I 

117TH CONGRESS 

1ST SESSION H. R. 2451 

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

to reduce greenhouse gas emissions, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 12, 2021 

Ms. NEWMAN (for herself, Ms. WILLIAMS of Georgia, Mrs. HAYES, Mr. 

VARGAS, and Mr. CARBAJAL) introduced the following bill; which was referred to the Committee on Energy and Commerce, and in addition to 

the Committees on Ways and Means, Agriculture, Education and Labor, 

Transportation and Infrastructure, Financial Services, Science, Space, 

and Technology, and Natural Resources, for a period to be subsequently 

determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned 

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.— 


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

2 executive branch an independent agency, to be 

3 known as the ‘‘Climate Change Finance Corpora4 tion’’ (referred to in this section as the ‘‘C2FC’’), 

5 which shall finance clean energy and climate change 

6 resiliency activities in accordance with this section. 

7 (2) MISSION.— 

8 (A) IN GENERAL.—The mission of the 

9 C2FC is to combat and reduce the effects of cli10 mate change by building resilience among com11 munities facing harmful impacts of climate 

12 change and supporting a dramatic reduction in 

13 greenhouse gas emissions— 

14 (i) through the deployment of clean 

15 and renewable technology, resilient infra16 structure, research and development, the 

17 commercialization of new technology, clean 

18 energy manufacturing, and industrial 

19 decarbonization; and 

20 (ii) to meet the goals of— 

21 (I) by 2030, a net reduction of 

22 greenhouse gas emissions by 45 per23 cent, based on 2018 levels; and 


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1 (II) by 2050, a net reduction of 

2 greenhouse gas emissions by 100 per3 cent, based on 2018 levels. 

4 (B) ACTIVITIES.—The C2FC shall carry 

5 out the mission described in subparagraph (A) 

6 by— 

7 (i) financing investments in clean en8 ergy and transportation, resiliency, and in9 frastructure; 

10 (ii) using Federal investment to en11 courage the infusion of private capital and 

12 investment into the clean energy and resil13 ient infrastructure sectors, while creating 

14 new workforce opportunities; and 

15 (iii) providing financing in cases 

16 where private capital cannot be leveraged, 

17 while minimizing competition with private 

18 investment. 

19 (3) EXERCISE OF POWERS.—Except as other20 wise provided expressly by law, all Federal laws deal21 ing with public or Federal contracts, property, 

22 works, officers, employees, budgets, or funds, includ23 ing the provisions of chapters 5 and 7 of title 5, 

24 United States Code, shall apply to the exercise of 

25 the powers of the C2FC. 


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1 (b) BOARD OF DIRECTORS.— 

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

3 C2FC shall be vested in a Board of Directors (re4 ferred to in this section as the ‘‘Board’’) consisting 

5 of 7 members, who shall be appointed by the Presi6 dent, by and with the advice and consent of the Sen7 ate. 

8 (2) CHAIRPERSON AND VICE CHAIRPERSON.— 

9 (A) IN GENERAL.—A Chairperson and 

10 Vice Chairperson of the Board shall be ap11 pointed by the President, by and with the ad12 vice and consent of the Senate, from among the 

13 individuals appointed to the Board under para14 graph (1). 

15 (B) TERM.—An individual— 

16 (i) shall serve as Chairperson or Vice 

17 Chairperson of the Board for a 3-year 

18 term; and 

19 (ii) may be renominated for the posi20 tion until the term of that individual on 

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

22 (3) BOARD MEMBERS.— 

23 (A) CITIZENSHIP REQUIRED.—Each mem24 ber of the Board shall be an individual who is 

25 a citizen of the United States. 


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1 (B) REPRESENTATION.—The members of 

2 the Board shall fairly represent agricultural, 

3 educational, research, industrial, nongovern4 mental, labor, and commercial interests 

5 throughout the United States. 

6 (C) TERM.— 

7 (i) IN GENERAL.—Except as otherwise 

8 provided in this section, each member of 

9 the Board— 

10 (I) shall be appointed for a term 

11 of 6 years; and 

12 (II) may be reappointed for 1 ad13 ditional term. 

14 (ii) INITIAL STAGGERED TERMS.—Of 

15 the members first appointed to the 

16 Board— 

17 (I) 2 shall each be appointed for 

18 a term of 2 years; 

19 (II) 3 shall each be appointed for 

20 a term of 4 years; and 

21 (III) 2 shall each be appointed 

22 for a term of 6 years. 

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

24 after the date on which all members of the Board 


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

2 hold an initial meeting. 

3 (c) WORKING GROUPS.— 

4 (1) IN GENERAL.—The Board shall create, 

5 oversee, and incorporate feedback from the following 

6 working groups (each referred to in this section as 

7 a ‘‘working group’’): 

8 (A) An environmental justice working 

9 group. 

10 (B) A worker and community transition 

11 assistance working group. 

12 (C) A research and innovation working 

13 group. 

14 (2) WORKING GROUP MEMBERS.— 

15 (A) IN GENERAL.—Each working group 

16 shall— 

17 (i) be chaired by a Board member; 

18 and 

19 (ii) comprise not less than 10 and not 

20 more than 20 individuals, who shall be ex21 perts, members of directly impacted com22 munities relating to the subject matter of 

23 the working group, and other relevant 

24 stakeholders. 


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1 (B) DIVERSITY.—Individuals on a working 

2 group shall, to the maximum extent practicable, 

3 represent— 

4 (i) a diverse array of interests related 

5 to the subject matter of the working group; 

6 and 

7 (ii) diverse geographical, racial, reli8 gious, gender, educational, age, disability, 

9 and socioeconomic backgrounds. 

10 (3) MEETINGS.—Each working group shall 

11 meet not less than 2 times per year. 

12 (4) COMMUNITY AND STAKEHOLDER ENGAGE13 MENT.— 

14 (A) IN GENERAL.—Each working group 

15 shall create and engage in meaningful commu16 nity and stakeholder involvement opportunities, 

17 including through regular community engage18 ment activities, for purposes of— 

19 (i) maintaining up-to-date situational 

20 awareness about the needs of relevant com21 munities and stakeholders; 

22 (ii) using the feedback obtained 

23 through those opportunities to inform the 

24 advice of the working group to the Board; 

25 and 


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1 (iii) providing a mechanism for direct 

2 and substantial community feedback relat3 ing to the investment plan and the funding 

4 decisions of the C2FC. 

5 (B) PUBLIC AWARENESS.—Each working 

6 group shall inform the public about C2FC in7 vestment by engaging in public awareness cam8 paigns, which shall target relevant communities 

9 through electronic media, newspapers, radio, di10 rect mailings, canvassing, or other outreach 

11 methods suited for the relevant community. 

12 (C) BROAD PARTICIPATION.—In carrying 

13 out subparagraph (A), each working group 

14 shall, to the maximum extent practicable, maxi15 mize participation from a broad group of stake16 holders, including by holding multiple meetings 

17 with significant advance notice and holding 

18 meetings at different times and in multiple lan19 guages. 

20 (5) TASKS.—Each working group shall, as it re21 lates to the subject matter of the working group— 

22 (A) advise and provide general input to the 

23 Board regarding loans and grants provided by 

24 the C2FC; and 


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1 (B) consult with and, based on the activi2 ties described in paragraph (4), provide rec3 ommendations to, the Board in the development 

4 of and updates to the investment plan of the 

5 C2FC. 

6 (d) INVESTMENT PLAN.— 

7 (1) IN GENERAL.—The Board, in consultation 

8 with each working group described in subsection 

9 (c)(1), shall develop an investment plan (referred to 

10 in this subsection as the ‘‘investment plan’’) for the 

11 C2FC in accordance with this subsection. 

12 (2) PURPOSES.—The purposes of the invest13 ment plan are— 

14 (A) to ensure that investments made by 

15 the C2FC— 

16 (i) are equitable and reach the 

17 prioritized communities described in sub18 section (e)(2); 

19 (ii) are effective at progressing to20 wards the goals described in subsection 

21 (a)(2)(A)(ii); 

22 (iii) support the advancement of re23 search in clean technologies and resilience; 

24 and 

25 (iv) are transparent to the public; and 


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1 (B) to provide methods and standards by 

2 which the Board and the working groups de3 scribed in subsection (c)(1) shall choose 

4 projects in which to invest. 

5 (3) DISTRIBUTION OF GRANT FUNDS.—The ini6 tial investment plan shall require that, of the total 

7 amount of grant funds provided under subsection 

8 (e)(3)(A) each year, not less than 40 percent shall 

9 be used to benefit communities described in sub10 section (e)(2)(A). 

11 (4) INVESTMENT PLAN UPDATES.— 

12 (A) IN GENERAL.—The Board, in con13 sultation with each working group described in 

14 subsection (c)(1), shall update the investment 

15 plan not later than December 31, 2023, and 

16 every 4 years thereafter, including by taking 

17 into account— 

18 (i) the current needs of the prioritized 

19 communities described in subsection (e)(2); 

20 (ii) the effectiveness of the previous 

21 investment plan in addressing the needs of 

22 those communities; 

23 (iii) the current state of relevant re24 search and technology; 


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1 (iv) the resiliency needs of local com2 munities; 

3 (v) the goals described in subsection 

4 (a)(2)(A)(ii); and 

5 (vi) the 2 most recent program re6 views conducted under subsection (f). 

7 (B) EFFECTIVENESS.—An investment plan 

8 shall remain in effect until the date on which 

9 the Board approves an updated investment 

10 plan. 

11 (C) PUBLIC INPUT.—In updating the in12 vestment plan, the Board and the working 

13 groups described in subsection (c)(1) shall— 

14 (i) engage stakeholders and the public 

15 in a public comment and feedback process; 

16 and 

17 (ii) ensure that the prioritized commu18 nities described in subsection (e)(2) have 

19 access to participate in that process. 

20 (5) PUBLIC UPDATES.—The Board shall make 

21 publicly available on a quarterly basis information 

22 relating to the expenditure of funds under the in23 vestment plan. 

24 (e) INVESTMENT TOOLS.— 

25 (1) DEFINITIONS.—In this subsection: 


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1 (A) COMMUNITY OF COLOR.—The term 

2 ‘‘community of color’’ means a geographically 

3 distinct area in which the population of any of 

4 the following categories of individuals is higher 

5 than the average population of that category for 

6 the State in which the community is located: 

7 (i) Black. 

8 (ii) African American. 

9 (iii) Asian. 

10 (iv) Pacific Islander. 

11 (v) Other non-White race. 

12 (vi) Hispanic. 

13 (vii) Latino. 

14 (viii) Linguistically isolated. 

15 (B) ELIGIBLE BORROWER.—The term ‘‘eli16 gible borrower’’ means any person, including a 

17 business owner or project developer, that seeks 

18 a loan to carry out approved practices or 

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

20 paragraph (3) from an eligible lender that may 

21 receive a loan guarantee under that paragraph 

22 for that loan, according to criteria determined 

23 by the C2FC. 

24 (C) ELIGIBLE ENTITY.—The term ‘‘eligible 

25 entity’’ means— 


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1 (i) a State; 

2 (ii) an Indian Tribe; 

3 (iii) a unit of local government; and 

4 (iv) a research and development insti5 tution (including a National Laboratory). 

6 (D) ELIGIBLE LENDER.—The term ‘‘eligi7 ble lender’’ means— 

8 (i) a Federal- or State-chartered 

9 bank; 

10 (ii) a Federal- or State-chartered 

11 credit union; 

12 (iii) an agricultural credit corporation; 

13 (iv) a United States Green Bank In14 stitution; 

15 (v) a community development finan16 cial institution (as defined in section 103 

17 of the Community Development Banking 

18 and Financial Institutions Act of 1994 (12 

19 U.S.C. 4702)); 

20 (vi) a minority depository institution 

21 (as defined in section 308(b) of the Finan22 cial Institutions Reform, Recovery, and 

23 Enforcement Act of 1989 (12 U.S.C. 1463 

24 note; Public Law 101–73)); and 


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1 (vii) 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 (E) ENVIRONMENTAL JUSTICE COMMU7 NITY.—The term ‘‘environmental justice com8 munity’’ means a community with significant 

9 representation of communities of color, low-in10 come communities, or Tribal and indigenous 

11 communities that experiences, or is at risk of 

12 experiencing, higher or more adverse human 

13 health or environmental effects. 

14 (F) INDIAN TRIBE.—The term ‘‘Indian 

15 Tribe’’ has the meaning given the term in sec16 tion 4 of the Indian Self-Determination and 

17 Education Assistance Act (25 U.S.C. 5304). 

18 (G) LOW-INCOME COMMUNITY.—The term 

19 ‘‘low-income community’’ means any census 

20 block group in which 30 percent or more of the 

21 population are individuals with an annual 

22 household income equal to, or less than, the 

23 greater of— 

24 (i) an amount equal to 80 percent of 

25 the median income of the area in which the 


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1 household is located, as reported by the 

2 Department of Housing and Urban Devel3 opment; and 

4 (ii) 200 percent of the Federal pov5 erty line. 

6 (H) STATE.—The term ‘‘State’’ means— 

7 (i) a State; 

8 (ii) the District of Columbia; 

9 (iii) the Commonwealth of Puerto 

10 Rico; and 

11 (iv) any other territory or possession 

12 of the United States. 

13 (2) COMMUNITY PRIORITIZATION.—In providing 

14 financial and other assistance under paragraph (3), 

15 the C2FC shall give priority to, as determined by 

16 the C2FC— 

17 (A) environmental justice communities, 

18 communities with populations of color, commu19 nities of color, indigenous communities, and 

20 low-income communities that— 

21 (i) experience a disproportionate bur22 den of the negative human health and en23 vironmental impacts of pollution or other 

24 environmental hazards, such as natural 

25 disasters; or 


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1 (ii) may not have access to public in2 formation and opportunities for meaningful 

3 public participation relating to human 

4 health and environmental planning, regula5 tions, and enforcement; 

6 (B) deindustrialized communities or com7 munities with significant local economic reliance 

8 on carbon-intensive industries; 

9 (C) low-income communities at risk of im10 pacts of natural disasters or sea level rise exac11 erbated by climate change; 

12 (D) public or nonprofit entities that serve 

13 dislocated workers, veterans, or individuals with 

14 a barrier to employment; and 

15 (E) communities that have minimal or no 

16 investment in the approved practices and 

17 projects described in paragraph (3)(A)(i). 

18 (3) GRANTS, LOAN GUARANTEES, AND OTHER

19 INVESTMENT TOOLS.— 

20 (A) IN GENERAL.—The C2FC— 

21 (i) shall provide grants to eligible enti22 ties and loan guarantees to eligible lenders 

23 issuing loans to eligible borrowers for ap24 proved practices and projects relating to 


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1 climate change mitigation and resilience 

2 measures, including— 

3 (I) energy efficiency upgrades to 

4 infrastructure; 

5 (II) electric, hydrogen, and clean 

6 transportation programs and deploy7 ment, including programs— 

8 (aa) to purchase personal 

9 vehicles, commercial vehicles, and 

10 public transportation fleets and 

11 school bus fleets; 

12 (bb) to deploy electric vehi13 cle charging and hydrogen infra14 structure; and 

15 (cc) to develop and deploy 

16 low carbon sustainable aviation 

17 fuels; 

18 (III) clean energy and vehicle 

19 manufacturing research, demonstra20 tions, and deployment; 

21 (IV) battery storage research, 

22 demonstrations, and deployment; 

23 (V) development or purchase of 

24 equipment for practices described in 

25 section 6; 


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1 (VI) development and deployment 

2 of clean energy and clean tech3 nologies, with a focus on— 

4 (aa) carbon capture, utiliza5 tion, and sequestration, bioenergy 

6 with carbon capture and seques7 tration, direct air capture, and 

8 infrastructure associated with 

9 those processes, including con10 struction of carrier pipelines for 

11 the transportation of anthropo12 genic carbon dioxide; 

13 (bb) energy storage and grid 

14 modernization; 

15 (cc) geothermal energy; 

16 (dd) commercial and resi17 dential solar; 

18 (ee) wind energy; and 

19 (ff) any other clean tech20 nology use or development, as de21 termined by the Board; 

22 (VII) measures that anticipate 

23 and prepare for climate change im24 pacts, and reduce risks and enhance 

25 resilience to sea level rise, extreme 


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1 weather events, heat island impacts, 

2 and other climate change impacts, in3 cluding by— 

4 (aa) building resilient en5 ergy, water, and transportation 

6 infrastructure; 

7 (bb) providing weatheriza8 tion assistance for low-income 

9 households; and 

10 (cc) increasing the resilience 

11 of the agriculture sector; and 

12 (VIII) natural infrastructure re13 search, demonstrations, and deploy14 ment; and 

15 (ii) may implement other investment 

16 tools and products approved by the Board, 

17 pursuant to subparagraph (C), to achieve 

18 the mission of the C2FC described in sub19 section (a)(2). 

20 (B) LOAN GUARANTEES.— 

21 (i) IN GENERAL.—In providing loan 

22 guarantees under subparagraph (A), the 

23 C2FC shall cooperate with eligible lenders 

24 through agreements to participate on a de25 ferred (guaranteed) basis. 


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1 (ii) LEVEL OF PARTICIPATION IN

2 GUARANTEED LOANS.—In providing a loan 

3 guarantee under subparagraph (A), the 

4 C2FC shall guarantee 75 percent of the 

5 balance of the financing outstanding at the 

6 time of disbursement of the loan. 

7 (iii) INTEREST RATES.—Notwith8 standing the provisions of the constitution 

9 of any State or the laws of any State lim10 iting the rate or amount of interest that 

11 may be charged, taken, received, or re12 served, the maximum legal rate of interest 

13 on any financing made on a deferred basis 

14 under this subsection shall not exceed a 

15 rate prescribed by the C2FC. 

16 (iv) GUARANTEE FEES.— 

17 (I) IN GENERAL.—With respect 

18 to each loan guaranteed under this 

19 subsection (other than a loan that is 

20 repayable in 1 year or less), the C2FC 

21 shall collect a guarantee fee, which 

22 shall be payable by the eligible lender, 

23 and may be charged to the eligible 

24 borrower in accordance with subclause 

25 (II). 


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1 (II) BORROWER CHARGES.—A 

2 guarantee fee described in subclause 

3 (I) charged to an eligible borrower 

4 shall not— 

5 (aa) exceed 2 percent of the 

6 deferred participation share of a 

7 total loan amount that is equal to 

8 or less than $150,000; 

9 (bb) exceed 3 percent of the 

10 deferred participation share of a 

11 total loan amount that is greater 

12 than $150,000 but less than 

13 $700,000; or 

14 (cc) exceed 3.5 percent of 

15 the deferred participation share 

16 of a total loan amount that is 

17 equal to or greater than 

18 $700,000. 

19 (C) OTHER INVESTMENT TOOLS AND

20 PRODUCTS.— 

21 (i) IN GENERAL.—The Board may, 

22 based on market needs, develop and imple23 ment any other investment tool or product 

24 necessary to achieve the mission of the 

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


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1 the deployment of projects described in 

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

3 (I) warehousing and aggregation 

4 credit facilities; 

5 (II) zero interest loans; 

6 (III) credit enhancements; and 

7 (IV) construction finance. 

8 (ii) STATE AND LOCAL GREEN

9 BANKS.—The Board shall provide— 

10 (I) funds to United States Green 

11 Bank Institutions as necessary to fi12 nance projects that are best served by 

13 those entities; and 

14 (II) technical assistance as nec15 essary to States and localities seeking 

16 to establish green banks. 

17 (4) WAGE RATE REQUIREMENTS.— 

18 (A) IN GENERAL.—All laborers and me19 chanics employed by eligible entities and eligible 

20 borrowers on projects funded directly by or as21 sisted in whole or in part by the activities of the 

22 C2FC under this section shall be paid at wages 

23 at rates not less than those prevailing on 

24 projects of a similar character in the locality as 

25 determined by the Secretary of Labor in acVerDate Sep 11 2014 08:47 May 28, 2021 Jkt 019200 PO 00000 Frm 00022 Fmt 6652 Sfmt 6201 E:\BILLS\H2451.IH H2451

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1 cordance with subchapter IV of chapter 31 of 

2 title 40, United States Code (commonly known 

3 as the ‘‘Davis-Bacon Act’’). 

4 (B) AUTHORITY.—With respect to the 

5 labor standards specified in subparagraph (A), 

6 the Secretary of Labor shall have the authority 

7 and functions set forth in Reorganization Plan 

8 Numbered 14 of 1950 (64 Stat. 1267; 5 U.S.C. 

9 App.) and section 3145 of title 40, United 

10 States Code. 

11 (5) 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 (f) 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 identify projects and funding opportuni9 ties that were a part of the current investment plan; 

10 and 

11 (2) submit to Congress and make publicly avail12 able a report that— 

13 (A) describes the projects and funding op14 portunities that have been most successful in 

15 progressing towards the mission described in 

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

17 by the report; 

18 (B) includes recommendations on the clean 

19 energy and resiliency projects that should be 

20 prioritized in forthcoming years to achieve that 

21 mission; 

22 (C) quantifies the total amount and per23 centage of funding given to prioritized commu24 nities described in subsection (e)(2); and 


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1 (D) identifies barriers for disadvantaged 

2 groups to receive C2FC funding and provides 

3 recommendations to address those barriers. 

4 (g) INITIAL CAPITALIZATION.—There is appropriated 

5 to carry out this section, out of any funds in the Treasury 

6 not otherwise appropriated, $7,500,000,000 for each of 

7 fiscal years 2022 and 2023, to remain available until ex8 pended. 

9 SEC. 3. CARBON FEE. 

10 (a) IN GENERAL.—Chapter 38 of subtitle D of the 

11 Internal Revenue Code of 1986 is amended by adding at 

12 the end the following 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.—The term ‘applica17 ble period’ means, with respect to any determination 

18 made by the Secretary under subsection (e)(3) for 

19 any calendar year, the period— 

20 ‘‘(A) beginning on January 1, 2023, and 

21 ‘‘(B) ending on December 31 of the pre22 ceding calendar year. 

23 ‘‘(2) CUMULATIVE EMISSIONS.—The term ‘cu24 mulative emissions’ means an amount equal to the 

25 sum of any greenhouse gas emissions resulting from 


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1 the use of covered fuels and any noncovered fuel 

2 emissions for all years during the applicable period. 

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

4 term ‘cumulative emissions target’ means an amount 

5 equal to the sum of the emissions targets for all 

6 years during the applicable period. 

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

8 target’ means the target for greenhouse gas emis9 sions during a calendar year as determined under 

10 subsection (e)(1). 

11 ‘‘(b) CARBON FEE.—During any calendar year that 

12 begins after December 31, 2022, there is imposed a car13 bon fee on any covered entity’s use, sale, or transfer of 

14 any covered fuel. 

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

16 imposed by this section is an amount equal to— 

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

18 fuel, multiplied by 

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

20 subsection (d). 

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

22 be determined in accordance with the following: 

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

24 respect to any use, sale, or transfer during a cal25 endar year, shall be— 


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1 ‘‘(A) in the case of calendar year 2023, 

2 $25, and 

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

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

5 2023, the amount equal to the sum of— 

6 ‘‘(i) the amount under subparagraph 

7 (A), plus 

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

9 2024, $10, and 

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

11 after 2024, the amount in effect under this 

12 clause for the preceding calendar year, plus 

13 $10. 

14 ‘‘(2) INFLATION ADJUSTMENT.— 

15 ‘‘(A) IN GENERAL.—In the case of any cal16 endar year after 2023, the amount determined 

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

18 an amount equal to— 

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

20 ‘‘(ii) the cost-of-living adjustment de21 termined under section 1(f)(3) for that cal22 endar year, determined by substituting 

23 ‘2022’ for ‘2016’ in subparagraph (A)(ii) 

24 thereof. 


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1 ‘‘(B) ROUNDING.—If any increase deter2 mined under subparagraph (A) is not a multiple 

3 of $1, such increase shall be rounded up to the 

4 next whole dollar amount. 

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

6 ‘‘(A) INCREASE IN RATE FOLLOWING

7 MISSED CUMULATIVE EMISSIONS TARGET.—In 

8 the case of any calendar year following a deter9 mination by the Secretary pursuant to sub10 section (e)(3) that the cumulative emissions for 

11 the preceding calendar year exceeded the cumu12 lative emissions target for such year, paragraph 

13 (1)(B)(ii)(II) shall be applied— 

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

15 2026 through 2030, by substituting ‘$15’ 

16 for ‘$10’, 

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

18 2031 through 2040, by substituting ‘$20’ 

19 for ‘$10’, and 

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

21 beginning after 2040, by substituting ‘$25’ 

22 for ‘$10’. 

23 ‘‘(B) CESSATION OF RATE INCREASE FOL24 LOWING ACHIEVEMENT OF CUMULATIVE EMIS25 SIONS TARGET.—In the case of any year folVerDate Sep 11 2014 08:47 May 28, 2021 Jkt 019200 PO 00000 Frm 00032 Fmt 6652 Sfmt 6201 E:\BILLS\H2451.IH H2451

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1 lowing a determination by the Secretary pursu2 ant to subsection (e)(3) that— 

3 ‘‘(i) the average annual emissions of 

4 greenhouse gases from covered entities 

5 over the preceding 3-year period are not 

6 more than 10 percent of the greenhouse 

7 gas emissions during the year 2018, and 

8 ‘‘(ii) the cumulative emissions did not 

9 exceed the cumulative emissions target, 

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

11 substituting ‘$0’ for ‘$10’. 

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

13 any year, the annual greenhouse gas emissions 

14 and cumulative emissions described in subpara15 graph (A) or (B) shall be determined using the 

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

17 ‘‘(e) EMISSIONS TARGETS.— 

18 ‘‘(1) IN GENERAL.— 

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

20 subsection (d), the emissions target for any 

21 year shall be the amount of greenhouse gas 

22 emissions that is equal to— 

23 ‘‘(i) for calendar years 2023 and 

24 2024, the applicable percentage of the total 

25 amount of greenhouse gas emissions from 


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1 the use of any covered fuel during calendar 

2 year 2018, and 

3 ‘‘(ii) for calendar year 2025 and each 

4 calendar year thereafter, the applicable 

5 percentage of the total amount of green6 house gas emissions from the use of any 

7 covered fuel and noncovered fuel emissions 

8 during calendar year 2018. 

9 ‘‘(B) METHODOLOGY.—For purposes of 

10 subparagraph (A), with respect to determining 

11 the total amount of greenhouse gas emissions 

12 from the use of any covered fuel and non13 covered fuel emissions during calendar year 

14 2018, the Administrator shall use such methods 

15 as are determined appropriate, provided that 

16 such methods are, to the greatest extent prac17 ticable, comparable to the methods established 

18 under paragraph (4). 

19 ‘‘(2) APPLICABLE PERCENTAGE.— 

20 ‘‘(A) 2023 THROUGH 2035.—In the case of 

21 calendar years 2023 through 2035, the applica22 ble percentage shall be determined as follows: 

Applicable 

‘‘Year percentage 

2023 .................................................................................. 81 percent

2024 .................................................................................. 75 percent

2025 .................................................................................. 70 percent

2026 .................................................................................. 67 percent

2027 .................................................................................. 63 percent


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Applicable 

‘‘Year percentage 

2028 .................................................................................. 60 percent

2029 .................................................................................. 57 percent

2030 .................................................................................. 55 percent

2031 .................................................................................. 52 percent

2032 .................................................................................. 49 percent

2033 .................................................................................. 46 percent

2034 .................................................................................. 43 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, 2024, 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, 2025, 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, 2023, 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) ADMINISTRATIVE AUTHORITY.—The Secretary, 

17 in consultation with the Administrator, shall prescribe 

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

19 the carbon fee imposed by this section, including— 

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

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

22 section 4693, 

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

24 for distinguishing between different types of covered 

25 entities, 


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

2 for distinguishing between the greenhouse gas emis3 sions of a covered entity and the greenhouse gas 

4 emissions that are attributed to the covered entity 

5 but not directly emitted by the covered entity, 

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

7 such fees, and 

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

9 this section, the fee on noncovered fuel emissions 

10 under section 4693, or the carbon border fee adjust11 ment is not imposed on an emission from covered 

12 fuel or noncovered fuel emission more than once. 

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

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

15 begins after December 31, 2024, there is imposed a fee 

16 on a covered entity for any noncovered fuel emissions 

17 which occur during the calendar year. 

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

19 (a) by the covered entity which is the source of the emis20 sions described in that subsection shall be an amount 

21 equal to— 

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

23 e, of emitted greenhouse gases, multiplied by 


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

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

3 such emission. 

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

5 in consultation with the Administrator, shall prescribe 

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

7 the carbon fee imposed by this section, including regula8 tions describing the requirements for the quarterly pay9 ment of such fees. 

10 ‘‘SEC. 4694. REFUNDS FOR CARBON CAPTURE, SEQUESTRA11 TION, AND UTILIZATION. 

12 ‘‘(a) IN GENERAL.— 

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

14 The Secretary, in consultation with the Adminis15 trator and the Secretary of Energy, shall prescribe 

16 regulations for providing payments to any person 

17 which captures qualified carbon oxide which is— 

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

19 geological storage, as described in section 

20 45Q(f)(2), or 

21 ‘‘(B) used in a manner which has been ap22 proved by the Secretary pursuant to subsection 

23 (c). 

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

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1 graph in such time and manner as the Secretary 

2 may prescribe by regulations, the credit under this 

3 section— 

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

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

6 and 

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

8 described in paragraph (1). 

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

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

11 for which carbon capture equipment has been placed 

12 in service, the Secretary shall make payments in the 

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

14 overpayment of the fee imposed by section 4692 or 

15 4693. 

16 ‘‘(2) AMOUNT OF PAYMENT.—The payment de17 termined under this subsection shall be an amount 

18 equal to— 

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

20 oxide captured and disposed of, used, or utilized 

21 in a manner consistent with subsection (a), 

22 multiplied by 

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

24 in which the carbon fee was imposed by section 


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1 4692 on the covered fuel to which such carbon 

2 oxide relates, or 

3 ‘‘(ii) in the case of a direct air capture fa4 cility (as defined in section 45Q(e)(1)), the car5 bon fee rate during the year in which the quali6 fied carbon oxide was captured and disposed of, 

7 used, or utilized. 

8 ‘‘(c) APPROVED USES OF QUALIFIED CARBON

9 OXIDE.—The Secretary, in consultation with Adminis10 trator and the Secretary of Energy, shall, through regula11 tion or other public guidance, determine which uses of 

12 qualified carbon oxide are eligible for payments under this 

13 section, which may include— 

14 ‘‘(1) utilization in a manner described in clause 

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

16 ‘‘(2) any other use which ensures minimal leak17 age or escape of such carbon oxide. 

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

19 is owned by an entity that is determined to be— 

20 ‘‘(1) in violation of any applicable air or water 

21 quality regulations, or 

22 ‘‘(2) with respect to any environmental justice 

23 community (as defined in section 2(d)(1)(D) of the 

24 America’s Clean Future Fund Act), creating health 

25 or environmental harm to such community, 


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1 such facility shall not be eligible for any payment under 

2 this section during the period of such violation. 

3 ‘‘SEC. 4695. BORDER ADJUSTMENTS. 

4 ‘‘(a) IN GENERAL.—The fees imposed by, and re5 funds allowed under, this section shall be referred to as 

6 ‘the carbon border fee adjustment’. 

7 ‘‘(b) EXPORTS.— 

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

9 case of any carbon-intensive product which is ex10 ported from the United States, the Secretary shall 

11 pay to the person exporting such product a refund 

12 equal to the amount of the cost of such product at13 tributable to any fees imposed under this subchapter 

14 related to the manufacturing of such product (as de15 termined under regulations established by the Sec16 retary). 

17 ‘‘(2) COVERED FUELS.—In the case of any cov18 ered fuel which is exported from the United States, 

19 the Secretary shall pay to the person exporting such 

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

21 fuel attributable to any fees imposed under this sub22 chapter related to the use, sale, or transfer of such 

23 fuel. 

24 ‘‘(c) IMPORTS.— 

25 ‘‘(1) CARBON-INTENSIVE PRODUCTS.— 


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

2 In the case of any carbon-intensive product im3 ported into the United States, there is imposed 

4 an equivalency fee on the person importing such 

5 product in an amount equal to the cost of such 

6 product that would be attributable to any fees 

7 imposed under this subchapter related to the 

8 manufacturing of such product if any inputs or 

9 processes used in manufacturing such product 

10 were subject to such fees (as determined under 

11 regulations established by the Secretary). 

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

13 the equivalency fee under subparagraph (A) 

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

15 fees imposed on the carbon-intensive product by 

16 the foreign nation or governmental units from 

17 which such product was imported. 

18 ‘‘(2) COVERED FUELS.— 

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

20 covered fuel imported into the United States, 

21 there is imposed a fee on the person importing 

22 such fuel in an amount equal to the amount of 

23 any fees that would be imposed under this sub24 chapter related to the use, sale, or transfer of 

25 such fuel. 


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

2 the fee under subparagraph (A) shall be re3 duced by the amount, if any, of any fees im4 posed on the covered fuel by the foreign nation 

5 or governmental units from which the fuel was 

6 imported. 

7 ‘‘(d) TREATMENT OF ALTERNATIVE POLICIES AS

8 FEES.—Under regulations established by the Secretary, 

9 foreign policies that have substantially the same effect in 

10 reducing emissions of greenhouse gases as fees shall be 

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

12 ‘‘(e) REGULATORY AUTHORITY.— 

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

14 with the Administrator, the Secretary of Commerce, 

15 and the Secretary of Energy in establishing rules 

16 and regulations implementing the purposes of this 

17 section. 

18 ‘‘(2) TREATIES.—The Secretary, in consulta19 tion with the Secretary of State, may adjust the ap20 plicable amounts of the refunds and equivalency fees 

21 under this section in a manner that is consistent 

22 with any obligations of the United States under an 

23 international agreement.’’. 


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1 (b) EFFECTIVE DATE.—The amendment made by 

2 this section shall apply to periods beginning after Decem3 ber 31, 2022. 

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

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

6 Internal Revenue Code of 1986 is amended by adding at 

7 the end the following: 

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

9 ‘‘(a) ESTABLISHMENT AND FUNDING.—There is es10 tablished in the Treasury of the United States a trust fund 

11 to be known as the ‘America’s Clean Future Fund’ (re12 ferred to in this section as the ‘Trust Fund’), consisting 

13 of such amounts as are appropriated to the Trust Fund 

14 under subsection (b). 

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

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

17 any funds in the Treasury not otherwise appropriated, 

18 amounts equal to the fees received into the Treasury 

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

20 ‘‘(1) any amounts refunded or paid under sec21 tions 4692(d), 4694, and 4695(b), and 

22 ‘‘(2) for each of the first 18 fiscal years begin23 ning after September 30, 2023, an amount equal to 

24 the quotient of— 

25 ‘‘(A) $100,000,000,000, and 


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1 ‘‘(B) 18. 

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

3 in the Trust Fund shall be apportioned as follows: 

4 ‘‘(1) CARBON FEE REBATE AND AGRICULTURAL

5 DECARBONIZATION TRANSITION PAYMENTS.— 

6 ‘‘(A) CARBON FEE REBATE.—For the pur7 poses described in section 5 of the America’s 

8 Clean Future Fund Act and any expenses nec9 essary to administer such section— 

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

11 years beginning after September 30, 2023, 

12 an amount equal to— 

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

14 minus 

15 ‘‘(II) the amount determined 

16 under subparagraph (B) for such fis17 cal year, and 

18 ‘‘(ii) for any fiscal year beginning 

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

20 applicable percentage of such amounts. 

21 ‘‘(B) AGRICULTURAL DECARBONIZATION

22 TRANSITION PAYMENTS.—For the purposes de23 scribed in section 6 of the America’s Clean Fu24 ture Fund Act, for each of the first 10 fiscal 

25 years beginning after September 30, 2023, an 


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1 amount equal to 7 percent of the amount deter2 mined annually under subparagraph (A)(i)(I). 

3 ‘‘(C) APPLICABLE PERCENTAGE.—For 

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

5 percentage shall be equal to— 

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

7 after the period described in subparagraph 

8 (A)(i), 76 percent, 

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

10 subsequent to the period described in 

11 clause (i), the applicable percentage for the 

12 preceding fiscal year increased by 1 per13 centage point, and 

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

15 the period described in clause (ii), 80 per16 cent. 

17 ‘‘(2) CLIMATE CHANGE FINANCE CORPORA18 TION.— 

19 ‘‘(A) IN GENERAL.—For the purposes de20 scribed in section 2 of the America’s Clean Fu21 ture Fund Act, the applicable percentage of 

22 such amounts. 

23 ‘‘(B) APPLICABLE PERCENTAGE.—For 

24 purposes of this paragraph, the applicable per25 centage shall be equal to— 


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

2 years beginning after the period described 

3 in subsection (e) of such section, 15 per4 cent, 

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

6 subsequent to the period described in 

7 clause (i), the applicable percentage for the 

8 preceding fiscal year increased by 1 per9 centage point, and 

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

11 the period described in clause (ii), 20 per12 cent. 

13 ‘‘(3) TRANSITION ASSISTANCE FOR IMPACTED

14 COMMUNITIES.— 

15 ‘‘(A) IN GENERAL.—For the purposes de16 scribed in section 7 of the America’s Clean Fu17 ture Fund Act, the applicable percentage of 

18 such amounts. 

19 ‘‘(B) APPLICABLE PERCENTAGE.—For 

20 purposes of this paragraph, the applicable per21 centage shall be equal to— 

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

23 years beginning after September 30, 2023, 

24 10 percent, 


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

2 subsequent to the period described in 

3 clause (i), the applicable percentage for the 

4 preceding fiscal year reduced by 2 percent5 age points, and 

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

7 the period described in clause (ii), 0 per8 cent.’’. 

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

10 for subchapter A of chapter 98 of the Internal Revenue 

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

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

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

14 (a) ELIGIBLE INDIVIDUAL.— 

15 (1) IN GENERAL.—In this section, the term ‘‘el16 igible individual’’ means, with respect to any quar17 ter, any natural living person— 

18 (A) who has a valid Social Security num19 ber or taxpayer identification number; 

20 (B) who has attained 18 years of age; and 

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

22 United States for more than one-half of the 

23 most recent taxable year for which a return has 

24 been filed. 


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1 (2) VERIFICATION.—The Secretary of the 

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

3 this section as the ‘‘Secretary’’) may verify the eligi4 bility of an individual to receive a carbon fee rebate 

5 payment under subsection (b). 

6 (b) REBATES.—Subject to subsections (c)(2) and (k), 

7 from amounts in the America’s Clean Future Fund estab8 lished by section 9512(c)(1)(A) of the Internal Revenue 

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

10 shall, for each calendar quarter beginning after September 

11 30, 2023, make carbon fee rebate payments to each eligi12 ble individual, to be known as ‘‘America’s Clean Future 

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

14 ‘‘carbon fee rebate payments’’). 

15 (c) PRO-RATA SHARE.— 

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

17 during any fiscal year beginning after September 30, 

18 2023, the carbon fee rebate payment is 1 pro-rata 

19 share for each eligible individual of an amount equal 

20 to 25 percent of amounts apportioned under section 

21 9512(c)(1)(A) of the Internal Revenue Code of 1986 

22 for such fiscal year. 

23 (2) INITIAL ANNUAL REBATE PAYMENTS.— 

24 (A) IN GENERAL.—From amounts appro25 priated under subsection (j), the Secretary 


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1 shall, for each of fiscal years 2022 and 2023, 

2 make carbon fee rebate payments to each eligi3 ble individual during the third quarter of each 

4 such fiscal year. 

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

6 this paragraph, the carbon fee rebate payment 

7 is 1 pro-rata share for each eligible individual 

8 of the amount appropriated under subsection (j) 

9 for the fiscal year. 

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

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

12 the first day of such fiscal year, publicly announce 

13 an estimate of the amount of the carbon fee rebate 

14 payment for each quarter during such fiscal year. 

15 (d) PHASEOUT.— 

16 (1) DEFINITIONS.—In this subsection: 

17 (A) MODIFIED ADJUSTED GROSS IN18 COME.—The term ‘‘modified adjusted gross in19 come’’ means adjusted gross income increased 

20 by any amount excluded from gross income 

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

22 Revenue Code of 1986. 

23 (B) HOUSEHOLD MEMBER.—The term 

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


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1 taxpayer, the taxpayer’s spouse, and any de2 pendent of the taxpayer. 

3 (C) THRESHOLD AMOUNT.—The term 

4 ‘‘threshold amount’’ means— 

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

6 filing a joint return; and 

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

8 not filing a joint return. 

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

10 any taxpayer whose modified adjusted gross income 

11 for the most recent taxable year for which a return 

12 has been filed exceeds the threshold amount, the 

13 amount of the carbon fee rebate payment otherwise 

14 payable to any household member of the taxpayer 

15 under this section shall be reduced (but not below 

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

17 payment (as determined before application of this 

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

19 which the modified adjusted gross income of the tax20 payer exceeds the threshold amount. 

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

22 under this section shall not be includible in gross income 

23 for purposes of Federal income taxes. 

24 (f) FEDERAL PROGRAMS AND FEDERAL ASSISTED

25 PROGRAMS.—The carbon fee rebate payment received by 


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1 any eligible individual shall not be taken into account as 

2 income and shall not be taken into account as resources 

3 for purposes of determining the eligibility of such indi4 vidual or any other individual for benefits or assistance, 

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

6 any Federal program or under any State or local program 

7 financed in whole or in part with Federal funds. 

8 (g) DISCLOSURE OF RETURN INFORMATION.—Sec9 tion 6103(l) of the Internal Revenue Code of 1986 is 

10 amended by adding at the end the following new para11 graph: 

12 ‘‘(23) DISCLOSURE OF RETURN INFORMATION

13 RELATING TO CARBON FEE REBATE PAYMENTS.— 

14 ‘‘(A) DEPARTMENT OF TREASURY.—Re15 turn information with respect to any taxpayer 

16 shall, without written request, be open to in17 spection by or disclosure to officers and employ18 ees of the Department of the Treasury whose 

19 official duties require such inspection or disclo20 sure for purposes of administering section 5 of 

21 the America’s Clean Future Fund Act. 

22 ‘‘(B) RESTRICTION ON DISCLOSURE.—In23 formation disclosed under this paragraph shall 

24 be disclosed only for purposes of, and to the ex25 tent necessary in, carrying out such section.’’. 


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1 (h) REGULATIONS.—The Secretary shall prescribe 

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

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

4 (1) establishment of rules for eligible individ5 uals who have not filed a recent tax return; and 

6 (2) in coordination with the Commissioner of 

7 Social Security, the Secretary of Veterans Affairs, 

8 and any relevant State agencies, establish methods 

9 to identify eligible individuals and provide carbon fee 

10 rebate payments to such individuals through appro11 priate means of distribution, including through the 

12 use of electronic benefit transfer cards. 

13 (i) PUBLIC AWARENESS CAMPAIGN.—The Secretary 

14 shall conduct a public awareness campaign, in coordina15 tion with the Commissioner of Social Security, the heads 

16 of other relevant Federal agencies, and Indian Tribes (as 

17 defined in section 4 of the Indian Self-Determination and 

18 Education Assistance Act (25 U.S.C. 5304)), to provide 

19 information to the public regarding the availability of car20 bon fee rebate payments under this section. 

21 (j) INITIAL APPROPRIATION.—For purposes of sub22 section (c)(2), there is appropriated, out of any funds in 

23 the Treasury not otherwise appropriated, to remain avail24 able until expended— 


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

2 2022, $37,500,000,000; and 

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

4 2023, $37,500,000,000. 

5 (k) TERMINATION.—This section shall not apply to 

6 any calendar quarter beginning after— 

7 (1) a determination by the Secretary under sec8 tion 4692(d)(3)(B) of the Internal Revenue Code of 

9 1986; or 

10 (2) any period of 8 consecutive calendar quar11 ters for which the amount of carbon fee rebate pay12 ment (without application of subsection (d)) during 

13 each such quarter is less than $20. 

14 SEC. 6. AGRICULTURAL DECARBONIZATION TRANSITION 

15 PAYMENTS. 

16 (a) PURPOSES.—The purposes of this section are— 

17 (1) to provide transition assistance to eligible 

18 producers in the agricultural, livestock, and forestry 

19 sectors to prepare for and facilitate entry into pri20 vate sector greenhouse gas credit markets; and 

21 (2) to provide for the collection and reporting 

22 of data under subsection (d). 

23 (b) DEFINITIONS.—In this section: 

24 (1) ELIGIBLE LAND.— 


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1 (A) IN GENERAL.—The term ‘‘eligible 

2 land’’ means land in the United States— 

3 (i) on which farming, ranching, or for4 estry may physically and legally be con5 ducted; and 

6 (ii) that is— 

7 (I) cropland, grassland, pasture8 land, rangeland, hayland, or other 

9 land on which food, feed, fiber, crops, 

10 livestock, or other agricultural prod11 ucts are produced or capable of being 

12 produced; or 

13 (II) nonindustrial private forest 

14 land (as defined in section 5(c) of the 

15 Cooperative Forestry Assistance Act 

16 of 1978 (16 U.S.C. 2103a(c))). 

17 (B) INCLUSION OF TRIBAL LAND.—The 

18 term ‘‘eligible land’’ includes land described in 

19 subparagraph (A) that is Indian land (as de20 fined in section 2601 of the Energy Policy Act 

21 of 1992 (25 U.S.C. 3501)). 

22 (2) ELIGIBLE PRODUCER.—The term ‘‘eligible 

23 producer’’ means an individual or legal entity that— 

24 (A) is an owner, operator, or tenant of eli25 gible land; 


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1 (B) has control over the eligible land; 

2 (C) is actively engaged in farming, ranch3 ing, or forestry on the eligible land, as deter4 mined by the Secretary; 

5 (D) bears the risk of loss of the farming, 

6 ranching, or forestry on the eligible land; and 

7 (E) has the ability to enter into an agree8 ment with the Secretary to carry out qualifying 

9 practices described in subsection (c)(2) under 

10 the program. 

11 (3) GREENHOUSE GAS EMISSIONS REDUC12 TION.—The term ‘‘greenhouse gas emissions reduc13 tion’’ means the reduction in greenhouse gas emis14 sions as a result of the adoption of qualifying prac15 tices described in subsection (c)(2), as compared to 

16 a historical baseline. 

17 (4) HISTORICALLY UNDERSERVED.—The term 

18 ‘‘historically underserved’’, with respect to an eligible 

19 producer, means that the eligible producer— 

20 (A) is American Indian or Alaskan Native; 

21 (B) is Asian or Asian American; 

22 (C) is Black or African American; 

23 (D) is Native Hawaiian or Pacific Islander; 

24 (E) is Hispanic; 

25 (F) is disabled; 


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1 (G) is female; 

2 (H) is new to farming, ranching, or for3 estry, as determined by the Secretary; 

4 (I)(i) has served in the United States 

5 Armed Forces; and 

6 (ii)(I) has not operated a farm, ranch, or 

7 forestry operation; 

8 (II) is new to farming, ranching, or for9 estry, as determined by the Secretary; or 

10 (III) first obtained veteran status during 

11 the previous 5-year period; or 

12 (J) is an owner, operator, or tenant of a 

13 limited resource farming, ranching, or forestry 

14 operation or has a household income not great15 er than the national poverty level. 

16 (5) PROGRAM.—The term ‘‘program’’ means 

17 the program established under subsection (c)(1). 

18 (6) SECRETARY.—The term ‘‘Secretary’’ means 

19 the Secretary of Agriculture. 

20 (c) ESTABLISHMENT OF PROGRAM.— 

21 (1) IN GENERAL.—The Secretary, in consulta22 tion with the Administrator of the Environmental 

23 Protection Agency, shall establish a program to pro24 vide payments to eligible producers that will assist 

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1 sions through the adoption of qualifying practices 

2 described in paragraph (2). 

3 (2) QUALIFYING PRACTICES.— 

4 (A) IN GENERAL.—To be eligible for pay5 ments under the program, a practice shall be— 

6 (i) approved by the Secretary; and 

7 (ii) measurable, reportable, and verifi8 able for reducing greenhouse gas emis9 sions, as determined by the Secretary. 

10 (B) INCLUDED PRACTICES.—Practices that 

11 the Secretary may determine to be qualifying 

12 practices under the program include— 

13 (i) improved crop, soil health, water, 

14 and land management systems, includ15 ing— 

16 (I) diversified soil health-enhanc17 ing cropping systems that may include 

18 resource-conserving crop rotations, 

19 cover crops, and sod crops; 

20 (II) conservation plantings, such 

21 as prairie strips, contour grass strips, 

22 filter strips and riparian buffers, field 

23 borders, hedgerows, windbreaks, alley 

24 cropping, and silvopasture or other 

25 agroforestry plantings; 


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1 (III) conservation tillage; 

2 (IV) fertilizer practice improve3 ments, including biologically based nu4 trient management; 

5 (V) ecologically appropriate refor6 estation and other sustainable forestry 

7 and related stewardship practices; 

8 (VI) application of soil carbon 

9 amendments, such as compost or 

10 biochar; 

11 (VII) restoration or avoidance of 

12 the conversion of grassland, wetland, 

13 and forest land; and 

14 (VIII) the adoption of organic 

15 and other similar advanced agroecol16 ogical production systems; 

17 (ii) livestock management, including— 

18 (I) enteric fermentation reduc19 tion, including— 

20 (aa) improved feed, forage, 

21 and grazing; and 

22 (bb) feed additives approved 

23 by the Commissioner of Food 

24 and Drugs; 


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1 (II) improved manure manage2 ment, including anaerobic digesters; 

3 and 

4 (III) the integration of livestock 

5 and crop production; 

6 (iii) on-site capital upgrades and in7 frastructure investments, including— 

8 (I) building and equipment refur9 bishment or upgrades, including en10 ergy efficiency technologies and digital 

11 technologies; and 

12 (II) the adoption of renewable or 

13 clean energy; 

14 (iv) conservation easements, including 

15 farm, ranch, and forest land preservation, 

16 that include conservation activities to im17 prove soil health and reduce greenhouse 

18 gas emissions; and 

19 (v) other similar practices, as deter20 mined by the Secretary. 

21 (3) CONSIDERATIONS.—In determining the rate 

22 and duration of a payment under paragraph (1), the 

23 Secretary shall consider— 

24 (A) the degree of additionality of the 

25 greenhouse gas emissions reduction; 


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1 (B) whether the recipient of the payment 

2 was an early adopter of 1 or more practices 

3 that reduce greenhouse gas emissions; 

4 (C) the likelihood that the applicable quali5 fying practice described in paragraph (2) would 

6 have been carried out absent the provision of 

7 the payment; 

8 (D) the degree of transitionality or perma9 nence of the greenhouse gas emissions reduc10 tion; 

11 (E) whether the applicable qualifying prac12 tice described in paragraph (2) provides mul13 tiple environmental and health co-benefits in 

14 addition to reduced greenhouse gas emissions; 

15 (F) the degree to which current soil condi16 tions influence the greenhouse gas emissions re17 ductions; 

18 (G) the degree to which the recipient of 

19 the payment is a historically underserved eligi20 ble producer; 

21 (H) the integration with and enhancement 

22 of payments and policies of similar Federal, 

23 State, or local programs; and 

24 (I) any payments received, or to be re25 ceived, by the applicable eligible producer from 


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1 a private carbon offset market due to the appli2 cable qualifying practice described in paragraph 

3 (2). 

4 (4) INELIGIBILITY.—A person that is deter5 mined to be in violation of any applicable water or 

6 air quality regulation, including under the Federal 

7 Water Pollution Control Act (33 U.S.C. 1251 et 

8 seq.) (including regulations), shall not be eligible for 

9 any payment under paragraph (1) during the period 

10 of the violation. 

11 (5) EFFECTIVENESS.—The authority to provide 

12 payments under this subsection shall be effective for 

13 each of the first 10 fiscal years beginning after Sep14 tember 30, 2022. 

15 (d) COLLECTION OF DATA AND REPORTING.— 

16 (1) MEASUREMENT SYSTEM.— 

17 (A) IN GENERAL.—The Secretary shall es18 tablish an outcomes-based measurement system 

19 (referred to in this paragraph as the ‘‘measure20 ment system’’) that uses the best available 

21 science and technology for cost-effective record22 keeping, modeling, and measurement of farm23 level greenhouse gas emissions on eligible land 

24 enrolled in the program. 


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1 (B) STANDARDS.—Not later than 18 

2 months after the date of enactment of this Act, 

3 the Secretary shall promulgate standards on the 

4 measurement system, based on information ob5 tained from— 

6 (i) agro-ecosystem models; 

7 (ii) remote sensing data and analysis; 

8 (iii) soil health demonstration trials; 

9 and 

10 (iv) field-level measurement. 

11 (C) PROTOCOLS.—In developing the meas12 urement system, the Secretary shall compile 

13 and publish a list of generally accepted public 

14 and private protocols for soil health and green15 house gas programs and markets. 

16 (D) REVIEW.—The Secretary shall main17 tain the measurement system by— 

18 (i) conducting an annual review of the 

19 measurement system; and 

20 (ii) making any necessary updates to 

21 the measurement system. 

22 (2) INVENTORY.— 

23 (A) IN GENERAL.—For the purposes of 

24 providing payments under the program, the 

25 Secretary shall conduct a nationwide soil health 


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1 and agricultural greenhouse gas emissions in2 ventory that uses the best available science and 

3 data to establish baselines and expected average 

4 performance for soil carbon drawdown and stor5 age and greenhouse gas emissions reduction by 

6 primary production type and production region. 

7 (B) DATABASE.—The Secretary shall— 

8 (i) establish an accessible and inter9 operable database for the inventory estab10 lished under subparagraph (A) using the 

11 measurement system established under 

12 paragraph (1); and 

13 (ii) improve and update the database 

14 as new data is collected, but not less fre15 quently than once every 2 years. 

16 (3) CRITERIA.— 

17 (A) IN GENERAL.—The Secretary shall es18 tablish criteria for payments under the program 

19 to inform policy and markets established to pro20 mote soil carbon sequestration or greenhouse 

21 gas emissions reductions. 

22 (B) REQUIREMENTS.—The criteria estab23 lished under subparagraph (A) shall— 

24 (i) have a documented likelihood to 

25 lead to transitioning towards or providing 


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1 long-term net greenhouse gas emissions re2 ductions, according to the best available 

3 science; 

4 (ii) be based in part on environmental 

5 impact modeling of the changes of shifting 

6 from baseline practices to new or improved 

7 practices; and 

8 (iii) prevent, to the maximum extent 

9 practicable, the degradation of other nat10 ural resource or environmental conditions. 

11 (4) MEASUREMENT, REPORTING, MONITORING, 

12 AND VERIFICATION SERVICES.— 

13 (A) IN GENERAL.—The Secretary— 

14 (i) shall provide services described in 

15 subparagraph (B) to eligible producers 

16 participating in the program; and 

17 (ii) may approve and provide oversight 

18 of 1 or more third-party agents to provide 

19 services described in subparagraph (B) to 

20 eligible producers participating in the pro21 gram. 

22 (B) SERVICES DESCRIBED.—Services re23 ferred to in subparagraph (A) are determining 

24 the greenhouse gas emissions reduction by— 

25 (i) measurement; 


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1 (ii) reporting; 

2 (iii) monitoring; and 

3 (iv) verification. 

4 (C) USE OF PROTOCOLS.—Services re5 ferred to in subparagraph (A) shall be provided 

6 using— 

7 (i) the measurement system described 

8 in paragraph (1); and 

9 (ii) the criteria described in paragraph 

10 (3). 

11 (D) USE OF DEPARTMENT OF AGRI12 CULTURE RESOURCES.—The Secretary shall re13 quire a third-party agent approved under sub14 paragraph (A)(ii) to use the resources, boards, 

15 committees, geospatial data, aerial or other 

16 maps, employees, offices, and capacities of the 

17 Department of Agriculture, to the maximum ex18 tent practicable, in providing services under 

19 that subparagraph to eligible producers. 

20 (E) PRIVACY AND DATA SECURITY.— 

21 (i) IN GENERAL.—The Secretary shall 

22 establish— 

23 (I) safeguards to protect the pri24 vacy of information that is submitted 

25 through or retained by a third-party 


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1 agent approved under subparagraph 

2 (A), including employees and contrac3 tors of the third-party agent; and 

4 (II) such other rules and stand5 ards of data security as the Secretary 

6 determines to be appropriate to carry 

7 out this subsection. 

8 (ii) PENALTIES.—The Secretary shall 

9 establish penalties for any violations of pri10 vacy or confidentiality under clause (i). 

11 (F) DISCLOSURE OF INFORMATION.— 

12 (i) PUBLIC DISCLOSURE.—Informa13 tion collected for purposes of services pro14 vided under subparagraph (A) may be dis15 closed to the public— 

16 (I) if the information is trans17 formed into a statistical or aggregate 

18 form such that the information does 

19 not include any identifiable or per20 sonal information of individual pro21 ducers; or 

22 (II) in a form that may include 

23 identifiable or personal information of 

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1 sents to the disclosure of the informa2 tion. 

3 (ii) REQUIREMENT.—The participa4 tion of a producer in, and the receipt of 

5 any benefit by the producer under, a pro6 gram under this section or any other pro7 gram administered by the Secretary may 

8 not be conditioned on the producer pro9 viding consent under clause (i)(II). 

10 (iii) RESEARCH, AUDIT, AND PRO11 GRAM IMPROVEMENT.—Information col12 lected for the purposes of services provided 

13 under subparagraph (A) may be disclosed 

14 for the purposes of providing technical as15 sistance, including audit, research, or im16 provement of a program under this section, 

17 either in aggregate or in a form that in18 cludes identifiable or personal information 

19 of a producer, if the Secretary obtains ade20 quate assurances that— 

21 (I) the recipient shall ensure pri22 vacy safeguards of identifiable or per23 sonal information of a producer; and 

24 (II) the release of any data to the 

25 public will only occur only if the data 


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1 has been transformed into a statistical 

2 or aggregate form. 

3 (e) REGULATIONS.—Not later than July 1, 2022, the 

4 Secretary shall promulgate regulations to carry out this 

5 section, including— 

6 (1) the amount of a payment under subsection 

7 (c), which shall be based on— 

8 (A) the quantity of carbon dioxide equiva9 lent emissions reduced; and 

10 (B) the considerations described in sub11 section (c)(3); 

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

13 approved under subsection (d)(4)(A)(ii) shall use to 

14 provide the services under that subsection, includ15 ing— 

16 (A) an accreditation process; and 

17 (B) a conflict of interest policy; and 

18 (3) provisions for the ownership and transport19 ability of data, including historical data, generated 

20 by an eligible producer for the purpose of deter21 mining eligibility for payments under the program. 

22 SEC. 7. TRANSITION ASSISTANCE FOR IMPACTED COMMU23 NITIES. 

24 (a) DEFINITIONS.—In this section: 


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1 (1) INDIAN TRIBE.—The term ‘‘Indian Tribe’’ 

2 has the meaning given the term in section 4 of the 

3 Indian Self-Determination and Education Assistance 

4 Act (25 U.S.C. 5304). 

5 (2) INDIVIDUAL WITH A BARRIER TO EMPLOY6 MENT.—The term ‘‘individual with a barrier to em7 ployment’’ has the meaning given the term in section 

8 3 of the Workforce Innovation and Opportunity Act 

9 (29 U.S.C. 3102). 

10 (3) INSTITUTION OF HIGHER EDUCATION.—The 

11 term ‘‘institution of higher education’’ has the 

12 meaning given the term in section 101 of the Higher 

13 Education Act of 1965 (20 U.S.C. 1001). 

14 (4) LOCAL BOARD.—The term ‘‘local board’’ 

15 has the meaning given the term in section 3 of the 

16 Workforce Innovation and Opportunity Act (29 

17 U.S.C. 3102). 

18 (5) RECOGNIZED POSTSECONDARY CREDEN19 TIAL.—The term ‘‘recognized postsecondary creden20 tial’’ has the meaning given the term in section 3 of 

21 the Workforce Innovation and Opportunity Act (29 

22 U.S.C. 3102). 

23 (6) SECRETARY.—The term ‘‘Secretary’’ means 

24 the Secretary of Commerce, acting through the AsVerDate Sep 11 2014 08:47 May 28, 2021 Jkt 019200 PO 00000 Frm 00073 Fmt 6652 Sfmt 6201 E:\BILLS\H2451.IH H2451

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1 sistant Secretary of Commerce for Economic Devel2 opment. 

3 (7) STATE.—The term ‘‘State’’ means— 

4 (A) a State; 

5 (B) the District of Columbia; 

6 (C) the Commonwealth of Puerto Rico; 

7 and 

8 (D) any other territory or possession of the 

9 United States. 

10 (8) STATE BOARD.—The term ‘‘State board’’ 

11 has the meaning given the term in section 3 of the 

12 Workforce Innovation and Opportunity Act (29 

13 U.S.C. 3102). 

14 (9) SUPPORTIVE SERVICES.—The term ‘‘sup15 portive services’’ has the meaning given the term in 

16 section 3 of the Workforce Innovation and Oppor17 tunity Act (29 U.S.C. 3102). 

18 (b) GRANTS.—The Secretary, in coordination with 

19 the Secretary of Labor, shall provide grants to eligible en20 tities for transition assistance to a low-carbon economy. 

21 (c) ELIGIBLE ENTITIES.—An entity eligible to re22 ceive a grant under this section is a labor organization, 

23 an institution of higher education, a unit of State or local 

24 government, an Indian Tribe, an economic development 

25 organization, a nonprofit organization, community-based 


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1 organization, or intermediary, or a State board or local 

2 board that serves or is located in a community that— 

3 (1) as determined by the Secretary, in coordina4 tion with the Secretary of Labor, has been or will be 

5 impacted by economic changes in carbon-intensive 

6 industries, including job losses; 

7 (2) as determined by the Secretary, in consulta8 tion with the Administrator of the Federal Emer9 gency Management Agency, has been or is at risk of 

10 being impacted by extreme weather events, sea level 

11 rise, and natural disasters related to climate change; 

12 or 

13 (3) as determined by the Secretary, in consulta14 tion with the Administrator of the Environmental 

15 Protection Agency, has been impacted by harmful 

16 residuals from a fossil fuel or carbon-intensive in17 dustry. 

18 (d) USE OF FUNDS.—An eligible entity that receives 

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

20 (1) economic and workforce development activi21 ties, such as— 

22 (A) job creation; 

23 (B) providing reemployment and worker 

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1 ing, transitional jobs, and supportive services, 

2 with priority given to— 

3 (i) workers impacted by changes in 

4 carbon-intensive industries; 

5 (ii) individuals with a barrier to em6 ployment; and 

7 (iii) programs that lead to a recog8 nized postsecondary credential; 

9 (C) local and regional investment, includ10 ing commercial and industrial economic diver11 sification; 

12 (D) export promotion; and 

13 (E) establishment of a monthly subsidy 

14 payment for workers who retire early due to 

15 economic changes in carbon-intensive industries; 

16 (2) climate change resiliency, such as— 

17 (A) building electrical, communications, 

18 utility, transportation, and other infrastructure 

19 in flood-prone areas above flood zone levels; 

20 (B) building flood and stormproofing 

21 measures in flood-prone areas and erosion22 prone areas; 

23 (C) increasing the resilience of a surface 

24 transportation infrastructure asset to withstand 


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1 extreme weather events and climate change im2 pacts; 

3 (D) improving stormwater infrastructure; 

4 (E) increasing the resilience of agriculture 

5 to extreme weather; 

6 (F) ecological restoration; 

7 (G) increasing the resilience of forests to 

8 wildfires; 

9 (H) increasing coastal resilience; and 

10 (I) implementing heat island cooling strat11 egies; 

12 (3) environmental cleanup from fossil fuel in13 dustry facilities that are abandoned or retired, or 

14 closed due to bankruptcy, and residuals from car15 bon-intensive industries, such as— 

16 (A) coal ash and petroleum coke cleanup; 

17 (B) mine reclamation; 

18 (C) reclamation and plugging of aban19 doned oil and natural gas wells on private and 

20 public land; and 

21 (D) remediation of impaired waterways 

22 and drinking water resources; or 

23 (4) other activities as the Secretary, in coordi24 nation with the Secretary of Labor, the Adminis25 trator of the Federal Emergency Management AgenVerDate Sep 11 2014 08:47 May 28, 2021 Jkt 019200 PO 00000 Frm 00077 Fmt 6652 Sfmt 6201 E:\BILLS\H2451.IH H2451

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1 cy, and the Administrator of the Environmental Pro2 tection Agency, determines to be appropriate. 

3 (e) REQUIREMENTS.— 

4 (1) LABOR STANDARDS; NONDISCRIMINA5 TION.—An eligible entity that receives a grant under 

6 this section shall use the funds in a manner con7 sistent with sections 181 and 188 of the Workforce 

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

9 3248). 

10 (2) WAGE RATE REQUIREMENTS.— 

11 (A) IN GENERAL.—All laborers and me12 chanics employed by eligible entities to carry 

13 out projects and activities funded directly by or 

14 assisted in whole or in part by a grant under 

15 this section shall be paid at wages at rates not 

16 less than those prevailing on projects of a simi17 lar character in the locality as determined by 

18 the Secretary of Labor in accordance with sub19 chapter IV of chapter 31 of title 40, United 

20 States Code (commonly known as the ‘‘Davis21 Bacon Act’’). 

22 (B) AUTHORITY.—With respect to the 

23 labor standards specified in subparagraph (A), 

24 the Secretary of Labor shall have the authority 

25 and functions set forth in Reorganization Plan 


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1 Numbered 14 of 1950 (64 Stat. 1267; 5 U.S.C. 

2 App.) and section 3145 of title 40, United 

3 States Code. 

4 (3) BUY AMERICA REQUIREMENTS.— 

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

6 manufactured goods used for projects and ac7 tivities carried out with a grant under this sec8 tion shall be produced in the United States. 

9 (B) WAIVER.—The Secretary may waive 

10 the requirement in subparagraph (A) if the Sec11 retary finds that— 

12 (i) enforcing the requirement would be 

13 inconsistent with the public interest; 

14 (ii) the iron, steel, and manufactured 

15 goods produced in the United States are 

16 not produced in a sufficient and reasonably 

17 available amount or are not of a satisfac18 tory quality; or 

19 (iii) enforcing the requirement will in20 crease the overall cost of the project or ac21 tivity by more than 25 percent. 

22 (f) COORDINATION.—An eligible entity that receives 

23 a grant under this section is encouraged to collaborate or 

24 partner with other eligible entities in carrying out activi25 ties with that grant. 


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1 (g) REPORT.—Not later than 3 years after the date 

2 on which the Secretary establishes the grant program 

3 under this section, the Secretary and the Secretary of 

4 Labor shall submit to Congress a report on the effective5 ness of the grant program, including— 

6 (1) the number of individuals that have received 

7 reemployment or worker transition assistance under 

8 this section; 

9 (2) a description of any job creation activities 

10 carried out with a grant under this section and the 

11 number of jobs created from those activities; 

12 (3) the percentage of individuals that have re13 ceived reemployment or worker transition assistance 

14 under this section who are, during the second and 

15 fourth quarters after exiting the program— 

16 (A) in education or training activities; or 

17 (B) employed; 

18 (4) the average wages of individuals that have 

19 received reemployment or worker transition assist20 ance under this section during the second and fourth 

21 quarters after exit from the program; 

22 (5) a description of any regional investment ac23 tivities carried out with a grant under this section; 


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1 (6) a description of any export promotion activi2 ties carried out with a grant under this section, in3 cluding— 

4 (A) a description of the products pro5 moted; and 

6 (B) an analysis of any increase in exports 

7 as a result of the promotion; 

8 (7) a description of any resilience activities car9 ried out with a grant under this section; 

10 (8) a description of any cleanup activities from 

11 fossil fuel industry facilities or carbon-intensive in12 dustries carried out with a grant under this section; 

13 and 

14 (9) the distribution of funding among geo15 graphic and socioeconomic groups, including urban 

16 and rural communities, low-income communities, 

17 communities of color, and Indian Tribes. 

18 (h) FUNDING.— 

19 (1) INITIAL FUNDING.—There is appropriated 

20 to the Secretary, out of any funds in the Treasury 

21 not otherwise appropriated, $5,000,000,000 for each 

22 of fiscal years 2022 and 2023 to carry out this sec23 tion, to remain available until expended. 

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

25 Secretary shall carry out this section using amounts 


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1 made available from the America’s Clean Future 

2 Fund under section 9512 of the Internal Revenue 

3 Code of 1986 (as added by section 4). 

4 SEC. 8. STUDY ON CARBON PRICING. 

5 (a) IN GENERAL.—Not later than January 1, 2025, 

6 the Administrator of the Environmental Protection Agen7 cy (referred to in this section as the ‘‘Administrator’’) 

8 shall seek to enter into an agreement with the National 

9 Academy of Sciences under which the National Academy 

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

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

12 established under sections 4692 and 4693 of the Internal 

13 Revenue Code of 1986 in achieving the following goals: 

14 (1) A net reduction of greenhouse gas emissions 

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

16 (2) A net reduction of greenhouse gas emissions 

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

18 (b) REQUIREMENTS.—In executing the agreement 

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

20 in carrying out a study under that subsection, the Na21 tional Academy of Sciences— 

22 (1) includes an evaluation of— 

23 (A) total annual greenhouse gas emissions 

24 by the United States, including greenhouse gas 


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1 emissions not subject to the fees described in 

2 that subsection; 

3 (B) the historic trends in the total green4 house gas emissions evaluated under subpara5 graph (A); and 

6 (C) the impacts of the fees established 

7 under sections 4692 and 4693 of the Internal 

8 Revenue Code of 1986 on changes in the levels 

9 of fossil fuel-related localized air pollutants in 

10 environmental justice communities; 

11 (2) analyzes the extent to which greenhouse gas 

12 emissions have been or would be reduced as a result 

13 of current and potential future policies, including— 

14 (A) a projection of greenhouse gas emis15 sions reductions that would result if the regula16 tions of the Administrator were to be adjusted 

17 to impose stricter limits on greenhouse gas 

18 emissions than the goals described in that sub19 section, with a particular focus on greenhouse 

20 gas emissions not subject to the fees described 

21 in that subsection; 

22 (B) the status of greenhouse gas emissions 

23 reductions that result from the fees established 

24 under sections 4692 and 4693 of the Internal 

25 Revenue Code of 1986; 


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1 (C) a projection of greenhouse gas emis2 sions reductions that would result if the fees es3 tablished under those sections were annually in4 creased— 

5 (i) at the current price path; and 

6 (ii) above the current price path; 

7 (D) an analysis of greenhouse gas emis8 sions reductions that result from the policies of 

9 States, units of local government, Tribal com10 munities, and the private sector; 

11 (E) a projection of greenhouse gas emis12 sions reductions that would result from the pro13 mulgation of additional Federal climate policies, 

14 including a clean energy standard, increased 

15 fuel economy and greenhouse gas emissions 

16 standards for motor vehicles, a low-carbon fuel 

17 standard, electrification of cars and heavy-duty 

18 trucks, and reforestation of not less than 

19 3,000,000 acres of land within the National 

20 Forest System; and 

21 (F) the status and projections of 

22 decarbonization in other major economies; and 

23 (3) submits a report to the Administrator, Con24 gress, and the Board of Directors of the Climate 


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1 Change Finance Corporation describing the results 

2 of the study. 

3 SEC. 9. ESTABLISHMENT OF TARGETS FOR CARBON SE4 QUESTRATION BY LAND AND WATER. 

5 (a) IN GENERAL.—The Chair of the Council on Envi6 ronmental Quality, in consultation with the Secretaries of 

7 Agriculture, Commerce, and the Interior, the Chief of En8 gineers, and the Administrator of the Environmental Pro9 tection Agency, shall— 

10 (1) establish a target for carbon sequestration 

11 that can reasonably be achieved through enhancing 

12 the ability of public and private land and water to 

13 function as natural carbon sinks; 

14 (2) develop strategies for meeting that target; 

15 and 

16 (3) develop strategies to expand protections for 

17 coastal ecosystems that sequester carbon and pro18 vide resiliency benefits, such as— 

19 (A) flood protection; 

20 (B) soil and beach retention; 

21 (C) erosion reduction; 

22 (D) biodiversity; 

23 (E) water purification; and 

24 (F) nutrient cycling. 


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1 (b) REPORT.—As soon as practicable after the date 

2 of enactment of this Act, the Chair of the Council on Envi3 ronmental Quality shall submit to Congress a report de4 scribing— 

5 (1) the target and strategies described in para6 graphs (1) through (3) of subsection (a); and 

7 (2) any additional statutory authorities or au8 thorized funding levels needed to successfully imple9 ment those strategies. 

Æ 


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