authorized to verify an individual’s eligibility to 
receive a carbon dividend payment. 
‘‘(D) FEE TREATMENT OF PAYMENTS.— 
Amounts paid under this subsection shall be in-
cludible in gross income. 
‘‘(E) FEDERAL PROGRAMS AND FEDERAL 
ASSISTED
PROGRAMS.—The carbon dividend 
amount received by any individual shall not be 
taken into account as income and shall not be 
taken into account as resources for purposes of 
determining the eligibility of such individual or 
any other individual for benefits or assistance, 
or the amount or extent of benefits or assist-
ance, under any Federal program or under any 
State or local program financed in whole or in 
part with Federal funds. 
‘‘(F) ADVANCE PAYMENT.—The Secretary 
shall transfer to the Carbon Dividend Trust 
Fund such amounts as are necessary for the 
disbursement of an advanced carbon dividend to 
all eligible individuals as follows: 
‘‘(i) An advanced carbon dividend 
shall be the same as the anticipated first 
carbon dividend required to be distributed 
under subparagraph (A) and shall be dis-
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tributed the month prior to the first collec-
tion of the carbon fee. 
‘‘(ii) Total amounts disbursed as ad-
vanced carbon dividends shall be deducted 
from the carbon dividends on a pro-rata 
basis over the first 3 years after the dis-
bursement of the first carbon dividends. 
‘‘(d) ADMINISTRATIVE AUTHORITY.—The Secretary 
shall promulgate rules, guidance, and regulations useful 
and necessary to implement the Carbon Dividend Trust 
Fund. 
‘‘(e) ASSIGNMENT OF BENEFITS.—The right of any 
person to any future payment under this chapter shall not 
be transferable or assignable, at law or in equity, and none 
of the moneys paid or payable or rights existing under 
subsection (c)(3) shall be subject to execution, levy, at-
tachment, garnishment, or other legal process, or to the 
operation of any bankruptcy or insolvency law.’’. 
(b) CLERICAL AMENDMENT.—The table of sections 
for subchapter A of chapter 98 of such Code is amended 
by adding at the end the following new item: 
‘‘Sec. 9512. Carbon Dividend Trust Fund.’’. 
SEC. 5. LIMITED DISCLOSURE OF INFORMATION. 
Section 6103(l) of the Internal Revenue Code of 1986 
is amended by adding at the end the following new para-
graphs: 
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‘‘(23) LIMITED DISCLOSURE OF IDENTITY IN-
FORMATION RELATING TO CARBON DIVIDEND PAY-
MENTS.— 
‘‘(A) DEPARTMENT OF TREASURY.—Indi-
vidual identity information shall, without writ-
ten request, be open to inspection by or disclo-
sure to officers and employees of the Depart-
ment of the Treasury whose official duties re-
quire such inspection or disclosure for purposes 
of administering section 9512 (relating to the 
Carbon Dividend Trust Fund). 
‘‘(B) COMMISSIONER
OF
SOCIAL
SECU-
RITY.—The Commissioner of Social Security 
shall, on written request, disclose to officers 
and employees of the Department of the Treas-
ury individual identity information which has 
been disclosed to the Social Security Adminis-
tration as is necessary to administer section 
9512. 
‘‘(C) RESTRICTION ON DISCLOSURE.—In-
formation disclosed under this paragraph shall 
be disclosed only for purposes of, and to the ex-
tent necessary in, carrying out section 9512.’’. 
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SEC. 6. NATIONAL ACADEMY OF SCIENCES REVIEW OF CAR-
BON 
FEE 
AND 
EMISSIONS 
REDUCTION 
SCHEDULE. 
(a) IN GENERAL.—Not later than 5 years after the 
date of the enactment of this Act, the Secretary of Energy 
shall enter into an agreement with the National Academy 
of Sciences to prepare a report relating to the carbon fee 
imposed by section 9902 of the Internal Revenue Code of 
1986 and the emissions reductions schedule established 
under section 9903 of such Code. 
(b) REPORT REQUIREMENTS.—Such report shall— 
(1) assess the efficiency and effectiveness of the 
carbon fee in achieving the emissions reduction tar-
gets set forth in section 9903 of such Code; 
(2) describe and make recommendations on 
whether the carbon fee rate and annual increases 
prescribed by section 9902(c) of such Code should 
be adjusted in order to optimize the efficiency and 
effectiveness of this Act in achieving the emissions 
reduction targets set forth in section 9903 of such 
Code; 
(3) describe the potential of the carbon fee to 
achieve future emissions targets set forth in section 
9903(a) of such Code through the year 2050; 
(4) describe and evaluate the effectiveness of 
the carbon fee in reducing emissions from key sec-
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tors of the economy, including sectors of the econ-
omy that have decreased their carbon emissions, sec-
tors of the economy that have increased their carbon 
emissions, and sectors of the economy in which car-
bon emissions have not changed; 
(5) make findings and recommendations to 
Federal departments and agencies and to Congress 
on actions that could be taken to reduce carbon 
emissions in the sectors of the economy in which 
carbon emissions have not decreased; 
(6) make findings and recommendations on ad-
justing regulations enacted under the Clean Air Act 
and other Federal laws that affect economic sectors 
achieving the emissions reduction targets set forth in 
section 9903 of such Code; and 
(7) provide an assessment of any other factors 
determined to be material to the program’s effi-
ciency and effectiveness in achieving the goals set 
forth in this Act. 
(c) REPORT MADE PUBLICLY AVAILABLE.—Not later 
than one year after the review in subsection (a) has com-
menced, the Secretary of Energy shall submit to Congress 
the report required under subsection (a). Such report shall 
be made electronically available to the public and open to 
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public comment for at least 60 days before the final sub-
mission to Congress. 
SEC. 7. IMPACT OF CARBON FEE ON BIOMASS USE AND 
CARBON SINKS. 
(a) STUDY OF BIOMASS.—The Secretary of Energy 
shall enter into an agreement with the National Academy 
of Sciences and the Administrator of the Environmental 
Protection Agency to conduct a study, make recommenda-
tions, and submit a report regarding the impact of the 
carbon fee on the use of biomass as an energy source and 
the resulting impacts on carbon sinks and biodiversity. 
(b) STUDY REQUIREMENTS.—The study conducted 
under subsection (a) by the National Academy of Sciences 
shall include analysis, documentation, and determinations 
on— 
(1) the carbon fee and its impact on the use of 
biomass as an energy source and greenhouse gas 
emissions from the use of biomass as an energy 
source; 
(2) the impacts of the use of biomass as an en-
ergy source on carbon sinks and biodiversity; and 
(3) the various types of biomass that are being 
used as an energy source. 
(c) RECOMMENDATIONS.—Based on the findings and 
conclusions of the study, the National Academy of 
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Sciences shall make recommendations to Federal depart-
ments and agencies and to Congress. The recommenda-
tions shall include any actions that should be taken to 
mitigate impacts of the carbon fee on— 
(1) increasing greenhouse gas emissions from 
the use of biomass as an energy source; and 
(2) degradation of carbon sinks and biodiversity 
relating to the use of biomass as an energy source. 
(d) REPORT.—The National Academy of Sciences 
shall prepare a report that includes any findings and rec-
ommendations made pursuant to this section and, not 
later than 18 months after the date of the enactment of 
this Act, make such report electronically available to the 
public. 
SEC. 8. EFFECTIVE DATE. 
The amendments made by this Act shall take effect 
on the date of the enactment of this Act, except the carbon 
fee under section 9902 of the Internal Revenue Code of 
1986 shall apply to uses, sales, or transfers no more than 
270 days after the date of the enactment of this Act. 
SEC. 9. PRINCIPLE OF INTERPRETATION. 
In the case of ambiguity, the texts of this statute and 
its amending texts shall be interpreted so as to allow for 
the most effective abatement of greenhouse gas emissions. 
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SEC. 10. NO PREEMPTION OF STATE LAW. 
(a) IN GENERAL.—Nothing in this Act shall preempt 
or supersede, or be interpreted to preempt or supersede, 
any State law or regulation. 
(b) NO PREEMPTION OF STATE COMMON LAW OR 
STATUTORY CAUSES OF ACTION.—Noting in this Act, nor 
any standard, rule, requirement, risk evaluation, or assess-
ment created or implemented pursuant to this Act, shall 
be construed to preempt any State common law or State 
statutory law creating a remedy for civil relief. 
Æ 
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