse gas emissions 

15 from the use of any covered fuel and non16 covered fuel emissions during calendar year 

17 2018, the Administrator shall use such methods 

18 as are determined appropriate, provided that 

19 such methods are, to the greatest extent prac20 ticable, comparable to the methods established 

21 under paragraph (4). 

22 ‘‘(2) APPLICABLE PERCENTAGE.— 

23 ‘‘(A) 2022 THROUGH 2035.—In the case of 

24 calendar years 2022 through 2035, the applica25 ble percentage shall be determined as follows: 


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‘‘Year Applicable percentage 

2022 ............................................................................................. 85 percent 

2023 ............................................................................................. 79 percent 

2024 ............................................................................................. 74 percent 

2025 ............................................................................................. 69 percent 

2026 ............................................................................................. 66 percent 

2027 ............................................................................................. 62 percent 

2028 ............................................................................................. 59 percent 

2029 ............................................................................................. 56 percent 

2030 ............................................................................................. 53 percent 

2031 ............................................................................................. 50 percent 

2032 ............................................................................................. 47 percent 

2033 ............................................................................................. 44 percent 

2034 ............................................................................................. 42 percent 

2035 ............................................................................................. 40 percent 

1 ‘‘(B) 2036 THROUGH 2050.—In the case of 

2 calendar years 2036 through 2050, the applica3 ble percentage shall be equal to— 

4 ‘‘(i) the applicable percentage for the 

5 preceding year, minus 

6 ‘‘(ii) 2 percentage points. 

7 ‘‘(C) AFTER 2050.—In the case of any cal8 endar year beginning after 2050, the applicable 

9 percentage shall be equal to 10 percent. 

10 ‘‘(3) EMISSIONS REPORTING AND DETERMINA11 TIONS.— 

12 ‘‘(A) REPORTING.—Not later than Sep13 tember 30, 2023, and annually thereafter, the 

14 Administrator, in consultation with the Sec15 retary, shall make available to the public a re16 port on— 

17 ‘‘(i) the cumulative emissions with re18 spect to the preceding calendar year, and 


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1 ‘‘(ii) any other relevant information, 

2 as determined appropriate by the Adminis3 trator. 

4 ‘‘(B) DETERMINATIONS.—Not later than 

5 September 30, 2024, and annually thereafter, 

6 the Administrator, in consultation with the Sec7 retary and as part of the report described in 

8 subparagraph (A), shall determine whether cu9 mulative emissions with respect to the pre10 ceding calendar year exceeded the cumulative 

11 emissions target with respect to such year. 

12 ‘‘(4) EMISSIONS ACCOUNTING METHOD13 OLOGY.— 

14 ‘‘(A) IN GENERAL.—Not later than Janu15 ary 1, 2022, the Administrator shall prescribe 

16 rules for greenhouse gas accounting for covered 

17 entities for purposes of this subchapter, which 

18 shall— 

19 ‘‘(i) to the greatest extent practicable, 

20 employ existing data collection methodolo21 gies and greenhouse gas accounting prac22 tices, 

23 ‘‘(ii) ensure that the method of ac24 counting— 

25 ‘‘(I) applies to— 


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1 ‘‘(aa) all greenhouse gas 

2 emissions from covered fuels and 

3 all noncovered fuel emissions, 

4 and 

5 ‘‘(bb) all covered entities, 

6 ‘‘(II) excludes— 

7 ‘‘(aa) any greenhouse gas 

8 emissions which are not described 

9 item (aa) of subclause (I), and 

10 ‘‘(bb) any entities which are 

11 not described in item (bb) of 

12 such subclause, and 

13 ‘‘(III) appropriately accounts 

14 for— 

15 ‘‘(aa) qualified carbon oxide 

16 which is captured and disposed 

17 or used in a manner described in 

18 section 4694, and 

19 ‘‘(bb) nonemitting uses of 

20 covered fuels, as described in 

21 subsection (f), 

22 ‘‘(iii) subject to such penalties as are 

23 determined appropriate by the Adminis24 trator, require any covered entity to report, 


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1 not later than April 1 of each calendar 

2 year— 

3 ‘‘(I) the total greenhouse gas 

4 content of any covered fuels used, 

5 sold, or transferred by such covered 

6 entity during the preceding calendar 

7 year, and 

8 ‘‘(II) the total noncovered fuel 

9 emissions of the covered entity during 

10 the preceding calendar year, and 

11 ‘‘(iv) require any information reported 

12 pursuant to clause (iii) to be verified by a 

13 third-party entity that, subject to such 

14 process as is determined appropriate by 

15 the Administrator, has been certified by 

16 the Administrator with respect to the 

17 qualifications, independence, and reliability 

18 of such entity. 

19 ‘‘(B) GREENHOUSE GAS REPORTING PRO20 GRAM.—For purposes of establishing the rules 

21 described in subparagraph (A), the Adminis22 trator may elect to modify the activities of the 

23 Greenhouse Gas Reporting Program to satisfy 

24 the requirements described in clauses (i) 

25 through (iv) of such subparagraph. 


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1 ‘‘(5) REVISIONS.—With respect to any deter2 mination made by the Administrator as to the 

3 amount of greenhouse gas emissions for any cal4 endar year (including calendar year 2018), any sub5 sequent revision by the Administrator with respect 

6 to such amount shall apply for purposes of the fee 

7 imposed under subsection (b) for any calendar years 

8 beginning after such revision. 

9 ‘‘(f) EXEMPTION AND REFUND.—The Secretary shall 

10 prescribe such rules as are necessary to ensure the carbon 

11 fee imposed by this section is not imposed with respect 

12 to any nonemitting use, or any sale or transfer for a non13 emitting use, including rules providing for the refund of 

14 any carbon fee paid under this section with respect to any 

15 such use, sale, or transfer. 

16 ‘‘(g) DELAYED APPLICATION OF CARBON FEE FOR

17 2022.— 

18 ‘‘(1) FIRST QUARTER OF 2022.—Not later than 

19 November 1, 2021, the Secretary shall determine 

20 whether the requirement described in paragraph (3) 

21 has been satisfied, and if such requirement has not 

22 been satisfied, the carbon fee imposed by this section 

23 shall be reduced to zero for the first calendar quar24 ter of 2022. 


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1 ‘‘(2) REMAINING QUARTERS OF 2022.—If, pur2 suant to paragraph (1), the carbon fee imposed by 

3 this section has been reduced to zero for the first 

4 calendar quarter of 2022, the Secretary shall, not 

5 later than February 1, 2022, determine whether the 

6 requirement described in paragraph (3) has been 

7 satisfied, and if such requirement has not been satis8 fied— 

9 ‘‘(A) the carbon fee imposed by this section 

10 shall be reduced to zero for the second, third, 

11 and fourth calendar quarters of 2022, and 

12 ‘‘(B) subsection (a)(1)(A) shall be applied 

13 by substituting ‘January 1, 2023’ for ‘January 

14 1, 2022’. 

15 ‘‘(3) UNEMPLOYMENT RATE REQUIREMENT.— 

16 The requirement described in this paragraph is that 

17 the unemployment rate for each census division, as 

18 determined by the Secretary, in coordination with 

19 the Bureau of Labor Statistics of the Department of 

20 Labor, based upon the most recently completed cal21 endar quarter for which such information is avail22 able, is less than 5 percent. 

23 ‘‘(h) ADMINISTRATIVE AUTHORITY.—The Secretary, 

24 in consultation with the Administrator, shall prescribe 


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1 such regulations, and other guidance, to assess and collect 

2 the carbon fee imposed by this section, including— 

3 ‘‘(1) the identification of covered entities that 

4 are liable for payment of a fee under this section or 

5 section 4693, 

6 ‘‘(2) as may be necessary or convenient, rules 

7 for distinguishing between different types of covered 

8 entities, 

9 ‘‘(3) as may be necessary or convenient, rules 

10 for distinguishing between the greenhouse gas emis11 sions of a covered entity and the greenhouse gas 

12 emissions that are attributed to the covered entity 

13 but not directly emitted by the covered entity, 

14 ‘‘(4) requirements for the quarterly payment of 

15 such fees, and 

16 ‘‘(5) rules to ensure that the carbon fee under 

17 this section, the fee on noncovered fuel emissions 

18 under section 4693, or the carbon border fee adjust19 ment is not imposed on an emission from covered 

20 fuel or noncovered fuel emission more than once. 

21 ‘‘SEC. 4693. FEE ON NONCOVERED FUEL EMISSIONS. 

22 ‘‘(a) IN GENERAL.—During any calendar year that 

23 begins after December 31, 2023, there is imposed a fee 

24 on a covered entity for any noncovered fuel emissions 

25 which occur during the calendar year. 


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1 ‘‘(b) AMOUNT.—The fee to be paid under subsection 

2 (a) by the covered entity which is the source of the emis3 sions described in that subsection shall be an amount 

4 equal to— 

5 ‘‘(1) the total amount, in metric tons of CO2- 

6 e, of emitted greenhouse gases, multiplied by 

7 ‘‘(2) an amount equal to the carbon fee rate in 

8 effect under section 4692(d) for the calendar year of 

9 such emission. 

10 ‘‘(c) ADMINISTRATIVE AUTHORITY.—The Secretary, 

11 in consultation with the Administrator, shall prescribe 

12 such regulations, and other guidance, to assess and collect 

13 the carbon fee imposed by this section, including regula14 tions describing the requirements for the quarterly pay15 ment of such fees. 

16 ‘‘SEC. 4694. REFUNDS FOR CARBON CAPTURE, SEQUESTRA17 TION, AND UTILIZATION. 

18 ‘‘(a) IN GENERAL.— 

19 ‘‘(1) CAPTURE, SEQUESTRATION, AND USE.— 

20 The Secretary, in consultation with the Adminis21 trator and the Secretary of Energy, shall prescribe 

22 regulations for providing payments to any person 

23 which captures qualified carbon oxide which is— 


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1 ‘‘(A) disposed of by such person in secure 

2 geological storage, as described in section 

3 45Q(f)(2), or 

4 ‘‘(B) used in a manner which has been ap5 proved by the Secretary pursuant to subsection 

6 (c). 

7 ‘‘(2) ELECTION.—If the person described in 

8 paragraph (1) makes an election under this para9 graph in such time and manner as the Secretary 

10 may prescribe by regulations, the credit under this 

11 section— 

12 ‘‘(A) shall be allowable to the person that 

13 owns the facility described in subsection (b)(1), 

14 and 

15 ‘‘(B) shall not be allowable to the person 

16 described in paragraph (1). 

17 ‘‘(b) PAYMENTS FOR CARBON CAPTURE.— 

18 ‘‘(1) IN GENERAL.—In the case of any facility 

19 for which carbon capture equipment has been placed 

20 in service, the Secretary shall make payments in the 

21 same manner as if such payment was a refund of an 

22 overpayment of the fee imposed by section 4692 or 

23 4693. 


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1 ‘‘(2) AMOUNT OF PAYMENT.—The payment de2 termined under this subsection shall be an amount 

3 equal to— 

4 ‘‘(A) the metric tons of qualified carbon 

5 oxide captured and disposed of, used, or utilized 

6 in a manner consistent with subsection (a), 

7 multiplied by 

8 ‘‘(B)(i) the carbon fee rate during the year 

9 in which the carbon fee was imposed by section 

10 4692 on the covered fuel to which such carbon 

11 oxide relates, or 

12 ‘‘(ii) in the case of a direct air capture fa13 cility (as defined in section 45Q(e)(1)), the car14 bon fee rate during the year in which the quali15 fied carbon oxide was captured and disposed of, 

16 used, or utilized. 

17 ‘‘(c) APPROVED USES OF QUALIFIED CARBON

18 OXIDE.—The Secretary, in consultation with Adminis19 trator and the Secretary of Energy, shall, through regula20 tion or other public guidance, determine which uses of 

21 qualified carbon oxide are eligible for payments under this 

22 section, which may include— 

23 ‘‘(1) use as a tertiary injectant in a qualified 

24 enhanced oil or natural gas recovery project (as deVerDate Sep 11 2014 21:07 Aug 26, 2020 Jkt 099200 PO 00000 Frm 00036 Fmt 6652 Sfmt 6201 E:\BILLS\S4484.IS S4484

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1 fined in subsection (e)(2) of section 45Q) and dis2 posal in secure geological storage, 

3 ‘‘(2) utilization in a manner described in clause 

4 (i) or (ii) of section 45Q(f)(5)(A), or 

5 ‘‘(3) any other use which ensures minimal leak6 age or escape of such carbon oxide. 

7 ‘‘(d) EXCEPTION.—In the case of any facility which 

8 is owned by an entity that is determined to be in violation 

9 of any applicable air or water quality regulations, such fa10 cility shall not be eligible for any payment under this sec11 tion during the period of such violation. 

12 ‘‘SEC. 4695. BORDER ADJUSTMENTS. 

13 ‘‘(a) IN GENERAL.—The fees imposed by, and re14 funds allowed under, this section shall be referred to as 

15 ‘the carbon border fee adjustment’. 

16 ‘‘(b) EXPORTS.— 

17 ‘‘(1) CARBON-INTENSIVE PRODUCTS.—In the 

18 case of any carbon-intensive product which is ex19 ported from the United States, the Secretary shall 

20 pay to the person exporting such product a refund 

21 equal to the amount of the cost of such product at22 tributable to any fees imposed under this subchapter 

23 related to the manufacturing of such product (as de24 termined under regulations established by the Sec25 retary). 


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1 ‘‘(2) COVERED FUELS.—In the case of any cov2 ered fuel which is exported from the United States, 

3 the Secretary shall pay to the person exporting such 

4 fuel a refund equal to the amount of the cost of such 

5 fuel attributable to any fees imposed under this sub6 chapter related to the use, sale, or transfer of such 

7 fuel. 

8 ‘‘(c) IMPORTS.— 

9 ‘‘(1) CARBON-INTENSIVE PRODUCTS.— 

10 ‘‘(A) IMPOSITION OF EQUIVALENCY FEE.— 

11 In the case of any carbon-intensive product im12 ported into the United States, there is imposed 

13 an equivalency fee on the person importing such 

14 product in an amount equal to the cost of such 

15 product that would be attributable to any fees 

16 imposed under this subchapter related to the 

17 manufacturing of such product if any inputs or 

18 processes used in manufacturing such product 

19 were subject to such fees (as determined under 

20 regulations established by the Secretary). 

21 ‘‘(B) REDUCTION IN FEE.—The amount of 

22 the equivalency fee under subparagraph (A) 

23 shall be reduced by the amount, if any, of any 

24 fees imposed on the carbon-intensive product by 


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1 the foreign nation or governmental units from 

2 which such product was imported. 

3 ‘‘(2) COVERED FUELS.— 

4 ‘‘(A) IN GENERAL.—In the case of any 

5 covered fuel imported into the United States, 

6 there is imposed a fee on the person importing 

7 such fuel in an amount equal to the amount of 

8 any fees that would be imposed under this sub9 chapter related to the use, sale, or transfer of 

10 such fuel. 

11 ‘‘(B) REDUCTION IN FEE.—The amount of 

12 the fee under subparagraph (A) shall be re13 duced by the amount, if any, of any fees im14 posed on the covered fuel by the foreign nation 

15 or governmental units from which the fuel was 

16 imported. 

17 ‘‘(d) TREATMENT OF ALTERNATIVE POLICIES AS

18 FEES.—Under regulations established by the Secretary, 

19 foreign policies that have substantially the same effect in 

20 reducing emissions of greenhouse gases as fees shall be 

21 treated as fees for purposes of subsections (b) and (c). 

22 ‘‘(e) REGULATORY AUTHORITY.— 

23 ‘‘(1) IN GENERAL.—The Secretary shall consult 

24 with the Administrator, the Secretary of Commerce, 

25 and the Secretary of Energy in establishing rules 


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1 and regulations implementing the purposes of this 

2 section. 

3 ‘‘(2) TREATIES.—The Secretary, in consulta4 tion with the Secretary of State, may adjust the ap5 plicable amounts of the refunds and equivalency fees 

6 under this section in a manner that is consistent 

7 with any obligations of the United States under an 

8 international agreement.’’. 

9 SEC. 4. AMERICA’S CLEAN FUTURE FUND. 

10 (a) IN GENERAL.—Subchapter A of chapter 98 of the 

11 Internal Revenue Code of 1986 is amended by adding at 

12 the end the following: 

13 ‘‘SEC. 9512. AMERICA’S CLEAN FUTURE FUND. 

14 ‘‘(a) ESTABLISHMENT AND FUNDING.—There is es15 tablished in the Treasury of the United States a trust fund 

16 to be known as the ‘America’s Clean Future Fund’ (re17 ferred to in this section as the ‘Trust Fund’), consisting 

18 of such amounts as are appropriated to the Trust Fund 

19 under subsection (b). 

20 ‘‘(b) TRANSFERS TO AMERICA’S CLEAN FUTURE

21 FUND.—There is appropriated to the Trust Fund, out of 

22 any funds in the Treasury not otherwise appropriated, 

23 amounts equal to the fees received into the Treasury 

24 under sections 4692, 4693, and 4695, less— 


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1 ‘‘(1) any amounts refunded or paid under sec2 tions 4692(d), 4694, and 4695(b), and 

3 ‘‘(2) for each of the first 18 fiscal years begin4 ning after September 30, 2022, an amount equal to 

5 the quotient of— 

6 ‘‘(A) $100,000,000,000, and 

7 ‘‘(B) 18. 

8 ‘‘(c) EXPENDITURES.—For each fiscal year, amounts 

9 in the Trust Fund shall be apportioned as follows: 

10 ‘‘(1) CARBON FEE REBATE AND PAYMENTS FOR

11 CARBON REDUCTION AND SEQUESTRATION.— 

12 ‘‘(A) CARBON FEE REBATE.—For the pur13 poses described in section 5 of the America’s 

14 Clean Future Fund Act and any expenses nec15 essary to administer such section— 

16 ‘‘(i) for each of the first 10 fiscal 

17 years beginning after September 30, 2022, 

18 an amount equal to— 

19 ‘‘(I) 75 percent of those amounts, 

20 minus 

21 ‘‘(II) the amount determined 

22 under subparagraph (B) for such fis23 cal year, and 


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1 ‘‘(ii) for any fiscal year beginning 

2 after the period described in clause (i), the 

3 applicable percentage of such amounts. 

4 ‘‘(B) PAYMENTS FOR CARBON REDUCTION

5 AND SEQUESTRATION.—For the purposes de6 scribed in section 6 of the America’s Clean Fu7 ture Fund Act, for each of the first 10 fiscal 

8 years beginning after September 30, 2022, an 

9 amount equal to 7 percent of the amount deter10 mined annually under subparagraph (A)(i)(I). 

11 ‘‘(C) APPLICABLE PERCENTAGE.—For 

12 purposes of subparagraph (A)(ii), the applicable 

13 percentage shall be equal to— 

14 ‘‘(i) for the first fiscal year beginning 

15 after the period described in subparagraph 

16 (A)(i), 76 percent, 

17 ‘‘(ii) for each of the first 3 fiscal years 

18 subsequent to the period described in 

19 clause (i), the applicable percentage for the 

20 preceding fiscal year increased by 1 per21 centage point, and 

22 ‘‘(iii) for any fiscal year subsequent to 

23 the period described in clause (ii), 80 per24 cent. 


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1 ‘‘(2) CLIMATE CHANGE FINANCE CORPORA2 TION.— 

3 ‘‘(A) IN GENERAL.—For the purposes de4 scribed in section 2 of the America’s Clean Fu5 ture Fund Act, the applicable percentage of 

6 such amounts. 

7 ‘‘(B) APPLICABLE PERCENTAGE.—For 

8 purposes of this paragraph, the applicable per9 centage shall be equal to— 

10 ‘‘(i) for each of the first 10 fiscal 

11 years beginning after the period described 

12 in subsection (e) of such section, 15 per13 cent, 

14 ‘‘(ii) for each of the first 4 fiscal years 

15 subsequent to the period described in 

16 clause (i), the applicable percentage for the 

17 preceding fiscal year increased by 1 per18 centage point, and 

19 ‘‘(iii) for any fiscal year subsequent to 

20 the period described in clause (ii), 20 per21 cent. 

22 ‘‘(3) TRANSITION ASSISTANCE FOR IMPACTED

23 COMMUNITIES.— 

24 ‘‘(A) IN GENERAL.—For the purposes de25 scribed in section 7 of the America’s Clean FuVerDate Sep 11 2014 21:07 Aug 26, 2020 Jkt 099200 PO 00000 Frm 00043 Fmt 6652 Sfmt 6201 E:\BILLS\S4484.IS S4484

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1 ture Fund Act, the applicable percentage of 

2 such amounts. 

3 ‘‘(B) APPLICABLE PERCENTAGE.—For 

4 purposes of this paragraph, the applicable per5 centage shall be equal to— 

6 ‘‘(i) for each of the first 10 fiscal 

7 years beginning after September 30, 2022, 

8 10 percent, 

9 ‘‘(ii) for each of the first 4 fiscal years 

10 subsequent to the period described in 

11 clause (i), the applicable percentage for the 

12 preceding fiscal year reduced by 2 percent13 age points, and 

14 ‘‘(iii) for any fiscal year subsequent to 

15 the period described in clause (ii), 0 per16 cent. 

17 ‘‘(d) ADJUSTMENT.—If, pursuant to section 4692(g), 

18 the carbon fee has been reduced to zero for calendar year 

19 2022— 

20 ‘‘(1) subsection (b)(2) and paragraphs 

21 (1)(A)(i), (1)(B), and (3)(B)(i) of subsection (c) 

22 shall each be applied by substituting ‘September 30, 

23 2023’ for ‘September 30, 2022’, and 


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1 ‘‘(2) subsection (b)(2)(A) shall be applied by 

2 substituting ‘$150,000,000,000’ for 

3 ‘$100,000,000,000’.’’. 

4 (b) CLERICAL AMENDMENT.—The table of sections 

5 for subchapter A of chapter 98 of the Internal Revenue 

6 Code of 1986 is amended by adding at the end the fol7 lowing new item: 

‘‘Sec. 9512. America’s Clean Future Fund.’’. 

8 SEC. 5. AMERICA’S CLEAN FUTURE FUND STIMULUS. 

9 (a) ELIGIBLE INDIVIDUAL.— 

10 (1) IN GENERAL.—In this section, the term ‘‘el11 igible individual’’ means, with respect to any quar12 ter, any natural living person— 

13 (A) who has a valid Social Security num14 ber or taxpayer identification number, 

15 (B) who has attained 18 years of age, and 

16 (C) whose principal place of abode is in the 

17 United States for more than one-half of the 

18 most recent taxable year for which a return has 

19 been filed. 

20 (2) VERIFICATION.—The Secretary of the 

21 Treasury, or the Secretary’s delegate (referred to in 

22 this section as the ‘‘Secretary’’) may verify the eligi23 bility of an individual to receive a carbon fee rebate 

24 payment under subsection (b). 


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1 (b) REBATES.—Subject to subsections (c)(2) and (l), 

2 from amounts in the America’s Clean Future Fund estab3 lished by section 9512(c)(1)(A) of the Internal Revenue 

4 Code of 1986 that are available in any year, the Secretary 

5 shall, for each calendar quarter beginning after September 

6 30, 2022, make carbon fee rebate payments to each eligi7 ble individual, to be known as ‘‘America’s Clean Future 

8 Fund Stimulus payments’’ (referred to in this section as 

9 ‘‘carbon fee rebate payments’’). 

10 (c) PRO-RATA SHARE.— 

11 (1) IN GENERAL.—With respect to each quarter 

12 during any fiscal year beginning after September 30, 

13 2022, the carbon fee rebate payment is 1 pro-rata 

14 share for each eligible individual of an amount equal 

15 to 25 percent of amounts apportioned under section 

16 9512(c)(1)(A) of the Internal Revenue Code of 1986 

17 for such fiscal year. 

18 (2) INITIAL ANNUAL REBATE PAYMENTS.— 

19 (A) IN GENERAL.—From amounts appro20 priated under subsection (j), the Secretary 

21 shall, for each of fiscal years 2021 and 2022, 

22 make carbon fee rebate payments to each eligi23 ble individual during the third quarter of each 

24 such fiscal year. 


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1 (B) PRO-RATA SHARE.—For purposes of 

2 this paragraph, the carbon fee rebate payment 

3 is 1 pro-rata share for each eligible individual 

4 of the amount appropriated under subsection (j) 

5 for the fiscal year. 

6 (3) ESTIMATE.—For each fiscal year described 

7 in paragraph (1), the Secretary shall, not later than 

8 the first day of such fiscal year, publicly announce 

9 an estimate of the amount of the carbon fee rebate 

10 payment for each quarter during such fiscal year. 

11 (d) PHASEOUT.— 

12 (1) DEFINITIONS.—In this subsection: 

13 (A) MODIFIED ADJUSTED GROSS IN14 COME.—The term ‘‘modified adjusted gross in15 come’’ means adjusted gross income increased 

16 by any amount excluded from gross income 

17 under section 911, 931, or 933 of the Internal 

18 Revenue Code of 1986. 

19 (B) HOUSEHOLD MEMBER.—The term 

20 ‘‘household member of the taxpayer’’ means the 

21 taxpayer, the taxpayer’s spouse, and any de22 pendent of the taxpayer. 

23 (C) THRESHOLD AMOUNT.—The term 

24 ‘‘threshold amount’’ means— 


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1 (i) $150,000 in the case of a taxpayer 

2 filing a joint return, and 

3 (ii) $75,000 in the case of a taxpayer 

4 not filing a joint return. 

5 (2) PHASEOUT OF PAYMENTS.—In the case of 

6 any taxpayer whose modified adjusted gross income 

7 for the most recent taxable year for which a return 

8 has been filed exceeds the threshold amount, the 

9 amount of the carbon fee rebate payment otherwise 

10 payable to any household member of the taxpayer 

11 under this section shall be reduced (but not below 

12 zero) by a dollar amount equal to 5 percent of such 

13 payment (as determined before application of this 

14 paragraph) for each $1,000 (or fraction thereof) by 

15 which the modified adjusted gross income of the tax16 payer exceeds the threshold amount. 

17 (e) FEE TREATMENT OF PAYMENTS.—Amounts paid 

18 under this section shall not be includible in gross income 

19 for purposes of Federal income taxes. 

20 (f) FEDERAL PROGRAMS AND FEDERAL ASSISTED

21 PROGRAMS.—The carbon fee rebate payment received by 

22 any eligible individual shall not be taken into account as 

23 income and shall not be taken into account as resources 

24 for purposes of determining the eligibility of such indi25 vidual or any other individual for benefits or assistance, 


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1 or the amount or extent of benefits or assistance, under 

2 any Federal program or under any State or local program 

3 financed in whole or in part with Federal funds. 

4 (g) DISCLOSURE OF RETURN INFORMATION.—Sec5 tion 6103(l) of the Internal Revenue Code of 1986 is 

6 amended by adding at the end the following new para7 graph: 

8 ‘‘(23) DISCLOSURE OF RETURN INFORMATION

9 RELATING TO CARBON FEE REBATE PAYMENTS.— 

10 ‘‘(A) DEPARTMENT OF TREASURY.—Re11 turn information with respect to any taxpayer 

12 shall, without written request, be open to in13 spection by or disclosure to officers and employ14 ees of the Department of the Treasury whose 

15 official duties require such inspection or disclo16 sure for purposes of administering section 5 of 

17 the America’s Clean Future Fund Act. 

18 ‘‘(B) RESTRICTION ON DISCLOSURE.—In19 formation disclosed under this paragraph shall 

20 be disclosed only for purposes of, and to the ex21 tent necessary in, carrying out such section.’’. 

22 (h) REGULATIONS.—The Secretary shall prescribe 

23 such regulations, and other guidance, as may be necessary 

24 to carry out the purposes of this section, including— 


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1 (1) establishment of rules for eligible individ2 uals who have not filed a recent tax return, and 

3 (2) in coordination with the Commissioner of 

4 Social Security, the Secretary of Veterans Affairs, 

5 and any relevant State agencies, establish methods 

6 to identify eligible individuals and provide carbon fee 

7 rebate payments to such individuals through appro8 priate means of distribution, including through the 

9 use of electronic benefit transfer cards. 

10 (i) PUBLIC AWARENESS CAMPAIGN.—The Secretary 

11 shall conduct a public awareness campaign, in coordina12 tion with the Commissioner of Social Security and the 

13 heads of other relevant Federal agencies, to provide infor14 mation to the public regarding the availability of carbon 

15 fee rebate payments under this section. 

16 (j) INITIAL APPROPRIATION.—For purposes of sub17 section (c)(2), there is appropriated, out of any funds in 

18 the Treasury not otherwise appropriated, to remain avail19 able until expended— 

20 (1) for the fiscal year ending September 30, 

21 2021, $37,500,000,000, 

22 (2) for the fiscal year ending September 30, 

23 2022, $37,500,000,000, and 

24 (3) if, pursuant to section 4692(g) of the Inter25 nal Revenue Code of 1986 (as added by section 3), 


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1 the carbon fee has been reduced to zero for calendar 

2 year 2022, $37,500,000 for the fiscal year ending 

3 September 30, 2023. 

4 (k) ADJUSTMENT.—If, pursuant to section 4692(g) 

5 of the Internal Revenue Code of 1986, the carbon fee has 

6 been reduced to zero for calendar year 2022— 

7 (1) subsections (b) and (c)(1) shall each be ap8 plied by substituting ‘‘September 30, 2023’’ for 

9 ‘‘September 30, 2022’’, and 

10 (2) subsection (c)(2) shall be applied by sub11 stituting ‘‘2021, 2022, and 2023’’ for ‘‘2021 and 

12 2022’’. 

13 (l) TERMINATION.—This section shall not apply to 

14 any calendar quarter beginning after— 

15 (1) a determination by the Secretary under sec16 tion 4692(d)(3)(B) of the Internal Revenue Code of 

17 1986; or 

18 (2) any period of 8 consecutive calendar quar19 ters for which the amount of carbon fee rebate pay20 ment (without application of subsection (d)) during 

21 each such quarter is less than $20. 

22 SEC. 6. PAYMENTS FOR CARBON REDUCTION AND SEQUES23 TRATION. 

24 (a) IN GENERAL.—The Secretary of Agriculture (re25 ferred to in this section as the ‘‘Secretary’’), in consultaVerDate Sep 11 2014 21:07 Aug 26, 2020 Jkt 099200 PO 00000 Frm 00051 Fmt 6652 Sfmt 6201 E:\BILLS\S4484.IS S4484

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1 tion with the Administrator of the Environmental Protec2 tion Agency, shall provide payments to farmers, ranchers, 

3 private forest landowners, and other agricultural land4 owners in the United States that reduce or sequester 

5 greenhouse gas emissions through the adoption of quali6 fying farming, ranching, and forestry practices described 

7 in subsection (b). 

8 (b) QUALIFYING PRACTICES.— 

9 (1) IN GENERAL.—For a farming, ranching, or 

10 forestry practice to be eligible for payments under 

11 subsection (a), the Secretary shall determine that 

12 the practice qualifies as measurable, reportable, and 

13 verifiable for reducing or sequestering greenhouse 

14 gas emissions. 

15 (2) INCLUDED PRACTICES.—Farming, ranch16 ing, and forestry practices that the Secretary may 

17 determine to be eligible for payments under para18 graph (1) are— 

19 (A) conservation enhancements, which may 

20 include— 

21 (i) improved soil, water, and land 

22 management; 

23 (ii) cover crops; 

24 (iii) prairie, buffer, and edge-of-field 

25 strips; 


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1 (iv) conservation tillage; 

2 (v) easements; 

3 (vi) fertilizer practice improvements; 

4 (vii) ecologically appropriate reforest5 ation and other sustainable forestry and 

6 related stewardship practices; 

7 (viii) land or soil carbon sequestra8 tion; 

9 (ix) avoidance of the conversion of 

10 grassland, wetland, and forest land; and 

11 (x) grassland management, including 

12 prescribed grazing; 

13 (B) livestock management, which may in14 clude— 

15 (i) enteric fermentation reduction; and 

16 (ii) aerobic digestion or improved ma17 nure management; 

18 (C) capital upgrades and infrastructure in19 vestments to reduce greenhouse gas emissions, 

20 which may include— 

21 (i) building and equipment refurbish22 ment or upgrades; 

23 (ii) adoption of renewable or clean en24 ergy and energy efficiency technologies; 

25 and 


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1 (iii) avoiding or removing agricultural 

2 land from urban or suburban development; 

3 and 

4 (D) any other practice, as determined by 

5 the Secretary, that results in a quantifiable re6 duction in or sequestration of greenhouse gas 

7 emissions. 

8 (c) CONSIDERATIONS.—In determining the amount 

9 and duration of a payment under subsection (a), the Sec10 retary shall consider— 

11 (1) the degree of additionality of the green12 house gas reduction or sequestration as a result of 

13 the applicable qualifying practice described in sub14 section (b), as compared to a historical baseline; 

15 (2) whether the recipient of the payment was 

16 an early adopter of 1 or more practices that reduce 

17 or sequester greenhouse gas emissions; and 

18 (3) the degree of transitionality or permanence 

19 of the greenhouse gas reduction or sequestration as 

20 a result of the applicable qualifying practice de21 scribed in subsection (b). 

22 (d) MEASUREMENT, REPORTING, MONITORING, AND

23 VERIFICATION.— 

24 (1) IN GENERAL.—The Secretary shall approve 

25 and provide oversight of 1 or more third-party 


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1 agents to provide services described in paragraph 

2 (2). 

3 (2) SERVICES DESCRIBED.—Services referred to 

4 in paragraph (1) are determining the reduction or 

5 sequestration of greenhouse gas emissions as a re6 sult of qualifying practices described in subsection 

7 (b) by— 

8 (A) measurement; 

9 (B) reporting; 

10 (C) monitoring; 

11 (D) verification; and 

12 (E) using methods to account for 

13 additionality, as compared to a historical base14 line. 

15 (3) USE OF PROTOCOLS.—Services referred to 

16 in paragraph (1) shall be provided using generally 

17 accepted protocols. 

18 (4) USE OF DEPARTMENT OF AGRICULTURE

19 RESOURCES.—The Secretary shall require a third20 party agent approved under paragraph (1) to use 

21 the resources, boards, committees, geospatial data, 

22 aerial or other maps, employees, offices, and capac23 ities of the Department of Agriculture in providing 

24 services under that paragraph. 

25 (5) PRIVACY AND DATA SECURITY.— 


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1 (A) IN GENERAL.—The Secretary shall es2 tablish— 

3 (i) safeguards to protect the privacy 

4 of information that is submitted through 

5 or retained by a third-party agent ap6 proved under paragraph (1), including em7 ployees and contractors of the third-party 

8 agent; and 

9 (ii) such other rules and standards of 

10 data security as the Secretary determines 

11 to be appropriate to carry out this section. 

12 (B) PENALTIES.—The Secretary shall es13 tablish penalties for any violations of privacy or 

14 confidentiality under subparagraph (A). 

15 (6) DISCLOSURE OF INFORMATION.— 

16 (A) PUBLIC DISCLOSURE.—Information 

17 collected for purposes of services provided under 

18 paragraph (1) may be disclosed to the public or 

19 disclosed for purposes of audit, research, or im20 provement of the program under this section— 

21 (i) if the information is transformed 

22 into a statistical or aggregate form such 

23 that the information does not include any 

24 identifiable or personal information of indi25 vidual producers; or 


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1 (ii) in a form that may include identi2 fiable or personal information of a pro3 ducer if that producer consents to the dis4 closure of the information. 

5 (B) REQUIREMENT.—The participation of 

6 a producer in, and the receipt of any benefit by 

7 the producer under, the program under this 

8 section or any other program administered by 

9 the Secretary may not be conditioned on the 

10 producer providing consent under subparagraph 

11 (A)(ii). 

12 (e) INELIGIBILITY.—A person that is determined to 

13 be in violation of any applicable air quality regulation or 

14 the Federal Water Pollution Control Act (33 U.S.C. 1251 

15 et seq.) (including regulations) shall not be eligible for any 

16 payment under subsection (a) during the period of the vio17 lation. 

18 (f) REGULATIONS.—Not later than July 1, 2022, the 

19 Secretary shall issue regulations to carry out this section, 

20 including— 

21 (1) the amount of a payment under subsection 

22 (a), which shall be based on— 

23 (A) the quantity of carbon dioxide equiva24 lent emissions reduced or sequestered; and 


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1 (B) the considerations described in sub2 section (c); 

3 (2) a methodology that any third-party agents 

4 approved under subsection (d)(1) shall use to pro5 vide the services under that subsection; 

6 (3) a limitation on the total amount of pay7 ments that may be made under subsection (a) with 

8 respect to a producer; and 

9 (4) a requirement for the duration of emissions 

10 reduction or sequestration for purposes of eligibility 

11 for payments under subsection (a). 

12 (g) EFFECTIVENESS.— 

13 (1) IN GENERAL.—The authority to provide 

14 payments under this section shall be effective for 

15 each of the first 10 fiscal years beginning after Sep16 tember 30, 2022. 

17 (2) ADJUSTMENT.—If, pursuant to section 

18 4692(g) of the Internal Revenue Code of 1986 (as 

19 added by section 3), the carbon fee has been reduced 

20 to zero for calendar year 2022, paragraph (1) shall 

21 be applied by substituting ‘‘September 30, 2023’’ for 

22 ‘‘September 30, 2022’’. 


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1 SEC. 7. TRANSITION ASSISTANCE FOR IMPACTED COMMU2 NITIES. 

3 (a) IN GENERAL.—The Secretary of Commerce, act4 ing through the Assistant Secretary of Commerce for Eco5 nomic Development (referred to in this section as the 

6 ‘‘Secretary’’), in coordination with the Secretary of Labor, 

7 shall provide grants to eligible entities for transition as8 sistance to a low-carbon economy. 

9 (b) ELIGIBLE ENTITIES.—An entity eligible to re10 ceive a grant under this section is a labor organization, 

11 an institution of higher education (as defined in section 

12 101 of the Higher Education Act of 1965 (20 U.S.C. 

13 1001)), a unit of State or local government, an economic 

14 development organization, a nonprofit organization, com15 munity-based organization, or intermediary, or a State 

16 board or local board (as those terms are defined in section 

17 3 of the Workforce Innovation and Opportunity Act (29 

18 U.S.C. 3102)) that serves or is located in a community 

19 that— 

20 (1) as determined by the Secretary, in coordina21 tion with the Secretary of Labor, has been or will be 

22 impacted by economic changes in carbon-intensive 

23 industries, including job losses; 

24 (2) as determined by the Secretary, in consulta25 tion with the Administrator of the Federal Emer26 gency Management Agency, has been or is at risk of 


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1 being impacted by extreme weather events, sea level 

2 rise, and natural disasters related to climate change; 

3 or 

4 (3) as determined by the Secretary, in consulta5 tion with the Administrator of the Environmental 

6 Protection Agency, has been impacted by harmful 

7 residuals from a fossil fuel or carbon-intensive in8 dustry. 

9 (c) USE OF FUNDS.—An eligible entity that receives 

10 a grant under this section shall use the grant for— 

11 (1) economic and workforce development activi12 ties, such as— 

13 (A) job creation; 

14 (B) providing reemployment and worker 

15 transition assistance, including registered ap16 prenticeships, subsidized employment, job train17 ing, transitional jobs, and supportive services 

18 (as defined in section 3 of the Workforce Inno19 vation and Opportunity Act (29 U.S.C. 3102)), 

20 with priority given to— 

21 (i) workers impacted by changes in 

22 carbon-intensive industries; 

23 (ii) individuals with a barrier to em24 ployment (as defined in section 3 of the 


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1 Workforce Innovation and Opportunity Act 

2 (29 U.S.C. 3102)); and 

3 (iii) programs that lead to a recog4 nized postsecondary credential (as defined 

5 in section 3 of the Workforce Innovation 

6 and Opportunity Act (29 U.S.C. 3102)); 

7 (C) local and regional investment, includ8 ing commercial and industrial economic diver9 sification; 

10 (D) export promotion; and 

11 (E) establishment of a monthly subsidy 

12 payment for workers who retire early due to 

13 economic changes in carbon-intensive industries; 

14 (2) climate change resiliency, such as— 

15 (A) building electrical, communications, 

16 utility, transportation, and other infrastructure 

17 in flood-prone areas above flood zone levels; 

18 (B) building flood and stormproofing 

19 measures in flood-prone areas and erosion20 prone areas; 

21 (C) increasing the resilience of a surface 

22 transportation infrastructure asset to withstand 

23 extreme weather events and climate change im24 pacts; 

25 (D) improving stormwater infrastructure; 


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1 (E) increasing the resilience of agriculture 

2 to extreme weather; 

3 (F) ecological restoration; 

4 (G) increasing the resilience of forests to 

5 wildfires; and 

6 (H) increasing coastal resilience; 

7 (3) environmental cleanup from fossil fuel in8 dustry facilities that are abandoned or retired, or 

9 closed due to bankruptcy, and residuals from car10 bon-intensive industries, such as— 

11 (A) coal ash and petroleum coke cleanup; 

12 (B) mine reclamation; and 

13 (C) remediation of impaired waterways and 

14 drinking water resources; or 

15 (4) other activities as the Secretary, in coordi16 nation with the Secretary of Labor, the Adminis17 trator of the Federal Emergency Management Agen18 cy, and the Administrator of the Environmental Pro19 tection Agency, determines to be appropriate. 

20 (d) REQUIREMENTS.— 

21 (1) LABOR STANDARDS; NONDISCRIMINA22 TION.—An eligible entity that receives a grant under 

23 this section shall use the funds in a manner con24 sistent with sections 181 and 188 of the Workforce 


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1 Innovation and Opportunity Act (29 U.S.C. 3241, 

2 3248). 

3 (2) WAGE RATE REQUIREMENTS.—All laborers 

4 and mechanics employed by eligible entities to carry 

5 out projects and activities funded directly by or as6 sisted in whole or in part by a grant under this sec7 tion shall be paid at wages at rates not less than 

8 those prevailing on projects of a similar character in 

9 the locality as determined by the Secretary of Labor 

10 in accordance with subchapter IV of chapter 31 of 

11 title 40, United States Code (commonly known as 

12 the ‘‘Davis-Bacon Act’’). 

13 (3) BUY AMERICA REQUIREMENTS.— 

14 (A) IN GENERAL.—All iron, steel, and 

15 manufactured goods used for projects and ac16 tivities carried out with a grant under this sec17 tion shall be produced in the United States. 

18 (B) WAIVER.—The Secretary may waive 

19 the requirement in subparagraph (A) if the Sec20 retary finds that— 

21 (i) enforcing the requirement would be 

22 inconsistent with the public interest; 

23 (ii) the iron, steel, and manufactured 

24 goods produced in the United States are 

25 not produced in a sufficient and reasonably 


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1 available amount or are not of a satisfac2 tory quality; or 

3 (iii) enforcing the requirement will in4 crease the overall cost of the project or ac5 tivity by more than 25 percent. 

6 (e) COORDINATION.—An eligible entity that receives 

7 a grant under this section is encouraged to collaborate or 

8 partner with other eligible entities in carrying out activi9 ties with that grant. 

10 (f) REPORT.—Not later than 3 years after the date 

11 on which the Secretary establishes the grant program 

12 under this section, the Secretary and the Secretary of 

13 Labor shall submit to Congress a report on the effective14 ness of the grant program, including— 

15 (1) the number of individuals that have received 

16 reemployment or worker transition assistance under 

17 this section; 

18 (2) a description of any job creation activities 

19 carried out with a grant under this section and the 

20 number of jobs created from those activities; 

21 (3) the percentage of individuals that have re22 ceived reemployment or worker transition assistance 

23 under this section who are, during the second and 

24 fourth quarters after exiting the program— 

25 (A) in education or training activities; or 


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1 (B) employed; 

2 (4) the average wages of individuals that have 

3 received reemployment or worker transition assist4 ance under this section during the second and fourth 

5 quarters after exit from the program; 

6 (5) a description of any regional investment ac7 tivities carried out with a grant under this section; 

8 (6) a description of any export promotion activi9 ties carried out with a grant under this section, in10 cluding— 

11 (A) a description of the products pro12 moted; and 

13 (B) an analysis of any increase in exports 

14 as a result of the promotion; 

15 (7) a description of any resilience activities car16 ried out with a grant under this section; and 

17 (8) a description of any cleanup activities from 

18 fossil fuel industry facilities or carbon-intensive in19 dustries carried out with a grant under this section. 

20 (g) FUNDING.— 

21 (1) INITIAL FUNDING.— 

22 (A) IN GENERAL.—There is appropriated 

23 to the Secretary, out of any funds in the Treas24 ury not otherwise appropriated, $5,000,000,000 

25 for each of fiscal years 2021 and 2022 to carry 


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1 out this section, to remain available until ex2 pended. 

3 (B) ADDITIONAL FUNDING.—If, pursuant 

4 to section 4692(g) of the Internal Revenue 

5 Code of 1986 (as added by section 3), the car6 bon fee has been reduced to zero for calendar 

7 year 2022, there is appropriated to carry out 

8 this section, out of any funds in the Treasury 

9 not otherwise appropriated, $5,000,000,000 for 

10 fiscal year 2023, to remain available until ex11 pended. 

12 (2) AMERICA’S CLEAN FUTURE FUND.—The 

13 Secretary shall carry out this section using amounts 

14 made available from the America’s Clean Future 

15 Fund under section 4. 

16 SEC. 8. STUDY ON CARBON PRICING. 

17 (a) IN GENERAL.—Not later than January 1, 2024, 

18 the Administrator of the Environmental Protection Agen19 cy (referred to in this section as the ‘‘Administrator’’) 

20 shall seek to enter into an agreement with the National 

21 Academy of Sciences under which the National Academy 

22 of Sciences shall carry out a study not less frequently than 

23 once every 5 years to evaluate the effectiveness of the fees 

24 established under sections 4692 and 4693 of the Internal 

25 Revenue Code of 1986 in achieving the following goals: 


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1 (1) A net reduction of greenhouse gas emissions 

2 by 45 percent, based on 2018 levels, by 2030. 

3 (2) A net reduction of greenhouse gas emissions 

4 by 100 percent, based on 2018 levels, by 2050. 

5 (b) REQUIREMENTS.—In executing the agreement 

6 under subsection (a), the Administrator shall ensure that, 

7 in carrying out a study under that subsection, the Na8 tional Academy of Sciences— 

9 (1) includes an evaluation of— 

10 (A) total annual greenhouse gas emissions 

11 by the United States, including greenhouse gas 

12 emissions not subject to the fees described in 

13 that subsection; and 

14 (B) the historic trends in the total green15 house gas emissions evaluated under subpara16 graph (A); 

17 (2) analyzes the extent to which greenhouse gas 

18 emissions have been or would be reduced as a result 

19 of current and potential future policies, including— 

20 (A) a projection of greenhouse gas emis21 sions reductions that would result if the regula22 tions of the Administrator were to be adjusted 

23 to impose stricter limits on greenhouse gas 

24 emissions than the goals described in that sub25 section, with a particular focus on greenhouse 


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1 gas emissions not subject to the fees described 

2 in that subsection; 

3 (B) the status of greenhouse gas emissions 

4 reductions that result from fees charged under 

5 sections 4692 and 4693 of the Internal Rev6 enue Code of 1986; 

7 (C) a projection of greenhouse gas emis8 sions reductions that would result if fees 

9 charged under such sections were annually in10 creased— 

11 (i) at the current price path; and 

12 (ii) above the current price path; 

13 (D) an analysis of greenhouse gas emis14 sions reductions that result from the policies of 

15 States, units of local government, Tribal com16 munities, and the private sector; 

17 (E) a projection of greenhouse gas emis18 sions reductions that would result from the pro19 mulgation of additional Federal climate policies, 

20 including a clean energy standard, increased 

21 fuel economy and greenhouse gas emissions 

22 standards for motor vehicles, a low-carbon fuel 

23 standard, electrification of cars and heavy-duty 

24 trucks, and reforestation of not less than 


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1 3,000,000 acres of land within the National 

2 Forest System; and 

3 (F) the status and projections of 

4 decarbonization in other major economies; and 

5 (3) submits a report to the Administrator, Con6 gress, and the Board of Directors of the Climate 

7 Change Finance Corporation describing the results 

8 of the study. 

9 SEC. 9. EFFECTIVE DATE. 

10 The amendments made by this Act shall apply to any 

11 calendar year beginning after December 31, 2021. 

Æ 


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