subsection (a) shall be allowed or made to the 
person who exported the taxable carbon sub-
stance, where— 
‘‘(i) the person who paid the tax 
waives his claim to the amount of such 
credit or refund, and 
‘‘(ii) the person exporting the taxable 
carbon substance provides such informa-
tion as the Secretary may require in such 
regulations. 
‘‘SEC. 4692. REFUNDS OR CREDITS. 
‘‘(a) SEQUESTERED CARBON.—Under regulations 
prescribed by the Secretary, if— 
‘‘(1) a person uses a taxable carbon substance 
as a feedstock so that the carbon associated with 
such substance will not be emitted, or 
‘‘(2) a person captures and sequesters the car-
bon in a taxable carbon substance, 
then an amount equal to the amount of tax in effect under 
section 4691(b) with respect to such substance for the cal-
endar year in which such use begins shall be allowed as 
a credit or refund (without interest) to such person in the 
same manner as if it were an overpayment of tax imposed 
by section 4691. 
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‘‘(b) PREVIOUSLY
TAXED
CARBON
SUBSTANCES 
USED TO MAKE ANOTHER TAXABLE CARBON SUB-
STANCE.—Under regulations prescribed by the Secretary, 
if— 
‘‘(1) a tax under section 4691 was paid with re-
spect to any taxable carbon substance, and 
‘‘(2) such substance was used by any person in 
the manufacture or production of any other sub-
stance which is a taxable carbon substance, 
then an amount equal to the tax so paid shall be allowed 
as a credit or refund (without interest) to such person in 
the same manner as if it were an overpayment of tax im-
posed by section 4691(a). In any case to which this para-
graph applies, the amount of any such credit or refund 
shall not exceed the amount of tax imposed by section 
4691(a) on the other taxable fuel manufactured or pro-
duced (or which would have been imposed by such sub-
section on such other fuel but for section 4691(c)). 
‘‘SEC. 4693. BORDER ADJUSTMENTS. 
‘‘(a) IMPORTS.—The Secretary shall impose a carbon 
equivalency fee on imports of carbon-intensive goods that 
shall be equivalent to the cost that domestic producers of 
comparable carbon-intensive goods incur as a result of— 
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‘‘(1) taxes paid by manufacturers, producers, 
and importers of taxable carbon substances under 
this section, and 
‘‘(2) carbon equivalency fees paid by importers 
of carbon intensive goods used in the production of 
the comparable carbon intensive goods in question. 
‘‘(b) EXPORTS.—Notwithstanding the limitations of 
section 4692, the Secretary shall allow as a credit or re-
fund (without interest) to the exporter of a carbon-inten-
sive good produced in the United States in the same man-
ner as if it were an overpayment of tax imposed by section 
4691 an amount equivalent to the cost that domestic pro-
ducers of such carbon intensive goods incur as a result 
of— 
‘‘(1) taxes paid by manufacturers, producers, 
and importers of taxable carbon substances under 
this section, and 
‘‘(2) carbon equivalency fees paid by importers 
of carbon intensive goods used in the production of 
the comparable carbon intensive goods in question. 
‘‘(c) EXPIRATION.—This section shall cease to have 
effect at such time as and to the extent that— 
‘‘(1)(A) an international agreement requiring 
countries that emit greenhouse gases and produce 
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carbon intensive goods for international markets to 
adopt equivalent measures comes into effect, or 
‘‘(B) the country of export has implemented 
equivalent measures, and 
‘‘(2) the actions provided for by subsections (a) 
and (b) are no longer appropriate. 
‘‘SEC. 4694. DEFINITIONS AND SPECIAL RULES. 
‘‘(a) DEFINITIONS.—For purposes of this sub-
chapter— 
‘‘(1) TAXABLE CARBON SUBSTANCE.—The term 
‘taxable carbon substance’ means— 
‘‘(A) coal (including lignite and peat), 
‘‘(B) petroleum and any petroleum product 
(as defined in section 4612(a)(3)), and 
‘‘(C) natural gas, 
which is extracted, manufactured, or produced in the 
United States or entered into the United States for 
consumption, use, or warehousing. 
‘‘(2) UNITED
STATES.—The term ‘United 
States’ has the meaning given such term by section 
4612(a)(4). 
‘‘(3) IMPORTER.—The term ‘importer’ means 
the person entering the taxable carbon substance for 
consumption, use, or warehousing. 
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‘‘(4) TON.—The term ‘ton’ means metric tons. 
In the case of any taxable carbon substance which 
is a gas, the term ‘ton’ means the amount of such 
gas in cubic feet which is the equivalent of a metric 
ton on a molecular weight basis. 
‘‘(5) CARBON-INTENSIVE
GOOD.—The term 
‘carbon-intensive good’ means a good that (as identi-
fied by the Secretary by rule)— 
‘‘(A) is a primary product, or 
‘‘(B) is a manufactured item in which one 
or more primary products are inputs and the 
cost of production of which in the United States 
is significantly increased by this subchapter. 
‘‘(6) PRIMARY PRODUCT.—The term ‘primary 
product’ means— 
‘‘(A) iron, steel, steel mill products (includ-
ing pipe and tube), aluminum, cement, glass 
(including flat, container, and specialty glass 
and fiberglass), pulp, paper, chemicals, or in-
dustrial ceramics, and 
‘‘(B) any other manufactured product that 
the Secretary determines— 
‘‘(i) is sold for purposes of further 
manufacture, and 
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‘‘(ii) generates, in the course of the 
manufacture of the product, direct and in-
direct carbon-dioxide emissions that are 
comparable (on an emissions-per-dollar of 
output basis) to emissions generated in the 
manufacture or production of primary 
products identified in subparagraph (A). 
‘‘(7) EQUIVALENT MEASURE.—The term ‘equiv-
alent measure’ means a tax or other regulatory re-
quirement that imposes a cost on manufacturers of 
carbon intensive goods located outside the United 
States approximately equal to the cost imposed by 
section 4691 on manufacturers of comparable car-
bon intensive goods located in the United States. 
‘‘(b) USE TREATED AS SALE.—If any person manu-
factures, produces, or imports any taxable carbon sub-
stance and uses such substance, then such person shall 
be liable for tax under section 4691 in the same manner 
as if such substance were sold by such person. 
‘‘(c) 
SPECIAL
RULES
FOR
INVENTORY
EX-
CHANGES.— 
‘‘(1) IN GENERAL.—Except as provided in this 
paragraph, in any case in which a manufacturer, 
producer, or importer of a taxable carbon substance 
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exchanges such substance as part of an inventory ex-
change with another person— 
‘‘(A) such exchange shall not be treated as 
a sale, and 
‘‘(B) such other person shall, for purposes 
of section 4691, be treated as the manufac-
turer, producer, or importer of such substance. 
‘‘(2) 
REGISTRATION
REQUIREMENT.—Para-
graph (1) shall not apply to any inventory exchange 
unless— 
‘‘(A) both parties are registered with the 
Secretary as manufacturers, producers, or im-
porters of taxable carbon substances, and 
‘‘(B) the person receiving the taxable car-
bon substance has, at such time as the Sec-
retary may prescribe, notified the manufac-
turer, producer, or importer of such person’s 
registration number and the internal revenue 
district in which such person is registered. 
‘‘(3) INVENTORY EXCHANGE.—For purposes of 
this subsection, the term ‘inventory exchange’ means 
any exchange in which 2 persons exchange property 
which is, in the hands of each person, property de-
scribed in section 1221(a)(1). 
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‘‘(d) REGULATIONS.—The Secretary shall prescribe 
such regulations as may be necessary to carry out the pur-
poses of this subchapter.’’. 
(b) ESTABLISHMENT
OF BUILD AMERICA TRUST 
FUND.—Subchapter A of chapter 98 of such Code (relat-
ing to trust fund code) is amended by adding at the end 
the following: 
‘‘SEC. 9512. BUILD AMERICA TRUST FUND. 
‘‘(a) CREATION OF TRUST FUND.—There is estab-
lished in the Treasury of the United States a trust fund 
to be known as the ‘Build America Trust Fund’ (referred 
to in this section as the ‘Trust Fund’), consisting of such 
amounts as may be appropriated or credited to the Trust 
Fund as provided in this section or section 9602(b). 
‘‘(b) TRANSFERS TO TRUST FUND.—There is hereby 
appropriated to the Trust Fund an amount equivalent to 
the increase in revenues received in the Treasury as the 
result of the tax imposed under section 4691. 
‘‘(c) DISTRIBUTION OF AMOUNTS IN TRUST FUND.— 
Amounts in the Trust Fund equivalent to the taxes re-
ceived in the Treasury under section 4691 for a calendar 
year shall be available without further appropriation, as 
follows: 
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‘‘(1) First, the following amounts for each of 
fiscal years 2020 through 2029, to be allocated as 
follows: 
‘‘(A) HIGHWAYS AND TRANSIT.— 
‘‘(i) the sum of $61,000,000,000 plus 
the highway and transit shortfall amount, 
which shall be transferred to the Highway 
Trust Fund with 80 percent allocated to 
the Highway Account (as defined in sec-
tion 9503(e)(5)(B)) and 20 percent allo-
cated to the Mass Transit Account. 
‘‘(ii) $6,400,000,000 shall be available 
to the Secretary of Transportation for pro-
viding assistance under the National Infra-
structure Investment program, as de-
scribed under the heading ‘Department of 
Transportation—Office of the Secretary— 
National Infrastructure Investments’ in 
title I of division L of Public Law 114–113 
(129 Stat. 2835). 
‘‘(B) AVIATION.—$4,000,000,000 shall be 
available to be transferred to the Airport and 
Airway Trust Fund, of which— 
‘‘(i) $2,160,000,000 shall be available 
to the Secretary of Transportation for 
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making grants for airport planning and 
airport development under section 47104 
of title 49, United States Code, and 
‘‘(ii) $1,840,000,000 shall be available 
to the Administrator of the Federal Avia-
tion Administration for acquiring, estab-
lishing, and improving air navigation facili-
ties under section 44502(a)(1)(A) of title 
49, United States Code. 
‘‘(C) PASSENGER RAIL.— 
‘‘(i) $2,600,000,000 shall be available 
to the Secretary of Transportation for de-
posit in the Northeast Corridor account de-
scribed in section 24317 of title 49, United 
States Code, for the uses described in sub-
section (d)(1) (B), (C), (E), and (F) of 
such section. 
‘‘(ii) $2,000,000,000 shall be available 
to the Secretary of Transportation for 
making grants for rail infrastructure and 
safety improvements under section 24407 
of title 49, United States Code. 
‘‘(iii) $700,000,000 shall be available 
to the Secretary of Transportation for 
making grants for state of good repair 
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under section 24911 of title 49, United 
States Code. 
‘‘(iv) $1,300,000,000 shall be avail-
able to the Secretary of Transportation for 
deposit in the National Network account 
described in section 24317 of title 49, 
United States Code, for the uses described 
in subsection (d)(2)(B). 
‘‘(D) HARBORS, WATERWAYS, FLOOD PRO-
TECTION, DAMS.— 
‘‘(i) $4,000,000,000 shall be available 
to the Secretary of the Army for expenses 
necessary for the construction of river and 
harbor, flood and storm damage reduction, 
shore protection, aquatic ecosystem res-
toration, and related projects authorized by 
law or for conducting detailed studies, and 
plans and specifications, of such projects 
(including those involving participation by 
States, local governments, or private 
groups) authorized or made eligible for se-
lection by law (but such detailed studies, 
and plans and specifications, shall not con-
stitute a commitment of the Federal Gov-
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ernment to construction) to remain avail-
able until expended. 
‘‘(ii) 4,000,000,000 shall be available 
to the Secretary of the Army for expenses 
necessary for the operation, maintenance, 
and care of existing river and harbor, flood 
and storm damage reduction, aquatic eco-
system restoration, and related projects 
authorized by law; providing security for 
infrastructure owned or operated by the 
Corps, including administrative buildings 
and laboratories; maintaining harbor chan-
nels provided by a State, municipality, or 
other public agency that serve essential 
navigation needs of general commerce, 
where authorized by law; surveying and 
charting northern and northwestern lakes 
and 
connecting 
waters; 
clearing 
and 
straightening channels; and removing ob-
structions to navigation, to remain avail-
able until expended. 
‘‘(E) CLEAN WATER.— 
‘‘(i) $3,000,000,000 shall be available 
to the Administrator of the Environmental 
Protection Agency for making capitaliza-
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tion grants for the Clean Water State Re-
volving Funds under title VI of the Fed-
eral Water Pollution Control Act (33 
U.S.C. 1381 et seq.). 
‘‘(ii) $3,000,000,000 shall be available 
to the Administrator of the Environmental 
Protection Agency for making capitaliza-
tion grants for the Drinking Water State 
Revolving Funds under section 1452 of the 
Safe Drinking Water Act (42 U.S.C. 300j– 
12). 
‘‘(iii) $1,000,000,000 shall be avail-
able to the Secretary of the Army and the 
Administrator of the Environmental Pro-
tection Agency for providing assistance 
under section 5023 of the Water Infra-
structure Finance and Innovation Act of 
2014 (33 U.S.C. 3902). 
‘‘(F) USDA WATER AND WASTE DISPOSAL 
PROGRAMS.— 
‘‘(i) $150,000,000 shall be available 
to the Secretary of Agriculture for direct 
loans for water or waste disposal facilities 
under section 306(a)(1) of the Consoli-
dated Farm and Rural Development Act. 
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most need and communities impacted by cli-
mate change. 
‘‘(I) HEALTHCARE.— 
‘‘(i) RESEARCH.—$750,000,000 shall 
be available to the National Institutes of 
Health for research related to the health 
consequences of climate change. 
‘‘(ii) 
INFRASTRUCTURE.— 
$750,000,000 shall be available to the Sec-
retary of Health and Human Services to 
carry out activities to support the resil-
iency of the nation’s healthcare infrastruc-
ture against the impacts of climate change. 
‘‘(J) HOUSING.—$2,000,000,000 shall be 
available to the Public Housing Capital Fund. 
‘‘(K) DEPARTMENT OF ENERGY RESEARCH 
AND DEVELOPMENT.— 
‘‘(i) ) $1,700,000,000 shall be avail-
able for the EERE Renewable Power and 
Sustainable Transportation Offices. 
‘‘(ii) $1,500,000,000 shall be available 
for EERE Energy Efficiency. 
‘‘(iii) $700,000,000 shall be available 
to Fossil Energy Research and Develop-
ment Coal CCS and Power Systems only 
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for activities that decrease the amount of 
carbon pollutants released into the atmos-
phere. 
‘‘(iv) $500,000,000 for the ARPA–E 
office. 
‘‘(L) 
AGRICULTURE
RESEARCH.— 
$1,500,000,000 shall be available to the De-
partment of Agriculture for climate change re-
search and mitigation, and related activities. 
‘‘(2) Second, $7,000,000,000 for each fiscal 
year 2020 through 2029 shall be available for assist-
ance to workers and communities reliant on indus-
tries that primarily produce taxable carbon sub-
stances or carbon-intensive goods, individuals and 
communities disproportionally impacted by climate 
change and greenhouse gas pollutants as well as 
groups underrepresented in the energy sector, in-
cluding religious and ethnic minorities, women, vet-
erans, individuals with disabilities and socioeconomi-
cally disadvantaged individuals, as determined by the 
Secretary in consultation with the Secretary of 
Labor, including for— 
‘‘(A) workforce development (with a special 
focus on energy-related industries, including 
manufacturing, engineering, construction, and 
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retrofitting jobs in energy-related industries), 
pension benefits, and health benefits, 
‘‘(B) abandoned mine reclamation, and 
‘‘(C) other assistance the Secretary deter-
mines appropriate. 
‘‘(3) Third, for calendar year 2020 and each 
calendar year thereafter, 12.5 percent of the amount 
in the Trust Fund equivalent to the taxes received 
in the Treasury under section 4691 shall be avail-
able for the Energy Refund Program. 
‘‘(4) Fourth, the amount remaining after the 
application of paragraphs (1), (2), and (3) shall be 
available for paying the consumer tax rebate. 
‘‘(d) DEFINITIONS.—For purposes of this section— 
‘‘(1) The term ‘highway and transit shortfall 
amount’ means the amount determined by the Sec-
retary to be equal to the excess of— 
‘‘(A) the sum of the obligations of the 
United States specified in section 9503(c)(1) 
plus the amounts to be expended under section 
9503(e)(3), over 
‘‘(B) the amounts available in the Highway 
Trust Fund to meet those obligations and ex-
penditures (determined without regard to this 
paragraph or section 9503(f)(5)). 
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‘‘(2) The terms ‘taxable carbon substance’ and 
‘carbon-intensive goods’ have the meanings given 
such terms by section 4694. 
‘‘(e) QUALIFICATIONS BASED SELECTION FOR AR-
CHITECTURAL AND ENGINEERING CONTRACTS.— 
‘‘(1) IN GENERAL.—Subject to paragraph (2), 
as a condition on the receipt of funds pursuant to 
this section of an amount greater than $1,000,000, 
a non-Federal sponsor that receives the funds shall 
require that each contract and subcontract for pro-
gram management, construction management, plan-
ning studies, feasibility studies, architectural serv-
ices, preliminary engineering, design, engineering, 
surveying, mapping, and related services entered 
into using any of such funds be awarded in the same 
manner as a contract for architectural and engineer-
ing services is awarded under— 
‘‘(A) chapter 11 of title 40, United States 
Code, or 
‘‘(B) an equivalent qualifications-based re-
quirement prescribed by the relevant State. 
‘‘(2) NO PROPRIETARY INTEREST.—A contract 
awarded in accordance with paragraph (1) shall not 
be considered to confer a proprietary interest upon 
the United States. 
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‘‘(f) CONSIDERATIONS IN USE OF FUNDS.—Funds 
made available under this section shall be used after giving 
due consideration to the health, climate, land usage (in-
cluding use of eminent domain and land which is signifi-
cant to native communities), and economic impacts of such 
use and to any disproportionately harmful impacts on 
former carbon intensive communities, indigenous peoples, 
communities of color, migrant communities, deindustria-
lized communities, depopulated rural communities, the 
poor, low-income workers, women, the elderly, the un-
housed, people with disabilities, and youth. 
‘‘(g) ADMINISTRATIVE PROVISIONS.—Amounts dis-
tributed from the Trust Fund for a program or activity 
under subsection (c) shall— 
‘‘(1) be in addition to other amounts appro-
priated for the program or activity, and 
‘‘(2) remain available until expended.’’. 
(c) CLERICAL AMENDMENTS.— 
(1) The table of subchapters for chapter 38 of 
such Code is amended by adding at the end thereof 
the following new item: 
‘‘SUBCHAPTER E. TAX ON CARBON DIOXIDE CONTENT OF CERTAIN 
SUBSTANCES’’. 
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