‘‘Calendar Year 
Initial Expectation of Emissions 
(millions of tons of greenhouse gases) 
2016 
5,532 
2017 
5,377 
2018 
5,222 
2019 
5,066 
2020 
4,911 
2021 
4,756 
2022 
4,600 
2023 
4,445 
2024 
4,290 
2025 
4,135 
2026 
3,979 
2027 
3,824 
2028 
3,669 
2029 
3,514 
2030 
3,358 
2031 
3,203 
2032 
3,048 
2033 
2,892 
2034 
2,737 
2035 
2,582 
2036 
2,427 
2037 
2,271 
2038 
2,116 
2039 
1,961 
2040 
1,806 
2041 
1,650 
2042 
1,495 
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‘‘Calendar Year 
Initial Expectation of Emissions 
(millions of tons of greenhouse gases) 
2043 
1,340 
2044 
1,184 
2045 
1,029 
2046 
874 
2047 
719 
2048 
563 
2049 
408 
2050 
253 
‘‘Subchapter C—Auction Revenue Trust Fund 
‘‘Sec. 9921. Trust Fund. 
‘‘SEC. 9921. TRUST FUND. 
‘‘(a) CREATION
OF
AUCTION
REVENUE
TRUST 
FUND.—There is established in the Treasury of the 
United States, the Auction Revenue Trust Fund. 
‘‘(b) FUNDS.—An amount equivalent to all revenues 
received from the auction in subchapter A shall be credited 
to the Trust Fund. 
‘‘Subchapter D—Assurance of Cumulation 
Emissions 
‘‘Sec. 9931. Assurance of cumulative emissions reductions. 
‘‘SEC. 9931. ASSURANCE OF CUMULATIVE EMISSIONS RE-
DUCTIONS. 
‘‘(a) EXCESS EMISSIONS 2012–2019.—If the cumu-
lative emissions of covered entities over the years 2012 
through 2019 exceed 1.1 times the sum of the expected 
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emissions over those years shown in the table in section 
9912 (1.1 times 44,878 million tons = 49,366 million 
tons), the excess over 49,366 million tons shall be made 
up through a reduction in the target for emissions in the 
year 2020 by an equivalent amount of tons. 
‘‘(b) EXCESS EMISSIONS 2012–2020.—If the cumu-
lative emissions of covered entities over the years 2012 
through 2020 exceed the sum of the expected emissions 
over those years shown in section 9912 (49,789 million 
tons), the difference shall be made up through reductions 
in the expected emissions for the years 2021 through 
2030. Equal percentage reductions shall be made in ex-
pected emissions for the years 2021 through 2030 so that 
the sum of those reductions equals the excess of actual 
emissions over the expected cumulative emissions for the 
years 2012 through 2020. 
‘‘(c) LOWER EMISSIONS.—If the cumulative emis-
sions of covered entities over the years 2012 to 2020 are 
less than the sum of the expected emissions over those 
years shown in the above table (49,789 million tons), no 
adjustment shall be made in expected emissions in the 
years 2021 through 2030. 
‘‘Subchapter E—Definitions 
‘‘Sec. 9941. Definitions. 
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‘‘SEC. 9941. DEFINITIONS. 
‘‘For purposes of this subtitle: 
‘‘(1) The term ‘Administrator’ means the Ad-
ministrator of the Environmental Protection Agency. 
‘‘(2) The term ‘carbon dioxide equivalent’ 
means, for each greenhouse gas, the quantity of 
greenhouse gas that the Administrator determines 
makes the same contribution to global warming as 
1 metric ton of carbon dioxide. 
‘‘(3) The term ‘covered facility’ means, for each 
calendar year, a facility that emits greenhouse gases 
in that year and that has an obligation to submit 
emission allowances for such greenhouse gas emis-
sions under any cap-and-trade program. 
‘‘(4) The term ‘emission allowance’ ‘’ means an 
authorization, under any cap-and-trade program, to 
emit 1 carbon dioxide equivalent of greenhouse gas. 
‘‘(5) The term ‘Emissions Registry’ ‘’ means a 
greenhouse gases emissions registry for all United 
States emissions of greenhouse gases developed by 
the Administrator. 
‘‘(6) The term ‘program’ or ‘cap and trade pro-
gram’ means an economy-wide program enacted by 
Congress that auctions emission allowances for the 
control of greenhouse gases. 
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‘‘(7) The term ‘Phase I of the program’ ‘’ 
means the years 2012 through 2019. 
‘‘(8) The term ‘Phase II of the program’ ‘’ 
means the years 2020 through 2050. 
‘‘(9) The term ‘price path’ is the forecast of 
emission allowance prices by the Climate Program 
Oversight and Coordination Board. 
‘‘(10) The term ‘Secretary’ means the Secretary 
of the Treasury. 
‘‘(11) The term ‘trading year’ means the period 
from April 1 of the concurrent calendar year 
through March 31 of the following calendar year (or 
the first subsequent business day if those dates fall 
on a weekend or holiday). 
‘‘(12) The term ‘Auction Revenue Trust Fund’ 
means the trust fund established in the Treasury 
under section 9921.’’. 
(b) CLERICAL AMENDMENT.—The table of subtitles 
for the Internal Revenue Code of 1986 is amended by add-
ing at the end the following new item: 
‘‘Subtitle L. Auction based carbon market.’’. 
Æ 
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