‘‘(b) 
IDENTIFICATION
OF
CARBON
INTENSIVE 
GOODS.—The determinations by the Secretary required by 
subsection (a)(5) shall be by rule. 
‘‘(c) PUBLICATION OF SCHEDULE.—Not later than 
one year after the date of the enactment of the Managed 
Carbon Price Act of 2012, the Administrator, in consulta-
tion with the Secretary and the Secretary of Energy, shall 
publish a schedule listing each greenhouse gas emission 
substance and the quantity of each substance required to 
make 1 metric ton of carbon dioxide. The Administrator, 
in consultation with the Secretary and the Secretary of 
Energy, may update such schedule from time to time. 
‘‘SEC. 9904. INFORMATION REPORTING REQUIREMENTS. 
‘‘Secretary may solicit information from covered per-
sons regarding estimated future use of greenhouse gas 
emissions substances. 
‘‘SEC. 9905. REGULATIONS. 
‘‘The Secretary shall issue such regulations as may 
be necessary or appropriate to carry out this subtitle, in-
cluding regulations relating to the timely and efficient 
issuance of permits and collection of payments for such 
permits.’’. 
(b) REFUND OF FEDERAL EMISSION PERMIT FEE.— 
Subchapter B of chapter 65 of such Code is amended by 
adding at the end the following new section: 
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‘‘SEC. 6433. REFUNDS OF FEDERAL EMISSION PERMIT FEE 
FOR CERTAIN USES. 
‘‘(a) IN GENERAL.—If a Federal emission permit has 
been acquired with respect to a greenhouse gas emission 
substance pursuant to section 9902 and the acquirer of 
such permit uses such substance in a manner that will 
make a negligible or no contribution to global warming, 
as determined by the Secretary in consultation with the 
Administrator of the Environmental Protection Agency, 
the Secretary shall pay (without interest) to the acquirer 
of such substance pursuant to such permit an amount 
equal to the amount paid for the applicable Federal emis-
sion permit. 
‘‘(b) PAYMENTS
TO EXPORTERS.—The Secretary 
shall pay (without interest) to the exporter of a carbon 
intensive good (as defined in section 9903(5)) produced 
in the United States an amount equal to the cost that 
domestic producers of such carbon intensive goods incur 
as a result of— 
‘‘(1) the dollar amount paid by covered persons 
for Federal emission permits for greenhouse gas 
emission substances under this section 9902, and 
‘‘(2) greenhouse gas emission permit equiva-
lency fees paid under section 9901(e) by importers 
of carbon intensive goods used in the production of 
the comparable carbon intensive goods in question.’’. 
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(c) FAILURE TO OBTAIN PERMIT.—Chapter 38 of 
the Internal Revenue Code of 1986 is amended by adding 
at the end the following new subchapter: 
‘‘Subchapter E—Greenhouse Gas Emission 
Substances 
‘‘Sec. 4691. Greenhouse gas emission substances. 
‘‘SEC. 4691. GREENHOUSE GAS EMISSION SUBSTANCES. 
‘‘(a) IMPOSITION OF TAX.—There is hereby imposed 
on any covered person who fails to obtain a Federal emis-
sion permit pursuant to subtitle L a tax equal to 100 per-
cent of the dollar amount of the fee that would have been 
charged for such permit but for such failure. 
‘‘(b) COVERED PERSON.—The term ‘covered person’ 
has the meaning given such term by section 9901(b). 
‘‘(c) FEDERAL EMISSION PERMIT.—The term ‘Fed-
eral emission permit’ means a permit required under sec-
tion 9901. 
‘‘(d) COORDINATION.—The tax imposed under this 
section is in addition to the fee imposed under subtitle 
L.’’. 
(d) ESTABLISHMENT OF ENERGY AND ECONOMIC 
SECURITY TRUST FUND.— 
(1) FINDING.—The Congress finds that revenue 
generated from the sale of Federal emission permits 
must be recycled into the American economy— 
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(A) to facilitate economic growth and clean 
energy production, and 
(B) to protect the economic security of 
American families and communities. 
(2) ESTABLISHMENT OF TRUST FUND.—Sub-
chapter A of chapter 98 of such Code (relating to 
trust fund code) is amended by adding at the end 
the following: 
‘‘SEC. 9512. ENERGY AND ECONOMIC SECURITY 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 ‘Energy and Economic Security 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 
75 percent of the amounts received in the Treasury pursu-
ant to subtitle L. The remaining 25 percent of such 
amounts shall be retained in the Treasury for deficit re-
duction. 
‘‘(c) EXPENDITURES FROM TRUST FUND.— 
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‘‘(1) IN
GENERAL.—The Secretary shall pay 
monthly from the Trust Fund the dividend amount 
to each taxpayer. 
‘‘(2) DIVIDEND
AMOUNT.—For purposes of 
paragraph (1), the term ‘dividend amount’ means 
the sum of— 
‘‘(A)(i) in the case of the taxpayer filing a 
joint return, the individual share for the hus-
band and the individual share for the wife, and 
‘‘(ii) in the case of a taxpayer other than 
a taxpayer described in subparagraph (A), the 
individual share, and 
‘‘(B) in the case of an individual who is a 
dependent (as defined in section 152) of the 
taxpayer, 1⁄2 of the individual share. 
For purposes of subparagraph (B), not more than 2 
dependents may be taken into account for each tax-
payer. 
‘‘(3) INDIVIDUAL SHARE.—For purposes of this 
subsection, the term ‘individual share’ means the 
amount determined by the Secretary by dividing the 
total amount deposited in the Trust Fund for the 
month by the total number of individual shares pay-
able at the end of such month. 
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‘‘(4) LIMITATION.—For purposes of this sub-
section— 
‘‘(A) IN GENERAL.—No amount is payable 
under this subsection with respect to an indi-
vidual unless the individual is a qualified indi-
vidual. 
‘‘(B) QUALIFIED INDIVIDUAL.—The term 
‘qualified individual’ means an individual who is 
a lawful resident of the United States on the 
date of such payment. For purposes of ensuring 
that payments are made under this subsection 
to all qualified individuals, the Secretary shall 
consult with such other Federal and State offi-
cials as the Secretary determines necessary or 
appropriate. 
‘‘(C) UNITED
STATES.—For purposes of 
subparagraph (B), the United States includes 
the District of Columbia, the Commonwealth of 
Puerto Rico, the Virgin Islands, Guam, Amer-
ican Samoa, and the Commonwealth of the 
Northern Mariana Islands.’’. 
(e) CONFORMING AND CLERICAL AMENDMENTS.— 
(1) The table of subchapters for chapter 38 of 
such Code is amended by adding at the end the fol-
lowing new item: 
‘‘SUBCHAPTER E. GREENHOUSE GAS EMISSION SUBSTANCES.’’. 
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