‘‘SEC. 9910. ALLOCATION OF CARBON BORDER FEE ADJUST-
MENT REVENUES. 
‘‘The revenues collected under this chapter may be 
used to supplement appropriations made available in fiscal 
years 2024 and thereafter— 
‘‘(1) to U.S. Customs and Border Protection, in 
such amounts as are necessary to administer the 
carbon border fee adjustment, then 
‘‘(2) to the Green Climate Fund, created by de-
cision 3/CP.17 adopted at the 17th Conference of 
the Parties to the United Nation Framework Con-
vention on Climate Change held in Durban, Novem-
ber 28 to December 11, 2011. 
‘‘SEC. 9911. TREATIES AND INTERNATIONAL NEGOTIA-
TIONS. 
‘‘(a) CONFORMANCE WITH INTERNATIONAL TREA-
TIES.—In the case that the Appellate Body of the World 
Trade Organization, or any other authoritative inter-
national treaty interpreter, shall find any portion of the 
carbon border fee adjustment under this chapter to violate 
any treaty to which the United States is a party, the Sec-
retary of State is authorized to alter that aspect of such 
carbon border fee adjustment found to violate a treaty ob-
ligation so as to bring the carbon border fee adjustment 
into conformance with international law. 
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‘‘(b) INTERNATIONAL
NEGOTIATIONS.—The Con-
gress finds the international mitigation of greenhouse gas 
emissions to be of national importance. Therefore, the 
Congress encourages the Secretary of State, or the Sec-
retary’s designee, to commence and complete negotiations 
with other nations with the goal of forming treaties, envi-
ronmental agreements, accords, partnerships or any other 
instrument that effectively reduces global greenhouse gas 
emissions to zero percent of 2010 levels by 2050 and 
which respect the principle of common but differentiated 
responsibilities and respective capabilities. 
‘‘(c) SUSPENSION OF THE CARBON BORDER FEE AD-
JUSTMENT.—The Secretary may suspend the border car-
bon fee adjustment, in whole or in part— 
‘‘(1) when, in the determination of the Sec-
retary, a country has implemented greenhouse gas 
mitigation policies sufficient to contribute to a global 
net reduction of greenhouse gas emissions to zero by 
2050. In making such determination, the Secretary 
may partially suspend particular provisions of the 
carbon border fee adjustment. In making the deter-
mination, the Secretary shall consult with the im-
porting country. In making the determination, the 
Secretary shall follow all existing treaty obligations. 
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The Secretary shall review any carbon border fee ad-
justment suspension at least every 5 years, or 
‘‘(2) by treaty or other international agreement 
that meets the criteria of section 9911(c)(1) and in-
cludes provisions for the suspension of the border 
carbon fee adjustment.’’. 
SEC. 4. ESTABLISHMENT OF THE CARBON DIVIDEND TRUST 
FUND. 
(a) IN GENERAL.—Subchapter A of chapter 98 of the 
Internal Revenue Code of 1986 is amended by adding at 
the end the following: 
‘‘SEC. 9512. CARBON DIVIDEND TRUST FUND. 
‘‘(a) ESTABLISHMENT
AND
FUNDING.—There is 
hereby established in the Treasury of the United States 
a trust fund to be known as the ‘Carbon Dividend Trust 
Fund’, consisting of such amounts as may be appropriated 
to such trust fund as provided for in this section. 
‘‘(b) TRANSFERS TO THE CARBON DIVIDEND TRUST 
FUND.—There is hereby appropriated to the Carbon Divi-
dend Trust Fund amounts equal to the fees received into 
the Treasury less any amounts refunded or paid under 
section 9902(d) or 9905 of chapter 101 for each month. 
‘‘(c) EXPENDITURES.—Amounts in the trust fund 
shall be available for the following purposes: 
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‘‘(1) ADMINISTRATIVE EXPENSES.—So much of 
the expenses necessary to administer the Carbon 
Dividend Trust Fund for each year, as does not ex-
ceed— 
‘‘(A) in the case of the first 5 calendar 
years ending after the date of the enactment of 
this section, the administrative expenses for any 
year may not exceed 8 percent of amounts ap-
propriated to the Carbon Dividend Trust Fund 
during such year, and 
‘‘(B) in the case of any calendar year 
thereafter, 2 percent of the 5-year rolling aver-
age of the amounts appropriated to the Carbon 
Dividend Trust Fund. 
‘‘(2) OTHER ADMINISTRATIVE EXPENSES.—So 
much of the expenses as are necessary to administer 
chapter 101 for any year as does not to exceed 0.60 
percent of the amounts appropriated to the Carbon 
Dividend Trust Fund for the previous year, and fur-
ther limited as follows: 
‘‘(A) The Department of the Treasury. 
‘‘(B) The Social Security Administration. 
‘‘(C) The Environmental Protection Agen-
cy. 
‘‘(D) Department of State. 
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‘‘(3) CARBON DIVIDEND PAYMENTS.— 
‘‘(A) IN GENERAL.—From the amounts in 
the Carbon Dividend Trust Fund made avail-
able under paragraphs (1) and (2) of this sub-
section for any year, the Secretary shall for 
each month beginning no more than 270 days 
after the date of the enactment of the Energy 
Innovation and Carbon Dividend Act of 2023, 
make carbon dividend payments to each eligible 
individual. 
‘‘(B) PRO-RATA
SHARE.—A carbon divi-
dend payment is one pro-rata share for each 
adult, and half a pro-rata share for each child 
under 19 years old, of amounts available for the 
month in the Carbon Dividend Trust Fund. 
‘‘(C) ELIGIBLE
INDIVIDUAL.—The term 
‘eligible individual’ means, with respect to any 
month, any natural living person who has a 
valid Social Security number or taxpayer identi-
fication number and is a citizen or lawful resi-
dent of the United States (other than any indi-
vidual who is a citizen of any possession of the 
United States and whose bona fide residence is 
outside of the United States). The Secretary is 
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