I 

113TH CONGRESS 

2D SESSION H. R. 5307 

To amend the Internal Revenue Code of 1986 to reduce carbon pollution 

in the United States, invest in the Nation’s infrastructure, and cut 

taxes for working Americans. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 31, 2014 

Mr. LARSON of Connecticut introduced the following bill; which was referred 

to the Committee on Ways and Means, and in addition to the Committee 

on Foreign Affairs, 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 

carbon pollution in the United States, invest in the Nation’s infrastructure, and cut taxes for working Americans. 

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 Energy Se5 curity Trust Fund Act of 2014’’. 


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1 SEC. 2. TAX ON CARBON DIOXIDE CONTENT OF CERTAIN 

2 SUBSTANCES. 

3 (a) IN GENERAL.—Chapter 38 of the Internal Rev4 enue Code of 1986 (relating to environmental taxes) is 

5 amended by adding at the end thereof the following new 

6 subchapter: 

7 ‘‘Subchapter E—Tax on Carbon Dioxide 

8 Content of Certain Substances 

‘‘Sec. 4691. Imposition of tax. 

‘‘Sec. 4692. Refunds or credits. 

‘‘Sec. 4693. Border adjustments. 

‘‘Sec. 4694. Definitions and special rules. 

9 ‘‘SEC. 4691. IMPOSITION OF TAX. 

10 ‘‘(a) IN GENERAL.—There is hereby imposed a tax 

11 on any taxable carbon substance sold by the manufacturer, 

12 producer, or importer thereof. 

13 ‘‘(b) AMOUNT OF TAX.— 

14 ‘‘(1) IN GENERAL.—The amount of tax imposed 

15 by subsection (a) on any taxable carbon substance 

16 shall be the applicable amount per ton of carbon di17 oxide content of such substance, as determined by 

18 the Secretary in consultation with the Secretary of 

19 Energy. 

20 ‘‘(2) FRACTIONAL PART OF TON.—In the case 

21 of a fraction of a ton, the tax imposed by subsection 

22 (a) shall be the same fraction of the amount of such 

23 tax imposed on a whole ton. 


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1 ‘‘(3) APPLICABLE AMOUNT.—For purposes of 

2 paragraph (1)— 

3 ‘‘(A) CALENDAR YEAR 2016.—The applica4 ble amount for calender year 2016 is $10. 

5 ‘‘(B) YEARS AFTER 2016.—For a calendar 

6 year after 2016, the applicable amount is the 

7 sum of— 

8 ‘‘(i) the amount in effect under this 

9 paragraph for the preceding calendar year, 

10 plus 

11 ‘‘(ii) $10. 

12 ‘‘(c) SUBSTANCE TAXED ONLY ONCE.—No tax shall 

13 be imposed by subsection (a) with respect to a taxable car14 bon substance if the person who would be liable for such 

15 tax establishes that a prior tax imposed by such section 

16 has been imposed with respect to such product. 

17 ‘‘(d) EXEMPTION FOR EXPORTS.— 

18 ‘‘(1) TAX-FREE SALES.— 

19 ‘‘(A) IN GENERAL.—No tax shall be im20 posed under subsection (a) on the sale by the 

21 manufacturer or producer of any taxable carbon 

22 substance for export or for resale by the pur23 chaser to a second purchaser for export. 


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1 ‘‘(B) PROOF OF EXPORT REQUIRED.— 

2 Rules similar to the rules of section 4221(b) 

3 shall apply for purposes of subparagraph (A). 

4 ‘‘(2) CREDIT OR REFUND WHERE TAX PAID.— 

5 ‘‘(A) IN GENERAL.—Except as provided in 

6 subparagraph (B), if— 

7 ‘‘(i) tax under subsection (a) was paid 

8 with respect to any taxable carbon sub9 stance, and 

10 ‘‘(ii)(I) such substance was exported 

11 by any person, or 

12 ‘‘(II) such substance was used as a 

13 material in the manufacture or production 

14 of a taxable carbon substance which was 

15 exported by any person and which, at the 

16 time of export, was a taxable carbon sub17 stance, 

18 credit or refund (without interest) of such tax 

19 shall be allowed or made to the person who paid 

20 such tax. 

21 ‘‘(B) CONDITION TO ALLOWANCE.—No 

22 credit or refund shall be allowed or made under 

23 subparagraph (A) unless the person who paid 

24 the tax establishes that he— 


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1 ‘‘(i) has repaid or agreed to repay the 

2 amount of the tax to the person who ex3 ported the taxable carbon substance, or 

4 ‘‘(ii) has obtained the written consent 

5 of such exporter to the allowance of the 

6 credit or the making of the refund. 

7 ‘‘(C) REFUNDS DIRECTLY TO EX8 PORTER.—The Secretary shall provide, in regu9 lations, the circumstances under which a credit 

10 or refund (without interest) of the tax under 

11 subsection (a) shall be allowed or made to the 

12 person who exported the taxable carbon sub13 stance, where— 

14 ‘‘(i) the person who paid the tax 

15 waives his claim to the amount of such 

16 credit or refund, and 

17 ‘‘(ii) the person exporting the taxable 

18 carbon substance provides such informa19 tion as the Secretary may require in such 

20 regulations. 

21 ‘‘SEC. 4692. REFUNDS OR CREDITS. 

22 ‘‘(a) SEQUESTERED CARBON.—Under regulations 

23 prescribed by the Secretary, if— 


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1 ‘‘(1) a person uses a taxable carbon substance 

2 as a feedstock so that the carbon associated with 

3 such substance will not be emitted, or 

4 ‘‘(2) a person captures and sequesters the car5 bon in a taxable carbon substance, 

6 then an amount equal to the amount of tax in effect under 

7 section 4691(b) with respect to such substance for the cal8 endar year in which such use begins shall be allowed as 

9 a credit or refund (without interest) to such person in the 

10 same manner as if it were an overpayment of tax imposed 

11 by section 4691. 

12 ‘‘(b) PREVIOUSLY TAXED CARBON SUBSTANCES

13 USED TO MAKE ANOTHER TAXABLE CARBON SUB14 STANCE.—Under regulations prescribed by the Secretary, 

15 if— 

16 ‘‘(1) a tax under section 4691 was paid with re17 spect to any taxable carbon substance, and 

18 ‘‘(2) such substance was used by any person in 

19 the manufacture or production of any other sub20 stance which is a taxable carbon substance, 

21 then an amount equal to the tax so paid shall be allowed 

22 as a credit or refund (without interest) to such person in 

23 the same manner as if it were an overpayment of tax im24 posed by subsection (a). In any case to which this para25 graph applies, the amount of any such credit or refund 


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1 shall not exceed the amount of tax imposed by subsection 

2 (a) on the other taxable fuel manufactured or produced 

3 (or which would have been imposed by such subsection on 

4 such other fuel but for subsection (c)). 

5 ‘‘SEC. 4693. BORDER ADJUSTMENTS. 

6 ‘‘(a) IMPORTS.—The Secretary shall impose a carbon 

7 equivalency fee on imports of carbon-intensive goods that 

8 shall be equivalent to the cost that domestic producers of 

9 comparable carbon-intensive goods incur as a result of— 

10 ‘‘(1) taxes paid by manufacturers, producers, 

11 and importers of taxable carbon substances under 

12 this section, and 

13 ‘‘(2) carbon equivalency fees paid by importers 

14 of carbon intensive goods used in the production of 

15 the comparable carbon intensive goods in question. 

16 ‘‘(b) EXPORTS.—Notwithstanding the limitations of 

17 section 4692, the Secretary shall allow as a credit or re18 fund (without interest) to the exporter of a carbon-inten19 sive good produced in the United States in the same man20 ner as if it were an overpayment of tax imposed by section 

21 4691 an amount equivalent to the cost that domestic pro22 ducers of such carbon intensive goods incur as a result 

23 of— 


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1 ‘‘(1) taxes paid by manufacturers, producers, 

2 and importers of taxable carbon substances under 

3 this section, and 

4 ‘‘(2) carbon equivalency fees paid by importers 

5 of carbon intensive goods used in the production of 

6 the comparable carbon intensive goods in question. 

7 ‘‘(c) EXPIRATION.—This section shall cease to have 

8 effect at such time as and to the extent that— 

9 ‘‘(1)(A) an international agreement requiring 

10 countries that emit greenhouse gases and produce 

11 carbon intensive goods for international markets to 

12 adopt equivalent measures comes into effect, or 

13 ‘‘(B) the country of export has implemented 

14 equivalent measures, and 

15 ‘‘(2) the actions provided for by subsections (a) 

16 and (b) are no longer appropriate. 

17 ‘‘SEC. 4694. DEFINITIONS AND SPECIAL RULES. 

18 ‘‘(a) DEFINITIONS.—For purposes of this sub19 chapter— 

20 ‘‘(1) TAXABLE CARBON SUBSTANCE.—The term 

21 ‘taxable carbon substance’ means— 

22 ‘‘(A) coal (including lignite and peat), 

23 ‘‘(B) petroleum and any petroleum product 

24 (as defined in section 4612(a)(3)), and 

25 ‘‘(C) natural gas, 


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1 which is extracted, manufactured, or produced in the 

2 United States or entered into the United States for 

3 consumption, use, or warehousing. 

4 ‘‘(2) UNITED STATES.—The term ‘United 

5 States’ has the meaning given such term by section 

6 4612(a)(4). 

7 ‘‘(3) IMPORTER.—The term ‘importer’ means 

8 the person entering the taxable carbon substance for 

9 consumption, use, or warehousing. 

10 ‘‘(4) TON.—The term ‘ton’ means metric tons. 

11 In the case of any taxable carbon substance which 

12 is a gas, the term ‘ton’ means the amount of such 

13 gas in cubic feet which is the equivalent of a metric 

14 ton on a molecular weight basis. 

15 ‘‘(5) CARBON-INTENSIVE GOOD.—The term 

16 ‘carbon-intensive good’ means a good that (as identi17 fied by the Secretary by rule)— 

18 ‘‘(A) is a primary product, or 

19 ‘‘(B) is a manufactured item in which one 

20 or more primary products are inputs and the 

21 cost of production of which in the United States 

22 is significantly increased by this subchapter. 

23 ‘‘(6) PRIMARY PRODUCT.—The term ‘primary 

24 product’ means— 


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1 ‘‘(A) iron, steel, steel mill products (includ2 ing pipe and tube), aluminum, cement, glass 

3 (including flat, container, and specialty glass 

4 and fiberglass), pulp, paper, chemicals, or in5 dustrial ceramics, and 

6 ‘‘(B) 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 primary 

16 products identified in subparagraph (A). 

17 ‘‘(7) EQUIVALENT MEASURE.—The term ‘equiv18 alent measure’ means a tax or other regulatory re19 quirement that imposes a cost on manufacturers of 

20 carbon intensive goods located outside the United 

21 States approximately equal to the cost imposed by 

22 section 4691 on manufacturers of comparable car23 bon intensive goods located in the United States. 

24 ‘‘(b) USE TREATED AS SALE.—If any person manu25 factures, produces, or imports any taxable carbon subVerDate Mar 15 2010 02:27 Aug 09, 2014 Jkt 039200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\H5307.IH H5307

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1 stance and uses such substance, then such person shall 

2 be liable for tax under section 4691 in the same manner 

3 as if such substance were sold by such person. 

4 ‘‘(c) SPECIAL RULES FOR INVENTORY EX5 CHANGES.— 

6 ‘‘(1) IN GENERAL.—Except as provided in this 

7 paragraph, in any case in which a manufacturer, 

8 producer, or importer of a taxable carbon substance 

9 exchanges such substance as part of an inventory ex10 change with another person— 

11 ‘‘(A) such exchange shall not be treated as 

12 a sale, and 

13 ‘‘(B) such other person shall, for purposes 

14 of section 4691, be treated as the manufac15 turer, producer, or importer of such substance. 

16 ‘‘(2) REGISTRATION REQUIREMENT.—Para17 graph (1) shall not apply to any inventory exchange 

18 unless— 

19 ‘‘(A) both parties are registered with the 

20 Secretary as manufacturers, producers, or im21 porters of taxable carbon substances, and 

22 ‘‘(B) the person receiving the taxable car23 bon substance has, at such time as the Sec24 retary may prescribe, notified the manufac25 turer, producer, or importer of such person’s 


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1 registration number and the internal revenue 

2 district in which such person is registered. 

3 ‘‘(3) INVENTORY EXCHANGE.—For purposes of 

4 this subsection, the term ‘inventory exchange’ means 

5 any exchange in which 2 persons exchange property 

6 which is, in the hands of each person, property de7 scribed in section 1221(a)(1). 

8 ‘‘(d) REGULATIONS.—The Secretary shall prescribe 

9 such regulations as may be necessary to carry out the pur10 poses of this subchapter.’’. 

11 (b) ESTABLISHMENT OF AMERICA’S ENERGY SECU12 RITY TRUST FUND.—Subchapter A of chapter 98 of such 

13 Code (relating to trust fund code) is amended by adding 

14 at the end the following: 

15 ‘‘SEC. 9512. AMERICA’S ENERGY SECURITY TRUST FUND. 

16 ‘‘(a) CREATION OF TRUST FUND.—There is estab17 lished in the Treasury of the United States a trust fund 

18 to be known as ‘America’s Energy Security Trust Fund’ 

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

20 of such amounts as may be appropriated or credited to 

21 the Trust Fund as provided in this section or section 

22 9602(b). 

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

24 appropriated to the Trust Fund an amount equivalent to 


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1 the increase in revenues received in the Treasury as the 

2 result of the tax imposed under section 4691. 

3 ‘‘(c) DISTRIBUTION OF AMOUNTS IN TRUST FUND.— 

4 Amounts in the Trust Fund equivalent to the taxes re5 ceived in the Treasury under section 4691 for a calendar 

6 year shall be available without further appropriation, as 

7 follows: 

8 ‘‘(1) First, the affected industry transition as9 sistance amount shall be available for transition as10 sistance to workers in industries negatively affected 

11 by the America’s Energy Security Trust Fund Act 

12 of 2014, as determined by the Secretary of the 

13 Treasury in consultation with the Secretary of 

14 Labor. 

15 ‘‘(2) Second, of the amount remaining after the 

16 application of paragraph (1), the Highway Trust 

17 Fund shortfall amount shall be available to be trans18 ferred to the Highway Trust Fund. For purposes of 

19 this paragraph, the term ‘Highway Trust Fund 

20 shortfall amount’ means the amount determined by 

21 the Secretary to be equal to the excess of— 

22 ‘‘(A) the sum of the obligations of the 

23 United States specified in section 9503(c)(1) 

24 plus the amounts to be expended under section 

25 9503(e)(3), over 


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1 ‘‘(B) the amounts available in the Highway 

2 Trust Fund to meet those obligations and ex3 penditures (determined without regard to this 

4 paragraph or section 9503(f)(5)). 

5 ‘‘(3) Third, the amount remaining after the ap6 plication of paragraph (1) shall be available for pay7 roll tax relief under the rebate paid under section 

8 36C. 

9 ‘‘(d) AFFECTED INDUSTRY TRANSITION ASSISTANCE

10 AMOUNT.—For purposes of subsection (c)(1), the affected 

11 industry transition assistance amount is the amount deter12 mined as follows: 

‘‘(1) For calendar year 2016, 1 13 ⁄10 of the amount 

14 in the Trust Fund equivalent to the taxes received 

15 in the Treasury under section 4691 for calendar 

16 year 2016. 

‘‘(2) For calendar year 2017, 9 17 ⁄10 of the amount 

18 made available under paragraph (1) for calendar 

19 year 2016. 

‘‘(3) For calendar year 2018, 4 20 ⁄5 of the amount 

21 made available under paragraph (1) for calendar 

22 year 2016. 

‘‘(4) For calendar year 2019, 7 23 ⁄10 of the amount 

24 made available under paragraph (1) for calendar 

25 year 2016. 


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‘‘(5) For calendar year 2020, 3 1 ⁄5 of the amount 

2 made available under paragraph (1) for calendar 

3 year 2016. 

‘‘(6) For calendar year 2021, 1 4 ⁄2 of the amount 

5 made available under paragraph (1) for calendar 

6 year 2016. 

‘‘(7) For calendar year 2022, 2 7 ⁄5 of the amount 

8 made available under paragraph (1) for calendar 

9 year 2016. 

‘‘(8) For calendar year 2023, 3 10 ⁄10 of the amount 

11 made available under paragraph (1) for calendar 

12 year 2016. 

‘‘(9) For calendar year 2024, 1 13 ⁄5 of the amount 

14 made available under paragraph (1) for calendar 

15 year 2016. 

‘‘(10) For calendar year 2025, 1 16 ⁄10 of the 

17 amount made available under paragraph (1) for cal18 endar year 2016. 

19 ‘‘(11) For calendar years after 2025, zero.’’. 

20 (c) TRANSFERS TO HIGHWAY TRUST FUND.—Sub21 section (f) of section 9503 of the Internal Revenue Code 

22 of 1986 is amended by redesignating paragraph (5) as 

23 paragraph (7) and by inserting after paragraph (4) the 

24 following new paragraph: 


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1 ‘‘(5) ADDITIONAL INCREASE IN FUND BAL2 ANCE.—There is hereby transferred to the Highway 

3 Trust Fund amounts appropriated each year from 

4 America’s Energy Security Trust Fund under sec5 tion 9512(c)(2). Such amounts shall be apportioned 

6 to the Highway Account and the Mass Transit Ac7 count in accordance with subsection (e)(5).’’. 

8 (d) CLERICAL AMENDMENTS.— 

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

10 such Code is amended by adding at the end thereof 

11 the following new item: 

‘‘SUBCHAPTER E. TAX ON CARBON DIOXIDE CONTENT OF CERTAIN

SUBSTANCES’’. 

12 (2) The table of sections for subchapter A of 

13 chapter 98 of such Code is amended by adding at 

14 the end the following: 

‘‘Sec. 9512. America’s Energy Security Trust Fund.’’. 

15 (e) EFFECTIVE DATE.—The amendments made by 

16 this section shall take effect on the date of the enactment 

17 of this Act. 

18 SEC. 3. CARBON TAX REBATE OF PAYROLL TAX. 

19 (a) IN GENERAL.—Subpart C of part IV of sub20 chapter A of chapter 1 of the Internal Revenue Code of 

21 1986 (relating to refundable credits) is amended by insert22 ing after section 36B the following new section: 


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1 ‘‘SEC. 36C. CARBON TAX REBATE OF PAYROLL TAX. 

2 ‘‘(a) IN GENERAL.—In the case of an individual, 

3 there shall be allowed as a credit against the tax imposed 

4 by this subtitle for the taxable year an amount equal to 

5 the carbon tax rebate. 

6 ‘‘(b) CARBON TAX REBATE.— 

7 ‘‘(1) IN GENERAL.—For purposes of this sec8 tion, the term ‘carbon tax rebate’ means with re9 spect to a taxable year the individual’s share of the 

10 amount determined by the Secretary on a per capita 

11 basis to be the amount available under section 

12 9512(c)(3) for the calendar year in which or with 

13 which the taxable year begins. 

14 ‘‘(2) DETERMINATION BASED ON ESTIMATES.— 

15 The determination under paragraph (1) shall be 

16 made on the basis of estimates by the Secretary, and 

17 proper adjustments shall be made in amounts avail18 able under section 9512(c)(3) for the succeeding tax19 able year to the extent prior estimates were in excess 

20 of or less than the amounts actually available under 

21 such section for the prior taxable year. 

22 ‘‘(c) LIMITATION BASED ON PAYROLL TAXES PAID

23 AND SOCIAL SECURITY BENEFITS.— 

24 ‘‘(1) IN GENERAL.—The amount allowed as a 

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1 vidual for a taxable year shall not exceed the greater 

2 of— 

3 ‘‘(A) the total amount of taxes paid with 

4 respect to such individual for such taxable year 

5 under section 1401 and chapters 21 and 22, de6 termined after taking into account any refund 

7 under section 31(b) and 6413(c), or 

8 ‘‘(B) 10 percent of the aggregate amount 

9 of social security benefits (within the meaning 

10 of section 86(d)) received by such individual for 

11 the taxable year. 

12 ‘‘(2) SPECIAL RULE FOR SOCIAL SECURITY

13 BENEFITS RECEIVED FOR LESS THAN 12 MONTHS.— 

14 For purposes of paragraph (1)(B), if Social Security 

15 benefits (as so defined) were not received for each 

16 month in the taxable year, such benefits shall be 

17 annualized by multiplying the Social Security bene18 fits received by 12 and dividing the result by the 

19 number of months in such taxable year for which 

20 such benefits were received. 

21 ‘‘(d) DENIAL OF CREDIT TO DEPENDENTS.—No 

22 credit shall be allowed under subsection (a) to an indi23 vidual for such individual’s taxable year if a deduction 

24 under section 151 with respect to such individual is al25 lowed to another taxpayer for a taxable year beginning 


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1 in the calendar year in which such individual’s taxable 

2 year begins.’’. 

3 (b) CONFORMING AMENDMENTS.— 

4 (1) Paragraph (2) of section 1324(b) of title 

5 31, United States Code, is amended by inserting 

6 ‘‘36C,’’ after ‘‘36B,’’. 

7 (2) The table of sections for subpart C of part 

8 IV of subchapter A of chapter 1 of the Internal Rev9 enue Code of 1986 is amended by inserting after the 

10 item relating to section 36C the following new item: 

‘‘Sec. 36C. Carbon tax rebate of payroll tax.’’. 

11 (c) EFFECTIVE DATE.—The amendments made by 

12 this section shall apply to taxable years beginning after 

13 December 31, 2015. 

14 SEC. 4. STUDY OF TAXATION OF NON-CARBON GREEN15 HOUSE GASES. 

16 (a) IN GENERAL.—The Secretary of the Treasury, in 

17 consultation with the Secretary of Energy shall conduct 

18 a study of the best methods to assess and collect tax on 

19 non-carbon greenhouse gases similar to the tax imposed 

20 by section 4691 of the Internal Revenue Code of 1986 (as 

21 added by this Act). 

22 (b) REPORT.—Not later than 6 months after the date 

23 of the enactment of this Act, the Secretary of the Treasury 

24 shall submit to the Congress the findings of the report 

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1 tive recommendations as the Secretary determine appro2 priate for the assessment and collection of such tax. 

3 SEC. 5. SENSE OF CONGRESS. 

4 It is the sense of Congress that the United States 

5 should work proactively under the United Nations Frame6 work Convention on Climate Change and in other appro7 priate fora to establish binding agreements committing all 

8 major greenhouse gas emitting nations and countries with 

9 globally competitive producers of carbon intensive goods 

10 to contribute equitably to the reduction of global green11 house gas emissions. 

Æ 


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