I 
114TH CONGRESS 
1ST SESSION H. R. 3104 
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 16, 2015 
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 Na-
tion’s infrastructure, and cut taxes for working Ameri-
cans. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘America’s Energy Se-
curity Trust Fund Act of 2015’’. 
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SEC. 2. TAX ON CARBON DIOXIDE CONTENT OF CERTAIN 
SUBSTANCES. 
(a) IN GENERAL.—Chapter 38 of the Internal Rev-
enue Code of 1986 (relating to environmental taxes) is 
amended by adding at the end thereof the following new 
subchapter: 
‘‘Subchapter E—Tax on Carbon Dioxide 
Content of Certain Substances 
‘‘Sec. 4691. Imposition of tax. 
‘‘Sec. 4692. Refunds or credits. 
‘‘Sec. 4693. Border adjustments. 
‘‘Sec. 4694. Definitions and special rules. 
‘‘SEC. 4691. IMPOSITION OF TAX. 
‘‘(a) IN GENERAL.—There is hereby imposed a tax 
on any taxable carbon substance sold by the manufacturer, 
producer, or importer thereof. 
‘‘(b) AMOUNT OF TAX.— 
‘‘(1) IN GENERAL.—The amount of tax imposed 
by subsection (a) on any taxable carbon substance 
shall be the applicable amount per ton of carbon di-
oxide content of such substance, as determined by 
the Secretary in consultation with the Secretary of 
Energy. 
‘‘(2) FRACTIONAL PART OF TON.—In the case 
of a fraction of a ton, the tax imposed by subsection 
(a) shall be the same fraction of the amount of such 
tax imposed on a whole ton. 
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‘‘(3) APPLICABLE AMOUNT.—For purposes of 
paragraph (1)— 
‘‘(A) CALENDAR YEAR 2016.—The applica-
ble amount for calender year 2016 is $10. 
‘‘(B) YEARS AFTER 2016.—For a calendar 
year after 2016, the applicable amount is the 
sum of— 
‘‘(i) the amount in effect under this 
paragraph for the preceding calendar year, 
plus 
‘‘(ii) $10. 
‘‘(c) SUBSTANCE TAXED ONLY ONCE.—No tax shall 
be imposed by subsection (a) with respect to a taxable car-
bon substance if the person who would be liable for such 
tax establishes that a prior tax imposed by such section 
has been imposed with respect to such product. 
‘‘(d) EXEMPTION FOR EXPORTS.— 
‘‘(1) TAX-FREE SALES.— 
‘‘(A) IN GENERAL.—No tax shall be im-
posed under subsection (a) on the sale by the 
manufacturer or producer of any taxable carbon 
substance for export or for resale by the pur-
chaser to a second purchaser for export. 
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‘‘(B) PROOF
OF
EXPORT
REQUIRED.— 
Rules similar to the rules of section 4221(b) 
shall apply for purposes of subparagraph (A). 
‘‘(2) CREDIT OR REFUND WHERE TAX PAID.— 
‘‘(A) IN GENERAL.—Except as provided in 
subparagraph (B), if— 
‘‘(i) tax under subsection (a) was paid 
with respect to any taxable carbon sub-
stance, and 
‘‘(ii)(I) such substance was exported 
by any person, or 
‘‘(II) such substance was used as a 
material in the manufacture or production 
of a taxable carbon substance which was 
exported by any person and which, at the 
time of export, was a taxable carbon sub-
stance, 
credit or refund (without interest) of such tax 
shall be allowed or made to the person who paid 
such tax. 
‘‘(B) CONDITION
TO
ALLOWANCE.—No 
credit or refund shall be allowed or made under 
subparagraph (A) unless the person who paid 
the tax establishes that he— 
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‘‘(i) has repaid or agreed to repay the 
amount of the tax to the person who ex-
ported the taxable carbon substance, or 
‘‘(ii) has obtained the written consent 
of such exporter to the allowance of the 
credit or the making of the refund. 
‘‘(C) 
REFUNDS
DIRECTLY
TO
EX-
PORTER.—The Secretary shall provide, in regu-
lations, the circumstances under which a credit 
or refund (without interest) of the tax under 
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— 
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shall not exceed the amount of tax imposed by subsection 
(a) on the other taxable fuel manufactured or produced 
(or which would have been imposed by such subsection on 
such other fuel but for subsection (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— 
‘‘(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— 
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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. 
‘‘(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 
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, 
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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. 
‘‘(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— 
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‘‘(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 
‘‘(ii) generates, in the course of the 
manufacture of the product, direct and in-
direct greenhouse gas 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-
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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 
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 
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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). 
‘‘(d) REGULATIONS.—The Secretary shall prescribe 
such regulations as may be necessary to carry out the pur-
poses of this subchapter.’’. 
(b) ESTABLISHMENT OF AMERICA’S ENERGY SECU-
RITY TRUST FUND.—Subchapter A of chapter 98 of such 
Code (relating to trust fund code) is amended by adding 
at the end the following: 
‘‘SEC. 9512. AMERICA’S ENERGY 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 ‘America’s Energy 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 
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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: 
‘‘(1) First, the affected industry transition as-
sistance amount shall be available for transition as-
sistance to workers in industries negatively affected 
by the America’s Energy Security Trust Fund Act 
of 2015, as determined by the Secretary of the 
Treasury in consultation with the Secretary of 
Labor. 
‘‘(2) Second, of the amount remaining after the 
application of paragraph (1), the Highway Trust 
Fund shortfall amount shall be available to be trans-
ferred to the Highway Trust Fund. For purposes of 
this paragraph, the term ‘Highway Trust Fund 
shortfall amount’ means the amount determined by 
the Secretary 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 
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‘‘(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)). 
‘‘(3) Third, the amount remaining after the ap-
plication of paragraph (1) shall be available for pay-
roll tax relief under the rebate paid under section 
36C. 
‘‘(d) AFFECTED INDUSTRY TRANSITION ASSISTANCE 
AMOUNT.—For purposes of subsection (c)(1), the affected 
industry transition assistance amount is the amount deter-
mined as follows: 
‘‘(1) For calendar year 2016, 1⁄10 of the amount 
in the Trust Fund equivalent to the taxes received 
in the Treasury under section 4691 for calendar 
year 2016. 
‘‘(2) For calendar year 2017, 9⁄10 of the amount 
made available under paragraph (1) for calendar 
year 2016. 
‘‘(3) For calendar year 2018, 4⁄5 of the amount 
made available under paragraph (1) for calendar 
year 2016. 
‘‘(4) For calendar year 2019, 7⁄10 of the amount 
made available under paragraph (1) for calendar 
year 2016. 
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‘‘(5) For calendar year 2020, 3⁄5 of the amount 
made available under paragraph (1) for calendar 
year 2016. 
‘‘(6) For calendar year 2021, 1⁄2 of the amount 
made available under paragraph (1) for calendar 
year 2016. 
‘‘(7) For calendar year 2022, 2⁄5 of the amount 
made available under paragraph (1) for calendar 
year 2016. 
‘‘(8) For calendar year 2023, 3⁄10 of the amount 
made available under paragraph (1) for calendar 
year 2016. 
‘‘(9) For calendar year 2024, 1⁄5 of the amount 
made available under paragraph (1) for calendar 
year 2016. 
‘‘(10) For calendar year 2025, 1⁄10 of the 
amount made available under paragraph (1) for cal-
endar year 2016. 
‘‘(11) For calendar years after 2025, zero.’’. 
(c) TRANSFERS TO HIGHWAY TRUST FUND.—Sub-
section (f) of section 9503 of the Internal Revenue Code 
of 1986 is amended by redesignating paragraph (7) as 
paragraph (8) and by inserting after paragraph (6) the 
following new paragraph: 
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‘‘(7) ADDITIONAL
INCREASE
IN
FUND
BAL-
ANCE.—There is hereby transferred to the Highway 
Trust Fund amounts appropriated each year from 
America’s Energy Security Trust Fund under sec-
tion 9512(c)(2). Such amounts shall be apportioned 
to the Highway Account and the Mass Transit Ac-
count in accordance with subsection (e)(5).’’. 
(d) 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’’. 
(2) The table of sections for subchapter A of 
chapter 98 of such Code is amended by adding at 
the end the following: 
‘‘Sec. 9512. America’s Energy Security Trust Fund.’’. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall take effect on the date of the enactment 
of this Act. 
SEC. 3. CARBON TAX REBATE OF PAYROLL TAX. 
(a) IN GENERAL.—Subpart C of part IV of sub-
chapter A of chapter 1 of the Internal Revenue Code of 
1986 (relating to refundable credits) is amended by insert-
ing after section 36B the following new section: 
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‘‘SEC. 36C. CARBON TAX REBATE OF PAYROLL TAX. 
‘‘(a) IN GENERAL.—In the case of an individual, 
there shall be allowed as a credit against the tax imposed 
by this subtitle for the taxable year an amount equal to 
the carbon tax rebate. 
‘‘(b) CARBON TAX REBATE.— 
‘‘(1) IN GENERAL.—For purposes of this sec-
tion, the term ‘carbon tax rebate’ means with re-
spect to a taxable year the individual’s share of the 
amount determined by the Secretary on a per capita 
basis to be the amount available under section 
9512(c)(3) for the calendar year in which or with 
which the taxable year begins. 
‘‘(2) DETERMINATION BASED ON ESTIMATES.— 
The determination under paragraph (1) shall be 
made on the basis of estimates by the Secretary, and 
proper adjustments shall be made in amounts avail-
able under section 9512(c)(3) for the succeeding tax-
able year to the extent prior estimates were in excess 
of or less than the amounts actually available under 
such section for the prior taxable year. 
‘‘(c) LIMITATION BASED ON PAYROLL TAXES PAID 
AND SOCIAL SECURITY BENEFITS.— 
‘‘(1) IN GENERAL.—The amount allowed as a 
credit under subsection (a) with respect to any indi-
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vidual for a taxable year shall not exceed the greater 
of— 
‘‘(A) the total amount of taxes paid with 
respect to such individual for such taxable year 
under section 1401 and chapters 21 and 22, de-
termined after taking into account any refund 
under sections 31(b) and 6413(c), or 
‘‘(B) 10 percent of the aggregate amount 
of Social Security benefits (within the meaning 
of section 86(d)) received by such individual for 
the taxable year. 
‘‘(2) SPECIAL
RULE
FOR
SOCIAL
SECURITY 
BENEFITS RECEIVED FOR LESS THAN 12 MONTHS.— 
For purposes of paragraph (1)(B), if Social Security 
benefits (as so defined) were not received for each 
month in the taxable year, such benefits shall be 
annualized by multiplying the Social Security bene-
fits received by 12 and dividing the result by the 
number of months in such taxable year for which 
such benefits were received. 
‘‘(d) DENIAL
OF CREDIT
TO DEPENDENTS.—No 
credit shall be allowed under subsection (a) to an indi-
vidual for such individual’s taxable year if a deduction 
under section 151 with respect to such individual is al-
lowed to another taxpayer for a taxable year beginning 
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in the calendar year in which such individual’s taxable 
year begins.’’. 
(b) CONFORMING AMENDMENTS.— 
(1) Paragraph (2) of section 1324(b) of title 
31, United States Code, is amended by inserting 
‘‘36C,’’ after ‘‘36B,’’. 
(2) The table of sections for subpart C of part 
IV of subchapter A of chapter 1 of the Internal Rev-
enue Code of 1986 is amended by inserting after the 
item relating to section 36B the following new item: 
‘‘Sec. 36C. Carbon tax rebate of payroll tax.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2015. 
SEC. 4. STUDY OF TAXATION OF NON-CARBON GREEN-
HOUSE GASES. 
(a) IN GENERAL.—The Secretary of the Treasury, in 
consultation with the Secretary of Energy shall conduct 
a study of the best methods to assess and collect tax on 
non-carbon greenhouse gases similar to the tax imposed 
by section 4691 of the Internal Revenue Code of 1986 (as 
added by this Act). 
(b) REPORT.—Not later than 6 months after the date 
of the enactment of this Act, the Secretary of the Treasury 
shall submit to the Congress the findings of the report 
required under subsection (a) together with such legisla-
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tive recommendations as the Secretary determines appro-
priate for the assessment and collection of such tax. 
SEC. 5. SENSE OF CONGRESS. 
It is the sense of Congress that the United States 
should work proactively under the United Nations Frame-
work Convention on Climate Change and in other appro-
priate fora to establish binding agreements committing all 
major greenhouse gas emitting nations and countries with 
globally competitive producers of carbon intensive goods 
to contribute equitably to the reduction of global green-
house gas emissions. 
Æ 
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