I 

113TH CONGRESS 

2D SESSION H. R. 4754 

To amend the Internal Revenue Code of 1986 to reduce greenhouse gas 

emissions by requiring a Federal emission permit for the sale or use 

of covered substances and to return funds to the American people. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 28, 2014 

Mr. MCDERMOTT introduced the following bill; which was referred to the 

Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, 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 reduce 

greenhouse gas emissions by requiring a Federal emission permit for the sale or use of covered substances 

and to return funds to the American people. 

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 ‘‘Managed Carbon Price 

5 Act of 2014’’. 


emcdonald on DSK67QTVN1PROD with BILLS
2 

•HR 4754 IH

1 SEC. 2. GREENHOUSE GAS EMISSION SUBSTANCES. 

2 (a) IN GENERAL.—The Internal Revenue Code of 

3 1986 is amended by adding at the end the following: 

4 ‘‘Subtitle L—Greenhouse Gas 

5 Emission Substances 

‘‘Sec. 9901. Condition precedent to sale or use of greenhouse gas emission substance. 

‘‘Sec. 9902. Federal emission permit. 

‘‘Sec. 9903. Definitions. 

‘‘Sec. 9904. Information reporting requirements. 

‘‘Sec. 9905. Regulations. 

6 ‘‘SEC. 9901. CONDITION PRECEDENT TO SALE OR USE OF 

7 GREENHOUSE GAS EMISSION SUBSTANCE. 

8 ‘‘(a) IN GENERAL.—No covered person may sell any 

9 greenhouse gas emission substance except pursuant to a 

10 Federal emission permit for each carbon dioxide equiva11 lent that the Administrator of the Environmental Protec12 tion Agency determines would be emitted from the com13 bustion or other greenhouse gas emitting use of such sub14 stance. 

15 ‘‘(b) COVERED PERSON.—For purposes of this sub16 title, the term ‘covered person’ means— 

17 ‘‘(1) in the case of coal (including lignite and 

18 peat) produced from a mine in the United States, 

19 the producer of such coal, 

20 ‘‘(2) in the case of crude oil or petroleum prod21 ucts received at a United States refinery, the oper22 ator of the United States refinery, 


emcdonald on DSK67QTVN1PROD with BILLS
3 

•HR 4754 IH

1 ‘‘(3) in the case of natural gas, the first seller 

2 of such natural gas, 

3 ‘‘(4) in the case of any greenhouse gas emission 

4 substance not described in paragraph (1), (2), or (3) 

5 produced in the United States, the producer of such 

6 substance, and 

7 ‘‘(5) in the case of any greenhouse gas emission 

8 substance entered into the United States for con9 sumption, use, or warehousing, the person entering 

10 such substance for consumption, use, or 

11 warehousing. 

12 ‘‘(c) USE TREATED AS SALE.— 

13 ‘‘(1) IN GENERAL.—If any person uses a green14 house gas emission substance before the first retail 

15 sale of such substance, then such person shall be lia16 ble for the purchase of a Federal emission permit 

17 under section 9902 in the same manner as if such 

18 substance were sold at retail on the date of such use 

19 by such person pursuant to a Federal emission per20 mit. 

21 ‘‘(2) EXEMPTION FOR USE IN FURTHER MANU22 FACTURE.—Paragraph (1) shall not apply to use of 

23 a greenhouse gas emission substance as material in 

24 the manufacture or production of, or as a component 


emcdonald on DSK67QTVN1PROD with BILLS
4 

•HR 4754 IH

1 part of, another article to be manufactured or pro2 duced by such person. 

3 ‘‘(d) EXCEPTIONS.—Subsection (a) shall not apply 

4 to— 

5 ‘‘(1) a greenhouse gas emission substance to be 

6 used for noncombustion agricultural purposes, or 

7 ‘‘(2) a greenhouse gas emission substance with 

8 respect to which a Federal emission permit has pre9 viously been purchased. 

10 ‘‘(e) IMPORTATION OF CARBON INTENSIVE GOODS.— 

11 ‘‘(1) GREENHOUSE GAS EMISSION PERMIT

12 EQUIVALENCY FEES.—The Secretary shall impose a 

13 greenhouse gas emission permit equivalency fee on 

14 imports of carbon intensive goods that shall be 

15 equivalent to the cost that domestic producers of 

16 comparable carbon intensive goods incur as a result 

17 of— 

18 ‘‘(A) permit fees paid by covered persons 

19 for greenhouse gas emission substances under 

20 this section, and 

21 ‘‘(B) greenhouse gas emission permit 

22 equivalency fees paid by importers of carbon in23 tensive goods used in the production of the 

24 comparable carbon intensive goods in question. 


emcdonald on DSK67QTVN1PROD with BILLS
5 

•HR 4754 IH

1 ‘‘(2) EXPIRATION.—Paragraph (1) and section 

2 6433(b) shall cease to have effect at such time as 

3 and to the extent that— 

4 ‘‘(A) an international agreement requiring 

5 countries that emit greenhouse gases and 

6 produce carbon intensive goods for international 

7 markets to adopt equivalent measures comes 

8 into effect, and 

9 ‘‘(B) the country of export has imple10 mented equivalent measures, and the actions 

11 provided for by paragraph (1) and section 

12 6433(b) are no longer appropriate. 

13 ‘‘SEC. 9902. FEDERAL EMISSION PERMIT. 

14 ‘‘(a) IN GENERAL.—The Secretary shall, subject to 

15 subsection (d), issue Federal emission permits, as provided 

16 for in this subtitle. A Federal emission permit may only 

17 be obtained upon making payment to the Secretary. 

18 ‘‘(b) RULES RELATING TO PERMITS.—For purposes 

19 of this subtitle— 

20 ‘‘(1) Each Federal emission permit shall be de21 nominated in one-quarter carbon dioxide equivalents. 

22 ‘‘(2) A Federal emission permit may only be 

23 purchased within fourteen calendar days before or 

24 after a greenhouse gas emission substance is proVerDate Mar 15 2010 23:07 Jun 03, 2014 Jkt 039200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H4754.IH H4754

emcdonald on DSK67QTVN1PROD with BILLS
6 

•HR 4754 IH

1 duced or entered into the United States, as the case 

2 may be. 

3 ‘‘(3) Except as provided in subsection (a), a 

4 Federal emission permit may not be sold, exchanged, 

5 or otherwise transferred. 

6 ‘‘(c) PERMIT PRICE.— 

7 ‘‘(1) IN GENERAL.—The Secretary, after con8 sultation with the Administrator of the Environ9 mental Protection Agency and the Secretary of En10 ergy, shall establish the price of obtaining a Federal 

11 emission permit for a calendar year based on a de12 termination of the dollar amount necessary to meet 

13 the emissions reductions targets specified in sub14 section (d). 

15 ‘‘(2) 5-YEAR PRICE SCHEDULE.— 

16 ‘‘(A) IN GENERAL.—Not later than Janu17 ary 1, 2016, the Secretary shall publish a 

18 schedule of the prices determined under para19 graph (1) for obtaining a Federal emission per20 mit during each of the five years from 2017 to 

21 2021. The Secretary shall publish the price for 

22 obtaining a Federal emission permit in each 

23 year after 2020 no later than five years before 

24 January 1 of the applicable year. 


emcdonald on DSK67QTVN1PROD with BILLS
7 

•HR 4754 IH

1 ‘‘(B) REDUCTION IN PRICE IF TARGET RE2 DUCTIONS BEING EXCEEDED.—If the Secretary 

3 determines— 

4 ‘‘(i) that greenhouse gas emissions are 

5 being reduced at a rate that exceeds the 

6 reduction expected in national greenhouse 

7 gas emissions for the year, and 

8 ‘‘(ii) that the Federal permit price can 

9 be reduced while still attaining the national 

10 greenhouse gas emission target reductions 

11 specified in subsection (d) for the year, 

12 the Secretary may, at any time before the be13 ginning of the year, reduce the Federal permit 

14 price for that year. 

15 ‘‘(3) INCREASE IN PRICE IF TARGET REDUC16 TIONS NOT BEING MET.—If the Secretary deter17 mines that the reduction of greenhouse gas emis18 sions is failing to meet the target reductions speci19 fied in subsection (d) for a year in such period, the 

20 Secretary may increase the Federal permit price for 

21 permits no earlier than 2 years after the year for 

22 which the determination is made. 

23 ‘‘(4) MAXIMUM AND MINIMUM PRICE.— 

24 ‘‘(A) IN GENERAL.—Not later than Janu25 ary 1, 2023, and every 10 years thereafter, the 


emcdonald on DSK67QTVN1PROD with BILLS
8 

•HR 4754 IH

1 Secretary, after consultation with the Adminis2 trator of the Environmental Protection Agency 

3 and the Secretary of Energy, shall publish a 

4 10-year schedule of the minimum and max5 imum prices for Federal emissions permits. 

6 ‘‘(B) PRICES SPECIFIED.—The maximum 

7 and minimum price for a Federal emission per8 mit issued by the Secretary in a year may not 

9 be below the minimum price or the maximum 

10 price for the corresponding year specified in the 

11 following table: 

‘‘Year: Minimum Price is: Maximum Price is: 

2015 ........................................ $6.25 $18.75

2016 ........................................ $18.75 $31.25

2017 ........................................ $31.25 $43.75

2018 ........................................ $43.75 $56.25

2019 ........................................ $56.25 $68.75

2020 ........................................ $68.75 $82.25

2021 ........................................ $81.25 $93.75

2022 ........................................ $93.75 $106.25

2023 ........................................ $106.25 $118.75

2024 ........................................ $118.75 $131.25. 

12 ‘‘(C) ADJUSTMENT FOR INFLATION.—In 

13 the case of any calendar year beginning after 

14 2015, each dollar amount contained in the table 

15 in subparagraph (B) shall be increased by an 

16 amount equal to— 

17 ‘‘(i) such dollar amount, multiplied by 

18 ‘‘(ii) the cost of living adjustment de19 termined under section 1(f)(3) for the cal20 endar year, determined by substituting 


emcdonald on DSK67QTVN1PROD with BILLS
9 

•HR 4754 IH

1 ‘calendar year 2014’ for ‘calendar year 

2 1992’ in subparagraph (B) thereof. 

3 ‘‘(d) NATIONAL LIMITATION.— 

4 ‘‘(1) TARGETS.—For purposes of this section— 

5 ‘‘(A) 2015 THROUGH 2019.—The average 

6 emissions for the period 2015 through 2019 

7 shall be no more than the carbon dioxide 

8 equivalents emitted in the United States in 

9 2005. 

10 ‘‘(B) 2025 THROUGH 2029.—The average 

11 emissions for the period 2025 through 2029 

12 shall be no more than 70 percent of the carbon 

13 dioxide equivalents emitted in the United States 

14 in 2005. 

15 ‘‘(C) 2035 THROUGH 2039.—The average 

16 emissions for the period 2035 through 2039 

17 shall be no more than 50 percent of the carbon 

18 dioxide equivalents emitted in the United States 

19 in 2005. 

20 ‘‘(D) 2045 THROUGH 2049.—The average 

21 emissions for the period 2045 through 2049 

22 shall be no more than 30 percent of the carbon 

23 dioxide equivalents emitted in the United States 

24 in 2005. 


emcdonald on DSK67QTVN1PROD with BILLS
10 

•HR 4754 IH

1 ‘‘(E) 2055 THROUGH 2059.—The average 

2 emissions for the period 2055 through 2059 

3 shall be no more than 20 percent of the carbon 

4 dioxide equivalents emitted in the United States 

5 in 2005. 

6 ‘‘(2) DETERMINATION OF 2005 LEVELS.—For 

7 purposes of subparagraph (A), the number of metric 

8 tons of carbon dioxide equivalents emitted in the 

9 United States in 2005 shall be the number deter10 mined under section 1605(a) of the Energy Policy 

11 Act of 1992 and published by the Energy Informa12 tion Administration. 

13 ‘‘(e) REPORT.— 

14 ‘‘(1) IN GENERAL.—Not later than the second 

15 March 1 after the date of the enactment of the Man16 aged Carbon Price Act of 2014, and annually there17 after, the Secretary shall publish a report describ18 ing— 

19 ‘‘(A) the extent to which the United States 

20 greenhouse gas emission limitations specified 

21 under subsection (d) are being achieved, 

22 ‘‘(B) the United States greenhouse gas 

23 emission permits sold during the previous cal24 endar year and the impact of the number of 


emcdonald on DSK67QTVN1PROD with BILLS
11 

•HR 4754 IH

1 such permits on greenhouse gas emissions in 

2 the United States, and 

3 ‘‘(C) the total greenhouse gas emissions 

4 worldwide for the previous calendar year in re5 lation to such emissions for 2005. 

6 ‘‘(2) REPORT DETAILS.—Such report shall in7 clude— 

8 ‘‘(A) an explanation of the methodology 

9 and assumptions the Secretary has used in es10 tablishing prices under this section, and 

11 ‘‘(B) an estimation, or range of esti12 mations, of the price of permits for the 10-year 

13 period following the current prices published 

14 under subsection (c). 

15 ‘‘SEC. 9903. DEFINITIONS. 

16 ‘‘(a) IN GENERAL.—For purposes of this subtitle— 

17 ‘‘(1) ADMINISTRATOR.—The term ‘Adminis18 trator’ means the Administrator of the Environ19 mental Protection Agency. 

20 ‘‘(2) CARBON DIOXIDE EQUIVALENT.—The 

21 term ‘carbon dioxide equivalent’ means, for each 

22 greenhouse gas emission substance, the quantity of 

23 the greenhouse gas emission substance that the Ad24 ministrator determines makes the same contribution 

25 to global warming as 1 metric ton of carbon dioxide. 


emcdonald on DSK67QTVN1PROD with BILLS
12 

•HR 4754 IH

1 ‘‘(3) GREENHOUSE GAS EMISSION SUB2 STANCE.—The term ‘greenhouse gas emission sub3 stance’ means— 

4 ‘‘(A) coal (including lignite, peat, and de5 rivatives of coal), to be used as a combustion 

6 fuel, 

7 ‘‘(B) petroleum and any petroleum prod8 uct, to be used as a combustion fuel, 

9 ‘‘(C) natural gas (including the gasses re10 leased as a result of flaring or venting such nat11 ural gas), 

12 ‘‘(D) methane, 

13 ‘‘(E) nitrous oxide, 

14 ‘‘(F) sulfur hexafluoride, 

15 ‘‘(G) a perfluorocarbon, 

16 ‘‘(H) a hydrofluorocarbon, and 

17 ‘‘(I) any other substance that is deter18 mined by the Administrator to contribute to 

19 global warming to a nonnegligible degree. 

20 ‘‘(4) FEDERAL EMISSION PERMIT.—The term 

21 ‘Federal emission permit’ means a permit required 

22 under section 9901. 

23 ‘‘(5) CARBON INTENSIVE GOOD.—The term 

24 ‘carbon intensive good’ means— 


emcdonald on DSK67QTVN1PROD with BILLS
13 

•HR 4754 IH

1 ‘‘(A)(i) iron, steel, any steel mill product 

2 (including pipe and tube), aluminum, cement, 

3 glass (including flat, container, and specialty 

4 glass and fiberglass), pulp, paper, chemicals, 

5 and industrial ceramics, and 

6 ‘‘(ii) any other manufactured product that 

7 the Secretary determines— 

8 ‘‘(I) is sold for purposes of further 

9 manufacture, and 

10 ‘‘(II) generates, in the course of the 

11 manufacture of the product, direct and in12 direct greenhouse gas emissions that are 

13 comparable (on an emissions per dollar of 

14 output basis) to emissions generated in the 

15 manufacture or production of a good iden16 tified in clause (i), and 

17 ‘‘(B) a manufactured item in which one or 

18 more goods identified under subparagraph (A) 

19 are inputs and the cost of production of which 

20 in the United States the Secretary determines 

21 is significantly increased by this subtitle. 

22 ‘‘(6) PETROLEUM PRODUCT.—The term ‘petro23 leum product’ has the meaning given such term in 

24 section 4612(a)(3). 


emcdonald on DSK67QTVN1PROD with BILLS
14 

•HR 4754 IH

1 ‘‘(b) IDENTIFICATION OF CARBON INTENSIVE

2 GOODS.—The determinations by the Secretary required by 

3 subsection (a)(5) shall be by rule. 

4 ‘‘(c) PUBLICATION OF SCHEDULE.—Not later than 

5 one year after the date of the enactment of the Managed 

6 Carbon Price Act of 2014, the Administrator, in consulta7 tion with the Secretary and the Secretary of Energy, shall 

8 publish a schedule listing each greenhouse gas emission 

9 substance and the quantity of each substance required to 

10 make 1 metric ton of carbon dioxide. The Administrator, 

11 in consultation with the Secretary and the Secretary of 

12 Energy, may update such schedule from time to time. 

13 ‘‘SEC. 9904. INFORMATION REPORTING REQUIREMENTS. 

14 ‘‘Secretary may solicit information from covered per15 sons regarding estimated future use of greenhouse gas 

16 emissions substances. 

17 ‘‘SEC. 9905. REGULATIONS. 

18 ‘‘The Secretary shall issue such regulations as may 

19 be necessary or appropriate to carry out this subtitle, in20 cluding regulations relating to the timely and efficient 

21 issuance of permits and collection of payments for such 

22 permits.’’. 

23 (b) REFUND OF FEDERAL EMISSION PERMIT FEE.— 

24 Subchapter B of chapter 65 of such Code is amended by 

25 adding at the end the following new section: 


emcdonald on DSK67QTVN1PROD with BILLS
15 

•HR 4754 IH

1 ‘‘SEC. 6433. REFUNDS OF FEDERAL EMISSION PERMIT FEE 

2 FOR CERTAIN USES. 

3 ‘‘(a) IN GENERAL.—If a Federal emission permit has 

4 been acquired with respect to a greenhouse gas emission 

5 substance pursuant to section 9902 and the acquirer of 

6 such permit uses such substance in a manner that will 

7 make a negligible or no contribution to global warming, 

8 as determined by the Secretary in consultation with the 

9 Administrator of the Environmental Protection Agency, 

10 the Secretary shall pay (without interest) to the acquirer 

11 of such substance pursuant to such permit an amount 

12 equal to the amount paid for the applicable Federal emis13 sion permit. 

14 ‘‘(b) PAYMENTS TO EXPORTERS.—The Secretary 

15 shall pay (without interest) to the exporter of a carbon 

16 intensive good (as defined in section 9903(5)) produced 

17 in the United States an amount equal to the cost that 

18 domestic producers of such carbon intensive goods incur 

19 as a result of— 

20 ‘‘(1) the dollar amount paid by covered persons 

21 for Federal emission permits for greenhouse gas 

22 emission substances under this section 9902, and 

23 ‘‘(2) greenhouse gas emission permit equiva24 lency fees paid under section 9901(e) by importers 

25 of carbon intensive goods used in the production of 

26 the comparable carbon intensive goods in question.’’. 


emcdonald on DSK67QTVN1PROD with BILLS
16 

•HR 4754 IH

1 (c) FAILURE TO OBTAIN PERMIT.—Chapter 38 of 

2 the Internal Revenue Code of 1986 is amended by adding 

3 at the end the following new subchapter: 

4 ‘‘Subchapter E—Greenhouse Gas Emission 

5 Substances 

‘‘Sec. 4691. Greenhouse gas emission substances. 

6 ‘‘SEC. 4691. GREENHOUSE GAS EMISSION SUBSTANCES. 

7 ‘‘(a) IMPOSITION OF TAX.—There is hereby imposed 

8 on any covered person who fails to obtain a Federal emis9 sion permit pursuant to subtitle L a tax equal to 100 per10 cent of the dollar amount of the fee that would have been 

11 charged for such permit but for such failure. 

12 ‘‘(b) COVERED PERSON.—The term ‘covered person’ 

13 has the meaning given such term by section 9901(b). 

14 ‘‘(c) FEDERAL EMISSION PERMIT.—The term ‘Fed15 eral emission permit’ means a permit required under sec16 tion 9901. 

17 ‘‘(d) COORDINATION.—The tax imposed under this 

18 section is in addition to the fee imposed under subtitle 

19 L.’’. 

20 (d) ESTABLISHMENT OF ENERGY AND ECONOMIC

21 SECURITY TRUST FUND.— 

22 (1) FINDING.—The Congress finds that revenue 

23 generated from the sale of Federal emission permits 

24 must be recycled into the American economy— 


emcdonald on DSK67QTVN1PROD with BILLS
17 

•HR 4754 IH

1 (A) to facilitate economic growth and clean 

2 energy production, and 

3 (B) to protect the economic security of 

4 American families and communities. 

5 (2) ESTABLISHMENT OF TRUST FUND.—Sub6 chapter A of chapter 98 of such Code (relating to 

7 trust fund code) is amended by adding at the end 

8 the following: 

9 ‘‘SEC. 9512. ENERGY AND ECONOMIC SECURITY TRUST 

10 FUND. 

11 ‘‘(a) CREATION OF TRUST FUND.—There is estab12 lished in the Treasury of the United States a trust fund 

13 to be known as the ‘Energy and Economic Security Trust 

14 Fund’ (referred to in this section as the ‘Trust Fund’), 

15 consisting of such amounts as may be appropriated or 

16 credited to the Trust Fund as provided in this section or 

17 section 9602(b). 

18 ‘‘(b) TRANSFERS TO TRUST FUND.—There is hereby 

19 appropriated to the Trust Fund an amount equivalent to 

20 the amounts received in the Treasury pursuant to subtitle 

21 L. 

22 ‘‘(c) EXPENDITURES FROM TRUST FUND.— 

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

24 monthly from the Trust Fund the dividend amount 

25 to each taxpayer. 


emcdonald on DSK67QTVN1PROD with BILLS
18 

•HR 4754 IH

1 ‘‘(2) DIVIDEND AMOUNT.—For purposes of 

2 paragraph (1), the term ‘dividend amount’ means 

3 the sum of— 

4 ‘‘(A)(i) in the case of the taxpayer filing a 

5 joint return, the individual share for the hus6 band and the individual share for the wife, and 

7 ‘‘(ii) in the case of a taxpayer other than 

8 a taxpayer described in subparagraph (A), the 

9 individual share, and 

10 ‘‘(B) in the case of an individual who is a 

11 dependent (as defined in section 152) of the 

taxpayer, 1 12 ⁄2 of the individual share. 

13 For purposes of subparagraph (B), not more than 2 

14 dependents may be taken into account for each tax15 payer. 

16 ‘‘(3) INDIVIDUAL SHARE.—For purposes of this 

17 subsection, the term ‘individual share’ means the 

18 amount determined by the Secretary by dividing the 

19 total amount deposited in the Trust Fund for the 

20 month by the total number of individual shares pay21 able at the end of such month. 

22 ‘‘(4) LIMITATION.—For purposes of this sub23 section— 

24 ‘‘(A) IN GENERAL.—No amount is payable 

25 under this subsection with respect to an indiVerDate Mar 15 2010 23:07 Jun 03, 2014 Jkt 039200 PO 00000 Frm 00018 Fmt 6652 Sfmt 6201 E:\BILLS\H4754.IH H4754

emcdonald on DSK67QTVN1PROD with BILLS
19 

•HR 4754 IH

1 vidual unless the individual is a qualified indi2 vidual. 

3 ‘‘(B) QUALIFIED INDIVIDUAL.—The term 

4 ‘qualified individual’ means an individual who is 

5 a lawful resident of the United States on the 

6 date of such payment. For purposes of ensuring 

7 that payments are made under this subsection 

8 to all qualified individuals, the Secretary shall 

9 consult with such other Federal and State offi10 cials as the Secretary determines necessary or 

11 appropriate. 

12 ‘‘(C) UNITED STATES.—For purposes of 

13 subparagraph (B), the United States includes 

14 the District of Columbia, the Commonwealth of 

15 Puerto Rico, the Virgin Islands, Guam, Amer16 ican Samoa, and the Commonwealth of the 

17 Northern Mariana Islands.’’. 

18 (e) CONFORMING AND CLERICAL AMENDMENTS.— 

19 (1) The table of subchapters for chapter 38 of 

20 such Code is amended by adding at the end the fol21 lowing new item: 

‘‘SUBCHAPTER E. GREENHOUSE GAS EMISSION SUBSTANCES’’. 

22 (2) The table of subtitles for the Internal Rev23 enue Code of 1986 is amended by adding at the end 

24 the following new item: 

‘‘Subtitle L. Greenhouse Gas Emission Substances’’. 


emcdonald on DSK67QTVN1PROD with BILLS
20 

•HR 4754 IH

1 (3) The table of sections for subchapter B of 

2 chapter 65 of such Code is amended by adding at 

3 the end the following new item: 

‘‘Sec. 6433. Refunds of Federal emission permit fee for certain uses.’’. 

4 (4) The table of sections for subchapter A of 

5 chapter 98 of such Code is amended by adding at 

6 the end the following: 

‘‘Sec. 9512. Energy and Economic Security Trust Fund.’’. 

7 (f) EFFECTIVE DATE.—The amendments made by 

8 this section shall apply with respect to the sale of any 

9 greenhouse gas emission substance after December 31, 

10 2014. 

Æ 


emcdonald on DSK67QTVN1PROD with BILLS