I 
117TH CONGRESS 
1ST SESSION H. R. 2451 
To amend the Internal Revenue Code of 1986 to establish a carbon fee 
to reduce greenhouse gas emissions, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 12, 2021 
Ms. NEWMAN (for herself, Ms. WILLIAMS of Georgia, Mrs. HAYES, Mr. 
VARGAS, and Mr. CARBAJAL) introduced the following bill; which was re-
ferred to the Committee on Energy and Commerce, and in addition to 
the Committees on Ways and Means, Agriculture, Education and Labor, 
Transportation and Infrastructure, Financial Services, Science, Space, 
and Technology, and Natural Resources, for a period to be subsequently 
determined by the Speaker, in each case for consideration of such provi-
sions as fall within the jurisdiction of the committee concerned 
A BILL 
To amend the Internal Revenue Code of 1986 to establish 
a carbon fee to reduce greenhouse gas emissions, and 
for other purposes. 
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 Clean Fu-
ture Fund Act’’. 
SEC. 2. CLIMATE CHANGE FINANCE CORPORATION. 
(a) ESTABLISHMENT.— 
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(1) IN GENERAL.—There is established in the 
executive branch an independent agency, to be 
known as the ‘‘Climate Change Finance Corpora-
tion’’ (referred to in this section as the ‘‘C2FC’’), 
which shall finance clean energy and climate change 
resiliency activities in accordance with this section. 
(2) MISSION.— 
(A) IN
GENERAL.—The mission of the 
C2FC is to combat and reduce the effects of cli-
mate change by building resilience among com-
munities facing harmful impacts of climate 
change and supporting a dramatic reduction in 
greenhouse gas emissions— 
(i) through the deployment of clean 
and renewable technology, resilient infra-
structure, research and development, the 
commercialization of new technology, clean 
energy 
manufacturing, 
and 
industrial 
decarbonization; and 
(ii) to meet the goals of— 
(I) by 2030, a net reduction of 
greenhouse gas emissions by 45 per-
cent, based on 2018 levels; and 
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(II) by 2050, a net reduction of 
greenhouse gas emissions by 100 per-
cent, based on 2018 levels. 
(B) ACTIVITIES.—The C2FC shall carry 
out the mission described in subparagraph (A) 
by— 
(i) financing investments in clean en-
ergy and transportation, resiliency, and in-
frastructure; 
(ii) using Federal investment to en-
courage the infusion of private capital and 
investment into the clean energy and resil-
ient infrastructure sectors, while creating 
new workforce opportunities; and 
(iii) providing financing in cases 
where private capital cannot be leveraged, 
while minimizing competition with private 
investment. 
(3) EXERCISE OF POWERS.—Except as other-
wise provided expressly by law, all Federal laws deal-
ing with public or Federal contracts, property, 
works, officers, employees, budgets, or funds, includ-
ing the provisions of chapters 5 and 7 of title 5, 
United States Code, shall apply to the exercise of 
the powers of the C2FC. 
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(b) BOARD OF DIRECTORS.— 
(1) IN
GENERAL.—The management of the 
C2FC shall be vested in a Board of Directors (re-
ferred to in this section as the ‘‘Board’’) consisting 
of 7 members, who shall be appointed by the Presi-
dent, by and with the advice and consent of the Sen-
ate. 
(2) CHAIRPERSON AND VICE CHAIRPERSON.— 
(A) IN
GENERAL.—A Chairperson and 
Vice Chairperson of the Board shall be ap-
pointed by the President, by and with the ad-
vice and consent of the Senate, from among the 
individuals appointed to the Board under para-
graph (1). 
(B) TERM.—An individual— 
(i) shall serve as Chairperson or Vice 
Chairperson of the Board for a 3-year 
term; and 
(ii) may be renominated for the posi-
tion until the term of that individual on 
the Board under paragraph (3)(C) expires. 
(3) BOARD MEMBERS.— 
(A) CITIZENSHIP REQUIRED.—Each mem-
ber of the Board shall be an individual who is 
a citizen of the United States. 
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(B) REPRESENTATION.—The members of 
the Board shall fairly represent agricultural, 
educational, research, industrial, nongovern-
mental, 
labor, 
and 
commercial 
interests 
throughout the United States. 
(C) TERM.— 
(i) IN GENERAL.—Except as otherwise 
provided in this section, each member of 
the Board— 
(I) shall be appointed for a term 
of 6 years; and 
(II) may be reappointed for 1 ad-
ditional term. 
(ii) INITIAL STAGGERED TERMS.—Of 
the members first appointed to the 
Board— 
(I) 2 shall each be appointed for 
a term of 2 years; 
(II) 3 shall each be appointed for 
a term of 4 years; and 
(III) 2 shall each be appointed 
for a term of 6 years. 
(4) INITIAL MEETING.—Not later than 30 days 
after the date on which all members of the Board 
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are appointed under paragraph (1), the Board shall 
hold an initial meeting. 
(c) WORKING GROUPS.— 
(1) IN
GENERAL.—The Board shall create, 
oversee, and incorporate feedback from the following 
working groups (each referred to in this section as 
a ‘‘working group’’): 
(A) An environmental justice working 
group. 
(B) A worker and community transition 
assistance working group. 
(C) A research and innovation working 
group. 
(2) WORKING GROUP MEMBERS.— 
(A) IN
GENERAL.—Each working group 
shall— 
(i) be chaired by a Board member; 
and 
(ii) comprise not less than 10 and not 
more than 20 individuals, who shall be ex-
perts, members of directly impacted com-
munities relating to the subject matter of 
the working group, and other relevant 
stakeholders. 
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(B) DIVERSITY.—Individuals on a working 
group shall, to the maximum extent practicable, 
represent— 
(i) a diverse array of interests related 
to the subject matter of the working group; 
and 
(ii) diverse geographical, racial, reli-
gious, gender, educational, age, disability, 
and socioeconomic backgrounds. 
(3) MEETINGS.—Each working group shall 
meet not less than 2 times per year. 
(4) COMMUNITY AND STAKEHOLDER ENGAGE-
MENT.— 
(A) IN
GENERAL.—Each working group 
shall create and engage in meaningful commu-
nity and stakeholder involvement opportunities, 
including through regular community engage-
ment activities, for purposes of— 
(i) maintaining up-to-date situational 
awareness about the needs of relevant com-
munities and stakeholders; 
(ii) 
using 
the 
feedback 
obtained 
through those opportunities to inform the 
advice of the working group to the Board; 
and 
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(iii) providing a mechanism for direct 
and substantial community feedback relat-
ing to the investment plan and the funding 
decisions of the C2FC. 
(B) PUBLIC AWARENESS.—Each working 
group shall inform the public about C2FC in-
vestment by engaging in public awareness cam-
paigns, which shall target relevant communities 
through electronic media, newspapers, radio, di-
rect mailings, canvassing, or other outreach 
methods suited for the relevant community. 
(C) BROAD
PARTICIPATION.—In carrying 
out subparagraph (A), each working group 
shall, to the maximum extent practicable, maxi-
mize participation from a broad group of stake-
holders, including by holding multiple meetings 
with significant advance notice and holding 
meetings at different times and in multiple lan-
guages. 
(5) TASKS.—Each working group shall, as it re-
lates to the subject matter of the working group— 
(A) advise and provide general input to the 
Board regarding loans and grants provided by 
the C2FC; and 
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(B) consult with and, based on the activi-
ties described in paragraph (4), provide rec-
ommendations to, the Board in the development 
of and updates to the investment plan of the 
C2FC. 
(d) INVESTMENT PLAN.— 
(1) IN GENERAL.—The Board, in consultation 
with each working group described in subsection 
(c)(1), shall develop an investment plan (referred to 
in this subsection as the ‘‘investment plan’’) for the 
C2FC in accordance with this subsection. 
(2) PURPOSES.—The purposes of the invest-
ment plan are— 
(A) to ensure that investments made by 
the C2FC— 
(i) are equitable and reach the 
prioritized communities described in sub-
section (e)(2); 
(ii) are effective at progressing to-
wards the goals described in subsection 
(a)(2)(A)(ii); 
(iii) support the advancement of re-
search in clean technologies and resilience; 
and 
(iv) are transparent to the public; and 
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(B) to provide methods and standards by 
which the Board and the working groups de-
scribed in subsection (c)(1) shall choose 
projects in which to invest. 
(3) DISTRIBUTION OF GRANT FUNDS.—The ini-
tial investment plan shall require that, of the total 
amount of grant funds provided under subsection 
(e)(3)(A) each year, not less than 40 percent shall 
be used to benefit communities described in sub-
section (e)(2)(A). 
(4) INVESTMENT PLAN UPDATES.— 
(A) IN
GENERAL.—The Board, in con-
sultation with each working group described in 
subsection (c)(1), shall update the investment 
plan not later than December 31, 2023, and 
every 4 years thereafter, including by taking 
into account— 
(i) the current needs of the prioritized 
communities described in subsection (e)(2); 
(ii) the effectiveness of the previous 
investment plan in addressing the needs of 
those communities; 
(iii) the current state of relevant re-
search and technology; 
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(iv) the resiliency needs of local com-
munities; 
(v) the goals described in subsection 
(a)(2)(A)(ii); and 
(vi) the 2 most recent program re-
views conducted under subsection (f). 
(B) EFFECTIVENESS.—An investment plan 
shall remain in effect until the date on which 
the Board approves an updated investment 
plan. 
(C) PUBLIC INPUT.—In updating the in-
vestment plan, the Board and the working 
groups described in subsection (c)(1) shall— 
(i) engage stakeholders and the public 
in a public comment and feedback process; 
and 
(ii) ensure that the prioritized commu-
nities described in subsection (e)(2) have 
access to participate in that process. 
(5) PUBLIC UPDATES.—The Board shall make 
publicly available on a quarterly basis information 
relating to the expenditure of funds under the in-
vestment plan. 
(e) INVESTMENT TOOLS.— 
(1) DEFINITIONS.—In this subsection: 
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(A) COMMUNITY
OF
COLOR.—The term 
‘‘community of color’’ means a geographically 
distinct area in which the population of any of 
the following categories of individuals is higher 
than the average population of that category for 
the State in which the community is located: 
(i) Black. 
(ii) African American. 
(iii) Asian. 
(iv) Pacific Islander. 
(v) Other non-White race. 
(vi) Hispanic. 
(vii) Latino. 
(viii) Linguistically isolated. 
(B) ELIGIBLE BORROWER.—The term ‘‘eli-
gible borrower’’ means any person, including a 
business owner or project developer, that seeks 
a loan to carry out approved practices or 
projects described in subparagraph (A)(i) of 
paragraph (3) from an eligible lender that may 
receive a loan guarantee under that paragraph 
for that loan, according to criteria determined 
by the C2FC. 
(C) ELIGIBLE ENTITY.—The term ‘‘eligible 
entity’’ means— 
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(i) a State; 
(ii) an Indian Tribe; 
(iii) a unit of local government; and 
(iv) a research and development insti-
tution (including a National Laboratory). 
(D) ELIGIBLE LENDER.—The term ‘‘eligi-
ble lender’’ means— 
(i) a Federal- or State-chartered 
bank; 
(ii) a Federal- or State-chartered 
credit union; 
(iii) an agricultural credit corporation; 
(iv) a United States Green Bank In-
stitution; 
(v) a community development finan-
cial institution (as defined in section 103 
of the Community Development Banking 
and Financial Institutions Act of 1994 (12 
U.S.C. 4702)); 
(vi) a minority depository institution 
(as defined in section 308(b) of the Finan-
cial Institutions Reform, Recovery, and 
Enforcement Act of 1989 (12 U.S.C. 1463 
note; Public Law 101–73)); and 
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(vii) any other lender that the Board 
determines has a demonstrated ability to 
underwrite and service loans for the in-
tended approved practice for which the 
loan will be used. 
(E) ENVIRONMENTAL
JUSTICE
COMMU-
NITY.—The term ‘‘environmental justice com-
munity’’ means a community with significant 
representation of communities of color, low-in-
come communities, or Tribal and indigenous 
communities that experiences, or is at risk of 
experiencing, higher or more adverse human 
health or environmental effects. 
(F) INDIAN
TRIBE.—The term ‘‘Indian 
Tribe’’ has the meaning given the term in sec-
tion 4 of the Indian Self-Determination and 
Education Assistance Act (25 U.S.C. 5304). 
(G) LOW-INCOME COMMUNITY.—The term 
‘‘low-income community’’ means any census 
block group in which 30 percent or more of the 
population are individuals with an annual 
household income equal to, or less than, the 
greater of— 
(i) an amount equal to 80 percent of 
the median income of the area in which the 
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household is located, as reported by the 
Department of Housing and Urban Devel-
opment; and 
(ii) 200 percent of the Federal pov-
erty line. 
(H) STATE.—The term ‘‘State’’ means— 
(i) a State; 
(ii) the District of Columbia; 
(iii) the Commonwealth of Puerto 
Rico; and 
(iv) any other territory or possession 
of the United States. 
(2) COMMUNITY PRIORITIZATION.—In providing 
financial and other assistance under paragraph (3), 
the C2FC shall give priority to, as determined by 
the C2FC— 
(A) environmental justice communities, 
communities with populations of color, commu-
nities of color, indigenous communities, and 
low-income communities that— 
(i) experience a disproportionate bur-
den of the negative human health and en-
vironmental impacts of pollution or other 
environmental hazards, such as natural 
disasters; or 
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(ii) may not have access to public in-
formation and opportunities for meaningful 
public participation relating to human 
health and environmental planning, regula-
tions, and enforcement; 
(B) deindustrialized communities or com-
munities with significant local economic reliance 
on carbon-intensive industries; 
(C) low-income communities at risk of im-
pacts of natural disasters or sea level rise exac-
erbated by climate change; 
(D) public or nonprofit entities that serve 
dislocated workers, veterans, or individuals with 
a barrier to employment; and 
(E) communities that have minimal or no 
investment in the approved practices and 
projects described in paragraph (3)(A)(i). 
(3) GRANTS, LOAN GUARANTEES, AND OTHER 
INVESTMENT TOOLS.— 
(A) IN GENERAL.—The C2FC— 
(i) shall provide grants to eligible enti-
ties and loan guarantees to eligible lenders 
issuing loans to eligible borrowers for ap-
proved practices and projects relating to 
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climate change mitigation and resilience 
measures, including— 
(I) energy efficiency upgrades to 
infrastructure; 
(II) electric, hydrogen, and clean 
transportation programs and deploy-
ment, including programs— 
(aa) to purchase personal 
vehicles, commercial vehicles, and 
public transportation fleets and 
school bus fleets; 
(bb) to deploy electric vehi-
cle charging and hydrogen infra-
structure; and 
(cc) to develop and deploy 
low carbon sustainable aviation 
fuels; 
(III) clean energy and vehicle 
manufacturing research, demonstra-
tions, and deployment; 
(IV) battery storage research, 
demonstrations, and deployment; 
(V) development or purchase of 
equipment for practices described in 
section 6; 
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(VI) development and deployment 
of clean energy and clean tech-
nologies, with a focus on— 
(aa) carbon capture, utiliza-
tion, and sequestration, bioenergy 
with carbon capture and seques-
tration, direct air capture, and 
infrastructure 
associated 
with 
those processes, including con-
struction of carrier pipelines for 
the transportation of anthropo-
genic carbon dioxide; 
(bb) energy storage and grid 
modernization; 
(cc) geothermal energy; 
(dd) commercial and resi-
dential solar; 
(ee) wind energy; and 
(ff) any other clean tech-
nology use or development, as de-
termined by the Board; 
(VII) measures that anticipate 
and prepare for climate change im-
pacts, and reduce risks and enhance 
resilience to sea level rise, extreme 
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weather events, heat island impacts, 
and other climate change impacts, in-
cluding by— 
(aa) building resilient en-
ergy, water, and transportation 
infrastructure; 
(bb) providing weatheriza-
tion assistance for low-income 
households; and 
(cc) increasing the resilience 
of the agriculture sector; and 
(VIII) natural infrastructure re-
search, demonstrations, and deploy-
ment; and 
(ii) may implement other investment 
tools and products approved by the Board, 
pursuant to subparagraph (C), to achieve 
the mission of the C2FC described in sub-
section (a)(2). 
(B) LOAN GUARANTEES.— 
(i) IN GENERAL.—In providing loan 
guarantees under subparagraph (A), the 
C2FC shall cooperate with eligible lenders 
through agreements to participate on a de-
ferred (guaranteed) basis. 
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(ii) LEVEL
OF
PARTICIPATION
IN 
GUARANTEED LOANS.—In providing a loan 
guarantee under subparagraph (A), the 
C2FC shall guarantee 75 percent of the 
balance of the financing outstanding at the 
time of disbursement of the loan. 
(iii) 
INTEREST
RATES.—Notwith-
standing the provisions of the constitution 
of any State or the laws of any State lim-
iting the rate or amount of interest that 
may be charged, taken, received, or re-
served, the maximum legal rate of interest 
on any financing made on a deferred basis 
under this subsection shall not exceed a 
rate prescribed by the C2FC. 
(iv) GUARANTEE FEES.— 
(I) IN
GENERAL.—With respect 
to each loan guaranteed under this 
subsection (other than a loan that is 
repayable in 1 year or less), the C2FC 
shall collect a guarantee fee, which 
shall be payable by the eligible lender, 
and may be charged to the eligible 
borrower in accordance with subclause 
(II). 
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(II) BORROWER
CHARGES.—A 
guarantee fee described in subclause 
(I) charged to an eligible borrower 
shall not— 
(aa) exceed 2 percent of the 
deferred participation share of a 
total loan amount that is equal to 
or less than $150,000; 
(bb) exceed 3 percent of the 
deferred participation share of a 
total loan amount that is greater 
than $150,000 but less than 
$700,000; or 
(cc) exceed 3.5 percent of 
the deferred participation share 
of a total loan amount that is 
equal 
to 
or 
greater 
than 
$700,000. 
(C) OTHER
INVESTMENT
TOOLS
AND 
PRODUCTS.— 
(i) IN
GENERAL.—The Board may, 
based on market needs, develop and imple-
ment any other investment tool or product 
necessary to achieve the mission of the 
C2FC described in subsection (a)(2) and 
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the deployment of projects described in 
subparagraph (A)(i), including offering— 
(I) warehousing and aggregation 
credit facilities; 
(II) zero interest loans; 
(III) credit enhancements; and 
(IV) construction finance. 
(ii) 
STATE
AND
LOCAL
GREEN 
BANKS.—The Board shall provide— 
(I) funds to United States Green 
Bank Institutions as necessary to fi-
nance projects that are best served by 
those entities; and 
(II) technical assistance as nec-
essary to States and localities seeking 
to establish green banks. 
(4) WAGE RATE REQUIREMENTS.— 
(A) IN GENERAL.—All laborers and me-
chanics employed by eligible entities and eligible 
borrowers on projects funded directly by or as-
sisted in whole or in part by the activities of the 
C2FC under this section shall be paid at wages 
at rates not less than those prevailing on 
projects of a similar character in the locality as 
determined by the Secretary of Labor in ac-
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cordance with subchapter IV of chapter 31 of 
title 40, United States Code (commonly known 
as the ‘‘Davis-Bacon Act’’). 
(B) AUTHORITY.—With respect to the 
labor standards specified in subparagraph (A), 
the Secretary of Labor shall have the authority 
and functions set forth in Reorganization Plan 
Numbered 14 of 1950 (64 Stat. 1267; 5 U.S.C. 
App.) and section 3145 of title 40, United 
States Code. 
(5) BUY AMERICA REQUIREMENTS.— 
(A) IN
GENERAL.—All iron, steel, and 
manufactured goods used for projects under 
this section shall be produced in the United 
States. 
(B) WAIVER.—The Board may waive the 
requirement in subparagraph (A) if the Board 
finds that— 
(i) enforcing the requirement would be 
inconsistent with the public interest; 
(ii) the iron, steel, and manufactured 
goods produced in the United States are 
not produced in a sufficient and reasonably 
available amount or are not of a satisfac-
tory quality; or 
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(iii) enforcing the requirement will in-
crease the overall cost of the project by 
more than 25 percent. 
(f) PROGRAM REVIEW AND REPORT.—Not later than 
2 years after the date of enactment of this Act, and every 
2 years thereafter, the Board shall— 
(1) conduct a review of the activities of the 
C2FC and identify projects and funding opportuni-
ties that were a part of the current investment plan; 
and 
(2) submit to Congress and make publicly avail-
able a report that— 
(A) describes the projects and funding op-
portunities that have been most successful in 
progressing towards the mission described in 
subsection (a)(2) during the time period covered 
by the report; 
(B) includes recommendations on the clean 
energy and resiliency projects that should be 
prioritized in forthcoming years to achieve that 
mission; 
(C) quantifies the total amount and per-
centage of funding given to prioritized commu-
nities described in subsection (e)(2); and 
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(D) identifies barriers for disadvantaged 
groups to receive C2FC funding and provides 
recommendations to address those barriers. 
(g) INITIAL CAPITALIZATION.—There is appropriated 
to carry out this section, out of any funds in the Treasury 
not otherwise appropriated, $7,500,000,000 for each of 
fiscal years 2022 and 2023, to remain available until ex-
pended. 
SEC. 3. CARBON FEE. 
(a) IN GENERAL.—Chapter 38 of subtitle D of the 
Internal Revenue Code of 1986 is amended by adding at 
the end the following new subchapter: 
‘‘Subchapter E—Carbon Fee 
‘‘Sec. 4691. Definitions. 
‘‘Sec. 4692. Carbon fee. 
‘‘Sec. 4693. Fee on noncovered fuel emissions. 
‘‘Sec. 4694. Refunds for carbon capture, sequestration, and utilization. 
‘‘Sec. 4695. Border adjustments. 
‘‘SEC. 4691. DEFINITIONS. 
‘‘For purposes of this subchapter— 
‘‘(1) ADMINISTRATOR.—The term ‘Adminis-
trator’ means the Administrator of the Environ-
mental Protection Agency. 
‘‘(2) CARBON
DIOXIDE
EQUIVALENT
OR
CO2- 
E.—The term ‘carbon dioxide equivalent’ or ‘CO2-e’ 
means the number of metric tons of carbon dioxide 
emissions with the same global warming potential 
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over a 100-year period as one metric ton of another 
greenhouse gas. 
‘‘(3) CARBON-INTENSIVE PRODUCT.—The term 
‘carbon-intensive 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 manufactured product which the 
Secretary, in consultation with the Adminis-
trator, the Secretary of Commerce, and the Sec-
retary of Energy, determines is energy-intensive 
and trade-exposed (with the exception of any 
covered fuel). 
‘‘(4) COVERED ENTITY.—The term ‘covered en-
tity’ means— 
‘‘(A) in the case of crude oil— 
‘‘(i) any operator of a United States 
refinery (as described in subsection (d)(1) 
of section 4611), and 
‘‘(ii) any person entering such product 
into the United States for consumption, 
use, or warehousing (as described in sub-
section (d)(2) of such section), 
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‘‘(B) in the case of coal— 
‘‘(i) any producer subject to the tax 
under section 4121, and 
‘‘(ii) any importer of coal into the 
United States, 
‘‘(C) in the case of natural gas— 
‘‘(i) any entity which produces natural 
gas (as defined in section 613A(e)(2)) 
from a well located in the United States, 
and 
‘‘(ii) any importer of natural gas into 
the United States, 
‘‘(D) in the case of any noncovered fuel 
emissions, the entity which is the source of such 
emissions, provided that the total amount of 
carbon dioxide or methane emitted by such enti-
ty for the preceding year (as determined using 
the 
methodology 
required 
under 
section 
4692(e)(4)) was not less than 25,000 metric 
tons, and 
‘‘(E) any entity or class of entities which, 
as determined by the Secretary, is transporting, 
selling, or otherwise using a covered fuel in a 
manner which emits a greenhouse gas into the 
atmosphere and which has not been covered by 
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the carbon fee, the fee on noncovered fuel emis-
sions, or the carbon border fee adjustment. 
‘‘(5) COVERED FUEL.—The term ‘covered fuel’ 
means crude oil, natural gas, coal, or any other 
product derived from crude oil, natural gas, or coal 
which shall be used so as to emit greenhouse gases 
to the atmosphere. 
‘‘(6) GREENHOUSE GAS.—The term ‘greenhouse 
gas’— 
‘‘(A) has the meaning given such term in 
section 901 of the Energy Independence and 
Security Act of 2007 (42 U.S.C. 17321), and 
‘‘(B) includes any other gases identified by 
rule of the Administrator. 
‘‘(7) GREENHOUSE GAS CONTENT.—The term 
‘greenhouse gas content’ means the amount of 
greenhouse gases, expressed in metric tons of CO2- 
e, which would be emitted to the atmosphere by the 
use of a covered fuel. 
‘‘(8) NONCOVERED FUEL EMISSION.—The term 
‘noncovered fuel emission’ means any carbon dioxide 
or methane emitted as a result of the production, 
processing, transport, or use of any product or mate-
rial within the energy or industrial sectors— 
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‘‘(A) including any fugitive or process 
emissions associated with the production, proc-
essing, or transport of a covered fuel, and 
‘‘(B) excluding any emissions from the 
combustion or use of a covered fuel. 
‘‘(9) QUALIFIED
CARBON
OXIDE.—The term 
‘qualified carbon oxide’ has the meaning given the 
term in section 45Q(c). 
‘‘(10) UNITED
STATES.—The term ‘United 
States’ shall be treated as including each possession 
of the United States (including the Commonwealth 
of Puerto Rico and the Commonwealth of the North-
ern Mariana Islands). 
‘‘SEC. 4692. CARBON FEE. 
‘‘(a) DEFINITIONS.—In this section: 
‘‘(1) APPLICABLE PERIOD.—The term ‘applica-
ble period’ means, with respect to any determination 
made by the Secretary under subsection (e)(3) for 
any calendar year, the period— 
‘‘(A) beginning on January 1, 2023, and 
‘‘(B) ending on December 31 of the pre-
ceding calendar year. 
‘‘(2) CUMULATIVE EMISSIONS.—The term ‘cu-
mulative emissions’ means an amount equal to the 
sum of any greenhouse gas emissions resulting from 
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the use of covered fuels and any noncovered fuel 
emissions for all years during the applicable period. 
‘‘(3) CUMULATIVE
EMISSIONS
TARGET.—The 
term ‘cumulative emissions target’ means an amount 
equal to the sum of the emissions targets for all 
years during the applicable period. 
‘‘(4) EMISSIONS TARGET.—The term ‘emissions 
target’ means the target for greenhouse gas emis-
sions during a calendar year as determined under 
subsection (e)(1). 
‘‘(b) CARBON FEE.—During any calendar year that 
begins after December 31, 2022, there is imposed a car-
bon fee on any covered entity’s use, sale, or transfer of 
any covered fuel. 
‘‘(c) AMOUNT OF THE CARBON FEE.—The carbon fee 
imposed by this section is an amount equal to— 
‘‘(1) the greenhouse gas content of the covered 
fuel, multiplied by 
‘‘(2) the carbon fee rate, as determined under 
subsection (d). 
‘‘(d) CARBON FEE RATE.—The carbon fee rate shall 
be determined in accordance with the following: 
‘‘(1) IN GENERAL.—The carbon fee rate, with 
respect to any use, sale, or transfer during a cal-
endar year, shall be— 
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‘‘(A) in the case of calendar year 2023, 
$25, and 
‘‘(B) except as provided in paragraphs (2) 
and (3), in the case of any calendar year after 
2023, the amount equal to the sum of— 
‘‘(i) the amount under subparagraph 
(A), plus 
‘‘(ii)(I) in the case of calendar year 
2024, $10, and 
‘‘(II) in the case of any calendar year 
after 2024, the amount in effect under this 
clause for the preceding calendar year, plus 
$10. 
‘‘(2) INFLATION ADJUSTMENT.— 
‘‘(A) IN GENERAL.—In the case of any cal-
endar year after 2023, the amount determined 
under paragraph (1)(B) shall be increased by 
an amount equal to— 
‘‘(i) that dollar amount, multiplied by 
‘‘(ii) the cost-of-living adjustment de-
termined under section 1(f)(3) for that cal-
endar year, determined by substituting 
‘2022’ for ‘2016’ in subparagraph (A)(ii) 
thereof. 
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‘‘(B) ROUNDING.—If any increase deter-
mined under subparagraph (A) is not a multiple 
of $1, such increase shall be rounded up to the 
next whole dollar amount. 
‘‘(3) ADJUSTMENT OF CARBON FEE RATE.— 
‘‘(A) INCREASE
IN
RATE
FOLLOWING 
MISSED CUMULATIVE EMISSIONS TARGET.—In 
the case of any calendar year following a deter-
mination by the Secretary pursuant to sub-
section (e)(3) that the cumulative emissions for 
the preceding calendar year exceeded the cumu-
lative emissions target for such year, paragraph 
(1)(B)(ii)(II) shall be applied— 
‘‘(i) in the case of calendar years 
2026 through 2030, by substituting ‘$15’ 
for ‘$10’, 
‘‘(ii) in the case of calendar years 
2031 through 2040, by substituting ‘$20’ 
for ‘$10’, and 
‘‘(iii) in the case of any calendar year 
beginning after 2040, by substituting ‘$25’ 
for ‘$10’. 
‘‘(B) CESSATION OF RATE INCREASE FOL-
LOWING ACHIEVEMENT OF CUMULATIVE EMIS-
SIONS TARGET.—In the case of any year fol-
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lowing a determination by the Secretary pursu-
ant to subsection (e)(3) that— 
‘‘(i) the average annual emissions of 
greenhouse gases from covered entities 
over the preceding 3-year period are not 
more than 10 percent of the greenhouse 
gas emissions during the year 2018, and 
‘‘(ii) the cumulative emissions did not 
exceed the cumulative emissions target, 
paragraph (1)(B)(ii)(II) shall be applied by 
substituting ‘$0’ for ‘$10’. 
‘‘(C) METHODOLOGY.—With respect to 
any year, the annual greenhouse gas emissions 
and cumulative emissions described in subpara-
graph (A) or (B) shall be determined using the 
methodology required under subsection (e)(4). 
‘‘(e) EMISSIONS TARGETS.— 
‘‘(1) IN GENERAL.— 
‘‘(A) REFERENCE YEAR.—For purposes of 
subsection (d), the emissions target for any 
year shall be the amount of greenhouse gas 
emissions that is equal to— 
‘‘(i) for calendar years 2023 and 
2024, the applicable percentage of the total 
amount of greenhouse gas emissions from 
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the use of any covered fuel during calendar 
year 2018, and 
‘‘(ii) for calendar year 2025 and each 
calendar year thereafter, the applicable 
percentage of the total amount of green-
house gas emissions from the use of any 
covered fuel and noncovered fuel emissions 
during calendar year 2018. 
‘‘(B) METHODOLOGY.—For purposes of 
subparagraph (A), with respect to determining 
the total amount of greenhouse gas emissions 
from the use of any covered fuel and non-
covered fuel emissions during calendar year 
2018, the Administrator shall use such methods 
as are determined appropriate, provided that 
such methods are, to the greatest extent prac-
ticable, comparable to the methods established 
under paragraph (4). 
‘‘(2) APPLICABLE PERCENTAGE.— 
‘‘(A) 2023 THROUGH 2035.—In the case of 
calendar years 2023 through 2035, the applica-
ble percentage shall be determined as follows: 
Applicable 
‘‘Year 
percentage 
2023 ..................................................................................
81 percent
2024 ..................................................................................
75 percent
2025 ..................................................................................
70 percent
2026 ..................................................................................
67 percent
2027 ..................................................................................
63 percent
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‘‘(ii) any other relevant information, 
as determined appropriate by the Adminis-
trator. 
‘‘(B) DETERMINATIONS.—Not later than 
September 30, 2025, and annually thereafter, 
the Administrator, in consultation with the Sec-
retary and as part of the report described in 
subparagraph (A), shall determine whether cu-
mulative emissions with respect to the pre-
ceding calendar year exceeded the cumulative 
emissions target with respect to such year. 
‘‘(4) 
EMISSIONS
ACCOUNTING
METHOD-
OLOGY.— 
‘‘(A) IN GENERAL.—Not later than Janu-
ary 1, 2023, the Administrator shall prescribe 
rules for greenhouse gas accounting for covered 
entities for purposes of this subchapter, which 
shall— 
‘‘(i) to the greatest extent practicable, 
employ existing data collection methodolo-
gies and greenhouse gas accounting prac-
tices, 
‘‘(ii) ensure that the method of ac-
counting— 
‘‘(I) applies to— 
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‘‘(aa) all greenhouse gas 
emissions from covered fuels and 
all noncovered fuel emissions, 
and 
‘‘(bb) all covered entities, 
‘‘(II) excludes— 
‘‘(aa) any greenhouse gas 
emissions which are not described 
item (aa) of subclause (I), and 
‘‘(bb) any entities which are 
not described in item (bb) of 
such subclause, and 
‘‘(III) 
appropriately 
accounts 
for— 
‘‘(aa) qualified carbon oxide 
which is captured and disposed 
or used in a manner described in 
section 4694, and 
‘‘(bb) nonemitting uses of 
covered fuels, as described in 
subsection (f), 
‘‘(iii) subject to such penalties as are 
determined appropriate by the Adminis-
trator, require any covered entity to report, 
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not later than April 1 of each calendar 
year— 
‘‘(I) the total greenhouse gas 
content of any covered fuels used, 
sold, or transferred by such covered 
entity during the preceding calendar 
year, and 
‘‘(II) the total noncovered fuel 
emissions of the covered entity during 
the preceding calendar year, and 
‘‘(iv) require any information reported 
pursuant to clause (iii) to be verified by a 
third-party entity that, subject to such 
process as is determined appropriate by 
the Administrator, has been certified by 
the Administrator with respect to the 
qualifications, independence, and reliability 
of such entity. 
‘‘(B) GREENHOUSE GAS REPORTING PRO-
GRAM.—For purposes of establishing the rules 
described in subparagraph (A), the Adminis-
trator may elect to modify the activities of the 
Greenhouse Gas Reporting Program to satisfy 
the requirements described in clauses (i) 
through (iv) of such subparagraph. 
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‘‘(5) REVISIONS.—With respect to any deter-
mination made by the Administrator as to the 
amount of greenhouse gas emissions for any cal-
endar year (including calendar year 2018), any sub-
sequent revision by the Administrator with respect 
to such amount shall apply for purposes of the fee 
imposed under subsection (b) for any calendar years 
beginning after such revision. 
‘‘(f) EXEMPTION AND REFUND.—The Secretary shall 
prescribe such rules as are necessary to ensure the carbon 
fee imposed by this section is not imposed with respect 
to any nonemitting use, or any sale or transfer for a non-
emitting use, including rules providing for the refund of 
any carbon fee paid under this section with respect to any 
such use, sale, or transfer. 
‘‘(g) ADMINISTRATIVE AUTHORITY.—The Secretary, 
in consultation with the Administrator, shall prescribe 
such regulations, and other guidance, to assess and collect 
the carbon fee imposed by this section, including— 
‘‘(1) the identification of covered entities that 
are liable for payment of a fee under this section or 
section 4693, 
‘‘(2) as may be necessary or convenient, rules 
for distinguishing between different types of covered 
entities, 
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‘‘(3) as may be necessary or convenient, rules 
for distinguishing between the greenhouse gas emis-
sions of a covered entity and the greenhouse gas 
emissions that are attributed to the covered entity 
but not directly emitted by the covered entity, 
‘‘(4) requirements for the quarterly payment of 
such fees, and 
‘‘(5) rules to ensure that the carbon fee under 
this section, the fee on noncovered fuel emissions 
under section 4693, or the carbon border fee adjust-
ment is not imposed on an emission from covered 
fuel or noncovered fuel emission more than once. 
‘‘SEC. 4693. FEE ON NONCOVERED FUEL EMISSIONS. 
‘‘(a) IN GENERAL.—During any calendar year that 
begins after December 31, 2024, there is imposed a fee 
on a covered entity for any noncovered fuel emissions 
which occur during the calendar year. 
‘‘(b) AMOUNT.—The fee to be paid under subsection 
(a) by the covered entity which is the source of the emis-
sions described in that subsection shall be an amount 
equal to— 
‘‘(1) the total amount, in metric tons of CO2- 
e, of emitted greenhouse gases, multiplied by 
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‘‘(2) an amount equal to the carbon fee rate in 
effect under section 4692(d) for the calendar year of 
such emission. 
‘‘(c) ADMINISTRATIVE AUTHORITY.—The Secretary, 
in consultation with the Administrator, shall prescribe 
such regulations, and other guidance, to assess and collect 
the carbon fee imposed by this section, including regula-
tions describing the requirements for the quarterly pay-
ment of such fees. 
‘‘SEC. 4694. REFUNDS FOR CARBON CAPTURE, SEQUESTRA-
TION, AND UTILIZATION. 
‘‘(a) IN GENERAL.— 
‘‘(1) CAPTURE, SEQUESTRATION, AND USE.— 
The Secretary, in consultation with the Adminis-
trator and the Secretary of Energy, shall prescribe 
regulations for providing payments to any person 
which captures qualified carbon oxide which is— 
‘‘(A) disposed of by such person in secure 
geological storage, as described in section 
45Q(f)(2), or 
‘‘(B) used in a manner which has been ap-
proved by the Secretary pursuant to subsection 
(c). 
‘‘(2) ELECTION.—If the person described in 
paragraph (1) makes an election under this para-
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graph in such time and manner as the Secretary 
may prescribe by regulations, the credit under this 
section— 
‘‘(A) shall be allowable to the person that 
owns the facility described in subsection (b)(1), 
and 
‘‘(B) shall not be allowable to the person 
described in paragraph (1). 
‘‘(b) PAYMENTS FOR CARBON CAPTURE.— 
‘‘(1) IN GENERAL.—In the case of any facility 
for which carbon capture equipment has been placed 
in service, the Secretary shall make payments in the 
same manner as if such payment was a refund of an 
overpayment of the fee imposed by section 4692 or 
4693. 
‘‘(2) AMOUNT OF PAYMENT.—The payment de-
termined under this subsection shall be an amount 
equal to— 
‘‘(A) the metric tons of qualified carbon 
oxide captured and disposed of, used, or utilized 
in a manner consistent with subsection (a), 
multiplied by 
‘‘(B)(i) the carbon fee rate during the year 
in which the carbon fee was imposed by section 
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4692 on the covered fuel to which such carbon 
oxide relates, or 
‘‘(ii) in the case of a direct air capture fa-
cility (as defined in section 45Q(e)(1)), the car-
bon fee rate during the year in which the quali-
fied carbon oxide was captured and disposed of, 
used, or utilized. 
‘‘(c) APPROVED
USES
OF
QUALIFIED
CARBON 
OXIDE.—The Secretary, in consultation with Adminis-
trator and the Secretary of Energy, shall, through regula-
tion or other public guidance, determine which uses of 
qualified carbon oxide are eligible for payments under this 
section, which may include— 
‘‘(1) utilization in a manner described in clause 
(i) or (ii) of section 45Q(f)(5)(A), or 
‘‘(2) any other use which ensures minimal leak-
age or escape of such carbon oxide. 
‘‘(d) EXCEPTION.—In the case of any facility which 
is owned by an entity that is determined to be— 
‘‘(1) in violation of any applicable air or water 
quality regulations, or 
‘‘(2) with respect to any environmental justice 
community (as defined in section 2(d)(1)(D) of the 
America’s Clean Future Fund Act), creating health 
or environmental harm to such community, 
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such facility shall not be eligible for any payment under 
this section during the period of such violation. 
‘‘SEC. 4695. BORDER ADJUSTMENTS. 
‘‘(a) IN GENERAL.—The fees imposed by, and re-
funds allowed under, this section shall be referred to as 
‘the carbon border fee adjustment’. 
‘‘(b) EXPORTS.— 
‘‘(1) CARBON-INTENSIVE
PRODUCTS.—In the 
case of any carbon-intensive product which is ex-
ported from the United States, the Secretary shall 
pay to the person exporting such product a refund 
equal to the amount of the cost of such product at-
tributable to any fees imposed under this subchapter 
related to the manufacturing of such product (as de-
termined under regulations established by the Sec-
retary). 
‘‘(2) COVERED FUELS.—In the case of any cov-
ered fuel which is exported from the United States, 
the Secretary shall pay to the person exporting such 
fuel a refund equal to the amount of the cost of such 
fuel attributable to any fees imposed under this sub-
chapter related to the use, sale, or transfer of such 
fuel. 
‘‘(c) IMPORTS.— 
‘‘(1) CARBON-INTENSIVE PRODUCTS.— 
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‘‘(A) IMPOSITION OF EQUIVALENCY FEE.— 
In the case of any carbon-intensive product im-
ported into the United States, there is imposed 
an equivalency fee on the person importing such 
product in an amount equal to the cost of such 
product that would be attributable to any fees 
imposed under this subchapter related to the 
manufacturing of such product if any inputs or 
processes used in manufacturing such product 
were subject to such fees (as determined under 
regulations established by the Secretary). 
‘‘(B) REDUCTION IN FEE.—The amount of 
the equivalency fee under subparagraph (A) 
shall be reduced by the amount, if any, of any 
fees imposed on the carbon-intensive product by 
the foreign nation or governmental units from 
which such product was imported. 
‘‘(2) COVERED FUELS.— 
‘‘(A) IN
GENERAL.—In the case of any 
covered fuel imported into the United States, 
there is imposed a fee on the person importing 
such fuel in an amount equal to the amount of 
any fees that would be imposed under this sub-
chapter related to the use, sale, or transfer of 
such fuel. 
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‘‘(B) REDUCTION IN FEE.—The amount of 
the fee under subparagraph (A) shall be re-
duced by the amount, if any, of any fees im-
posed on the covered fuel by the foreign nation 
or governmental units from which the fuel was 
imported. 
‘‘(d) TREATMENT
OF ALTERNATIVE POLICIES
AS 
FEES.—Under regulations established by the Secretary, 
foreign policies that have substantially the same effect in 
reducing emissions of greenhouse gases as fees shall be 
treated as fees for purposes of subsections (b) and (c). 
‘‘(e) REGULATORY AUTHORITY.— 
‘‘(1) IN GENERAL.—The Secretary shall consult 
with the Administrator, the Secretary of Commerce, 
and the Secretary of Energy in establishing rules 
and regulations implementing the purposes of this 
section. 
‘‘(2) TREATIES.—The Secretary, in consulta-
tion with the Secretary of State, may adjust the ap-
plicable amounts of the refunds and equivalency fees 
under this section in a manner that is consistent 
with any obligations of the United States under an 
international agreement.’’. 
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(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply to periods beginning after Decem-
ber 31, 2022. 
SEC. 4. AMERICA’S CLEAN FUTURE 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. AMERICA’S CLEAN FUTURE FUND. 
‘‘(a) ESTABLISHMENT AND FUNDING.—There is es-
tablished in the Treasury of the United States a trust fund 
to be known as the ‘America’s Clean Future Fund’ (re-
ferred to in this section as the ‘Trust Fund’), consisting 
of such amounts as are appropriated to the Trust Fund 
under subsection (b). 
‘‘(b) TRANSFERS
TO AMERICA’S CLEAN FUTURE 
FUND.—There is appropriated to the Trust Fund, out of 
any funds in the Treasury not otherwise appropriated, 
amounts equal to the fees received into the Treasury 
under sections 4692, 4693, and 4695, less— 
‘‘(1) any amounts refunded or paid under sec-
tions 4692(d), 4694, and 4695(b), and 
‘‘(2) for each of the first 18 fiscal years begin-
ning after September 30, 2023, an amount equal to 
the quotient of— 
‘‘(A) $100,000,000,000, and 
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amount equal to 7 percent of the amount deter-
mined annually under subparagraph (A)(i)(I). 
‘‘(C) 
APPLICABLE
PERCENTAGE.—For 
purposes of subparagraph (A)(ii), the applicable 
percentage shall be equal to— 
‘‘(i) for the first fiscal year beginning 
after the period described in subparagraph 
(A)(i), 76 percent, 
‘‘(ii) for each of the first 3 fiscal years 
subsequent to the period described in 
clause (i), the applicable percentage for the 
preceding fiscal year increased by 1 per-
centage point, and 
‘‘(iii) for any fiscal year subsequent to 
the period described in clause (ii), 80 per-
cent. 
‘‘(2) CLIMATE
CHANGE
FINANCE
CORPORA-
TION.— 
‘‘(A) IN GENERAL.—For the purposes de-
scribed in section 2 of the America’s Clean Fu-
ture Fund Act, the applicable percentage of 
such amounts. 
‘‘(B) 
APPLICABLE
PERCENTAGE.—For 
purposes of this paragraph, the applicable per-
centage shall be equal to— 
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‘‘(ii) for each of the first 4 fiscal years 
subsequent to the period described in 
clause (i), the applicable percentage for the 
preceding fiscal year reduced by 2 percent-
age points, and 
‘‘(iii) for any fiscal year subsequent to 
the period described in clause (ii), 0 per-
cent.’’. 
(b) CLERICAL AMENDMENT.—The table of sections 
for subchapter A of chapter 98 of the Internal Revenue 
Code of 1986 is amended by adding at the end the fol-
lowing new item: 
‘‘Sec. 9512. America’s Clean Future Fund.’’. 
SEC. 5. AMERICA’S CLEAN FUTURE FUND STIMULUS. 
(a) ELIGIBLE INDIVIDUAL.— 
(1) IN GENERAL.—In this section, the term ‘‘el-
igible individual’’ means, with respect to any quar-
ter, any natural living person— 
(A) who has a valid Social Security num-
ber or taxpayer identification number; 
(B) who has attained 18 years of age; and 
(C) whose principal place of abode is in the 
United States for more than one-half of the 
most recent taxable year for which a return has 
been filed. 
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(2) VERIFICATION.—The Secretary of the 
Treasury, or the Secretary’s delegate (referred to in 
this section as the ‘‘Secretary’’) may verify the eligi-
bility of an individual to receive a carbon fee rebate 
payment under subsection (b). 
(b) REBATES.—Subject to subsections (c)(2) and (k), 
from amounts in the America’s Clean Future Fund estab-
lished by section 9512(c)(1)(A) of the Internal Revenue 
Code of 1986 that are available in any year, the Secretary 
shall, for each calendar quarter beginning after September 
30, 2023, make carbon fee rebate payments to each eligi-
ble individual, to be known as ‘‘America’s Clean Future 
Fund Stimulus payments’’ (referred to in this section as 
‘‘carbon fee rebate payments’’). 
(c) PRO-RATA SHARE.— 
(1) IN GENERAL.—With respect to each quarter 
during any fiscal year beginning after September 30, 
2023, the carbon fee rebate payment is 1 pro-rata 
share for each eligible individual of an amount equal 
to 25 percent of amounts apportioned under section 
9512(c)(1)(A) of the Internal Revenue Code of 1986 
for such fiscal year. 
(2) INITIAL ANNUAL REBATE PAYMENTS.— 
(A) IN GENERAL.—From amounts appro-
priated under subsection (j), the Secretary 
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shall, for each of fiscal years 2022 and 2023, 
make carbon fee rebate payments to each eligi-
ble individual during the third quarter of each 
such fiscal year. 
(B) PRO-RATA
SHARE.—For purposes of 
this paragraph, the carbon fee rebate payment 
is 1 pro-rata share for each eligible individual 
of the amount appropriated under subsection (j) 
for the fiscal year. 
(3) ESTIMATE.—For each fiscal year described 
in paragraph (1), the Secretary shall, not later than 
the first day of such fiscal year, publicly announce 
an estimate of the amount of the carbon fee rebate 
payment for each quarter during such fiscal year. 
(d) PHASEOUT.— 
(1) DEFINITIONS.—In this subsection: 
(A) MODIFIED
ADJUSTED
GROSS
IN-
COME.—The term ‘‘modified adjusted gross in-
come’’ means adjusted gross income increased 
by any amount excluded from gross income 
under section 911, 931, or 933 of the Internal 
Revenue Code of 1986. 
(B) HOUSEHOLD
MEMBER.—The term 
‘‘household member of the taxpayer’’ means the 
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taxpayer, the taxpayer’s spouse, and any de-
pendent of the taxpayer. 
(C) 
THRESHOLD
AMOUNT.—The 
term 
‘‘threshold amount’’ means— 
(i) $150,000 in the case of a taxpayer 
filing a joint return; and 
(ii) $75,000 in the case of a taxpayer 
not filing a joint return. 
(2) PHASEOUT OF PAYMENTS.—In the case of 
any taxpayer whose modified adjusted gross income 
for the most recent taxable year for which a return 
has been filed exceeds the threshold amount, the 
amount of the carbon fee rebate payment otherwise 
payable to any household member of the taxpayer 
under this section shall be reduced (but not below 
zero) by a dollar amount equal to 5 percent of such 
payment (as determined before application of this 
paragraph) for each $1,000 (or fraction thereof) by 
which the modified adjusted gross income of the tax-
payer exceeds the threshold amount. 
(e) FEE TREATMENT OF PAYMENTS.—Amounts paid 
under this section shall not be includible in gross income 
for purposes of Federal income taxes. 
(f) FEDERAL PROGRAMS AND FEDERAL ASSISTED 
PROGRAMS.—The carbon fee rebate payment received by 
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any eligible individual shall not be taken into account as 
income and shall not be taken into account as resources 
for purposes of determining the eligibility of such indi-
vidual or any other individual for benefits or assistance, 
or the amount or extent of benefits or assistance, under 
any Federal program or under any State or local program 
financed in whole or in part with Federal funds. 
(g) DISCLOSURE OF RETURN INFORMATION.—Sec-
tion 6103(l) of the Internal Revenue Code of 1986 is 
amended by adding at the end the following new para-
graph: 
‘‘(23) DISCLOSURE OF RETURN INFORMATION 
RELATING TO CARBON FEE REBATE PAYMENTS.— 
‘‘(A) DEPARTMENT
OF
TREASURY.—Re-
turn information with respect to any taxpayer 
shall, without written request, be open to in-
spection by or disclosure to officers and employ-
ees of the Department of the Treasury whose 
official duties require such inspection or disclo-
sure for purposes of administering section 5 of 
the America’s Clean Future Fund Act. 
‘‘(B) RESTRICTION ON DISCLOSURE.—In-
formation disclosed under this paragraph shall 
be disclosed only for purposes of, and to the ex-
tent necessary in, carrying out such section.’’. 
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(h) REGULATIONS.—The Secretary shall prescribe 
such regulations, and other guidance, as may be necessary 
to carry out the purposes of this section, including— 
(1) establishment of rules for eligible individ-
uals who have not filed a recent tax return; and 
(2) in coordination with the Commissioner of 
Social Security, the Secretary of Veterans Affairs, 
and any relevant State agencies, establish methods 
to identify eligible individuals and provide carbon fee 
rebate payments to such individuals through appro-
priate means of distribution, including through the 
use of electronic benefit transfer cards. 
(i) PUBLIC AWARENESS CAMPAIGN.—The Secretary 
shall conduct a public awareness campaign, in coordina-
tion with the Commissioner of Social Security, the heads 
of other relevant Federal agencies, and Indian Tribes (as 
defined in section 4 of the Indian Self-Determination and 
Education Assistance Act (25 U.S.C. 5304)), to provide 
information to the public regarding the availability of car-
bon fee rebate payments under this section. 
(j) INITIAL APPROPRIATION.—For purposes of sub-
section (c)(2), there is appropriated, out of any funds in 
the Treasury not otherwise appropriated, to remain avail-
able until expended— 
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(1) for the fiscal year ending September 30, 
2022, $37,500,000,000; and 
(2) for the fiscal year ending September 30, 
2023, $37,500,000,000. 
(k) TERMINATION.—This section shall not apply to 
any calendar quarter beginning after— 
(1) a determination by the Secretary under sec-
tion 4692(d)(3)(B) of the Internal Revenue Code of 
1986; or 
(2) any period of 8 consecutive calendar quar-
ters for which the amount of carbon fee rebate pay-
ment (without application of subsection (d)) during 
each such quarter is less than $20. 
SEC. 6. AGRICULTURAL DECARBONIZATION TRANSITION 
PAYMENTS. 
(a) PURPOSES.—The purposes of this section are— 
(1) to provide transition assistance to eligible 
producers in the agricultural, livestock, and forestry 
sectors to prepare for and facilitate entry into pri-
vate sector greenhouse gas credit markets; and 
(2) to provide for the collection and reporting 
of data under subsection (d). 
(b) DEFINITIONS.—In this section: 
(1) ELIGIBLE LAND.— 
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(A) IN
GENERAL.—The term ‘‘eligible 
land’’ means land in the United States— 
(i) on which farming, ranching, or for-
estry may physically and legally be con-
ducted; and 
(ii) that is— 
(I) cropland, grassland, pasture-
land, rangeland, hayland, or other 
land on which food, feed, fiber, crops, 
livestock, or other agricultural prod-
ucts are produced or capable of being 
produced; or 
(II) nonindustrial private forest 
land (as defined in section 5(c) of the 
Cooperative Forestry Assistance Act 
of 1978 (16 U.S.C. 2103a(c))). 
(B) INCLUSION
OF
TRIBAL
LAND.—The 
term ‘‘eligible land’’ includes land described in 
subparagraph (A) that is Indian land (as de-
fined in section 2601 of the Energy Policy Act 
of 1992 (25 U.S.C. 3501)). 
(2) ELIGIBLE PRODUCER.—The term ‘‘eligible 
producer’’ means an individual or legal entity that— 
(A) is an owner, operator, or tenant of eli-
gible land; 
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(B) has control over the eligible land; 
(C) is actively engaged in farming, ranch-
ing, or forestry on the eligible land, as deter-
mined by the Secretary; 
(D) bears the risk of loss of the farming, 
ranching, or forestry on the eligible land; and 
(E) has the ability to enter into an agree-
ment with the Secretary to carry out qualifying 
practices described in subsection (c)(2) under 
the program. 
(3) GREENHOUSE
GAS
EMISSIONS
REDUC-
TION.—The term ‘‘greenhouse gas emissions reduc-
tion’’ means the reduction in greenhouse gas emis-
sions as a result of the adoption of qualifying prac-
tices described in subsection (c)(2), as compared to 
a historical baseline. 
(4) HISTORICALLY UNDERSERVED.—The term 
‘‘historically underserved’’, with respect to an eligible 
producer, means that the eligible producer— 
(A) is American Indian or Alaskan Native; 
(B) is Asian or Asian American; 
(C) is Black or African American; 
(D) is Native Hawaiian or Pacific Islander; 
(E) is Hispanic; 
(F) is disabled; 
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(G) is female; 
(H) is new to farming, ranching, or for-
estry, as determined by the Secretary; 
(I)(i) has served in the United States 
Armed Forces; and 
(ii)(I) has not operated a farm, ranch, or 
forestry operation; 
(II) is new to farming, ranching, or for-
estry, as determined by the Secretary; or 
(III) first obtained veteran status during 
the previous 5-year period; or 
(J) is an owner, operator, or tenant of a 
limited resource farming, ranching, or forestry 
operation or has a household income not great-
er than the national poverty level. 
(5) PROGRAM.—The term ‘‘program’’ means 
the program established under subsection (c)(1). 
(6) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of Agriculture. 
(c) ESTABLISHMENT OF PROGRAM.— 
(1) IN GENERAL.—The Secretary, in consulta-
tion with the Administrator of the Environmental 
Protection Agency, shall establish a program to pro-
vide payments to eligible producers that will assist 
with the transition to reducing greenhouse gas emis-
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sions through the adoption of qualifying practices 
described in paragraph (2). 
(2) QUALIFYING PRACTICES.— 
(A) IN GENERAL.—To be eligible for pay-
ments under the program, a practice shall be— 
(i) approved by the Secretary; and 
(ii) measurable, reportable, and verifi-
able for reducing greenhouse gas emis-
sions, as determined by the Secretary. 
(B) INCLUDED PRACTICES.—Practices that 
the Secretary may determine to be qualifying 
practices under the program include— 
(i) improved crop, soil health, water, 
and land management systems, includ-
ing— 
(I) diversified soil health-enhanc-
ing cropping systems that may include 
resource-conserving 
crop 
rotations, 
cover crops, and sod crops; 
(II) conservation plantings, such 
as prairie strips, contour grass strips, 
filter strips and riparian buffers, field 
borders, hedgerows, windbreaks, alley 
cropping, and silvopasture or other 
agroforestry plantings; 
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(III) conservation tillage; 
(IV) fertilizer practice improve-
ments, including biologically based nu-
trient management; 
(V) ecologically appropriate refor-
estation and other sustainable forestry 
and related stewardship practices; 
(VI) application of soil carbon 
amendments, such as compost or 
biochar; 
(VII) restoration or avoidance of 
the conversion of grassland, wetland, 
and forest land; and 
(VIII) the adoption of organic 
and other similar advanced agroecol-
ogical production systems; 
(ii) livestock management, including— 
(I) enteric fermentation reduc-
tion, including— 
(aa) improved feed, forage, 
and grazing; and 
(bb) feed additives approved 
by the Commissioner of Food 
and Drugs; 
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(II) improved manure manage-
ment, including anaerobic digesters; 
and 
(III) the integration of livestock 
and crop production; 
(iii) on-site capital upgrades and in-
frastructure investments, including— 
(I) building and equipment refur-
bishment or upgrades, including en-
ergy efficiency technologies and digital 
technologies; and 
(II) the adoption of renewable or 
clean energy; 
(iv) conservation easements, including 
farm, ranch, and forest land preservation, 
that include conservation activities to im-
prove soil health and reduce greenhouse 
gas emissions; and 
(v) other similar practices, as deter-
mined by the Secretary. 
(3) CONSIDERATIONS.—In determining the rate 
and duration of a payment under paragraph (1), the 
Secretary shall consider— 
(A) the degree of additionality of the 
greenhouse gas emissions reduction; 
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(B) whether the recipient of the payment 
was an early adopter of 1 or more practices 
that reduce greenhouse gas emissions; 
(C) the likelihood that the applicable quali-
fying practice described in paragraph (2) would 
have been carried out absent the provision of 
the payment; 
(D) the degree of transitionality or perma-
nence of the greenhouse gas emissions reduc-
tion; 
(E) whether the applicable qualifying prac-
tice described in paragraph (2) provides mul-
tiple environmental and health co-benefits in 
addition to reduced greenhouse gas emissions; 
(F) the degree to which current soil condi-
tions influence the greenhouse gas emissions re-
ductions; 
(G) the degree to which the recipient of 
the payment is a historically underserved eligi-
ble producer; 
(H) the integration with and enhancement 
of payments and policies of similar Federal, 
State, or local programs; and 
(I) any payments received, or to be re-
ceived, by the applicable eligible producer from 
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a private carbon offset market due to the appli-
cable qualifying practice described in paragraph 
(2). 
(4) INELIGIBILITY.—A person that is deter-
mined to be in violation of any applicable water or 
air quality regulation, including under the Federal 
Water Pollution Control Act (33 U.S.C. 1251 et 
seq.) (including regulations), shall not be eligible for 
any payment under paragraph (1) during the period 
of the violation. 
(5) EFFECTIVENESS.—The authority to provide 
payments under this subsection shall be effective for 
each of the first 10 fiscal years beginning after Sep-
tember 30, 2022. 
(d) COLLECTION OF DATA AND REPORTING.— 
(1) MEASUREMENT SYSTEM.— 
(A) IN GENERAL.—The Secretary shall es-
tablish an outcomes-based measurement system 
(referred to in this paragraph as the ‘‘measure-
ment system’’) that uses the best available 
science and technology for cost-effective record-
keeping, modeling, and measurement of farm- 
level greenhouse gas emissions on eligible land 
enrolled in the program. 
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(B) STANDARDS.—Not later than 18 
months after the date of enactment of this Act, 
the Secretary shall promulgate standards on the 
measurement system, based on information ob-
tained from— 
(i) agro-ecosystem models; 
(ii) remote sensing data and analysis; 
(iii) soil health demonstration trials; 
and 
(iv) field-level measurement. 
(C) PROTOCOLS.—In developing the meas-
urement system, the Secretary shall compile 
and publish a list of generally accepted public 
and private protocols for soil health and green-
house gas programs and markets. 
(D) REVIEW.—The Secretary shall main-
tain the measurement system by— 
(i) conducting an annual review of the 
measurement system; and 
(ii) making any necessary updates to 
the measurement system. 
(2) INVENTORY.— 
(A) IN
GENERAL.—For the purposes of 
providing payments under the program, the 
Secretary shall conduct a nationwide soil health 
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and agricultural greenhouse gas emissions in-
ventory that uses the best available science and 
data to establish baselines and expected average 
performance for soil carbon drawdown and stor-
age and greenhouse gas emissions reduction by 
primary production type and production region. 
(B) DATABASE.—The Secretary shall— 
(i) establish an accessible and inter-
operable database for the inventory estab-
lished under subparagraph (A) using the 
measurement system established under 
paragraph (1); and 
(ii) improve and update the database 
as new data is collected, but not less fre-
quently than once every 2 years. 
(3) CRITERIA.— 
(A) IN GENERAL.—The Secretary shall es-
tablish criteria for payments under the program 
to inform policy and markets established to pro-
mote soil carbon sequestration or greenhouse 
gas emissions reductions. 
(B) REQUIREMENTS.—The criteria estab-
lished under subparagraph (A) shall— 
(i) have a documented likelihood to 
lead to transitioning towards or providing 
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long-term net greenhouse gas emissions re-
ductions, according to the best available 
science; 
(ii) be based in part on environmental 
impact modeling of the changes of shifting 
from baseline practices to new or improved 
practices; and 
(iii) prevent, to the maximum extent 
practicable, the degradation of other nat-
ural resource or environmental conditions. 
(4) MEASUREMENT, REPORTING, MONITORING, 
AND VERIFICATION SERVICES.— 
(A) IN GENERAL.—The Secretary— 
(i) shall provide services described in 
subparagraph (B) to eligible producers 
participating in the program; and 
(ii) may approve and provide oversight 
of 1 or more third-party agents to provide 
services described in subparagraph (B) to 
eligible producers participating in the pro-
gram. 
(B) SERVICES
DESCRIBED.—Services re-
ferred to in subparagraph (A) are determining 
the greenhouse gas emissions reduction by— 
(i) measurement; 
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(ii) reporting; 
(iii) monitoring; and 
(iv) verification. 
(C) USE
OF
PROTOCOLS.—Services re-
ferred to in subparagraph (A) shall be provided 
using— 
(i) the measurement system described 
in paragraph (1); and 
(ii) the criteria described in paragraph 
(3). 
(D) USE
OF
DEPARTMENT
OF
AGRI-
CULTURE RESOURCES.—The Secretary shall re-
quire a third-party agent approved under sub-
paragraph (A)(ii) to use the resources, boards, 
committees, geospatial data, aerial or other 
maps, employees, offices, and capacities of the 
Department of Agriculture, to the maximum ex-
tent practicable, in providing services under 
that subparagraph to eligible producers. 
(E) PRIVACY AND DATA SECURITY.— 
(i) IN GENERAL.—The Secretary shall 
establish— 
(I) safeguards to protect the pri-
vacy of information that is submitted 
through or retained by a third-party 
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agent approved under subparagraph 
(A), including employees and contrac-
tors of the third-party agent; and 
(II) such other rules and stand-
ards of data security as the Secretary 
determines to be appropriate to carry 
out this subsection. 
(ii) PENALTIES.—The Secretary shall 
establish penalties for any violations of pri-
vacy or confidentiality under clause (i). 
(F) DISCLOSURE OF INFORMATION.— 
(i) PUBLIC
DISCLOSURE.—Informa-
tion collected for purposes of services pro-
vided under subparagraph (A) may be dis-
closed to the public— 
(I) if the information is trans-
formed into a statistical or aggregate 
form such that the information does 
not include any identifiable or per-
sonal information of individual pro-
ducers; or 
(II) in a form that may include 
identifiable or personal information of 
a producer only if that producer con-
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sents to the disclosure of the informa-
tion. 
(ii) REQUIREMENT.—The participa-
tion of a producer in, and the receipt of 
any benefit by the producer under, a pro-
gram under this section or any other pro-
gram administered by the Secretary may 
not be conditioned on the producer pro-
viding consent under clause (i)(II). 
(iii) RESEARCH, AUDIT, AND
PRO-
GRAM
IMPROVEMENT.—Information col-
lected for the purposes of services provided 
under subparagraph (A) may be disclosed 
for the purposes of providing technical as-
sistance, including audit, research, or im-
provement of a program under this section, 
either in aggregate or in a form that in-
cludes identifiable or personal information 
of a producer, if the Secretary obtains ade-
quate assurances that— 
(I) the recipient shall ensure pri-
vacy safeguards of identifiable or per-
sonal information of a producer; and 
(II) the release of any data to the 
public will only occur only if the data 
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has been transformed into a statistical 
or aggregate form. 
(e) REGULATIONS.—Not later than July 1, 2022, the 
Secretary shall promulgate regulations to carry out this 
section, including— 
(1) the amount of a payment under subsection 
(c), which shall be based on— 
(A) the quantity of carbon dioxide equiva-
lent emissions reduced; and 
(B) the considerations described in sub-
section (c)(3); 
(2) a methodology that any third-party agents 
approved under subsection (d)(4)(A)(ii) shall use to 
provide the services under that subsection, includ-
ing— 
(A) an accreditation process; and 
(B) a conflict of interest policy; and 
(3) provisions for the ownership and transport-
ability of data, including historical data, generated 
by an eligible producer for the purpose of deter-
mining eligibility for payments under the program. 
SEC. 7. TRANSITION ASSISTANCE FOR IMPACTED COMMU-
NITIES. 
(a) DEFINITIONS.—In this section: 
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(1) INDIAN TRIBE.—The term ‘‘Indian Tribe’’ 
has the meaning given the term in section 4 of the 
Indian Self-Determination and Education Assistance 
Act (25 U.S.C. 5304). 
(2) INDIVIDUAL WITH A BARRIER TO EMPLOY-
MENT.—The term ‘‘individual with a barrier to em-
ployment’’ has the meaning given the term in section 
3 of the Workforce Innovation and Opportunity Act 
(29 U.S.C. 3102). 
(3) INSTITUTION OF HIGHER EDUCATION.—The 
term ‘‘institution of higher education’’ has the 
meaning given the term in section 101 of the Higher 
Education Act of 1965 (20 U.S.C. 1001). 
(4) LOCAL
BOARD.—The term ‘‘local board’’ 
has the meaning given the term in section 3 of the 
Workforce Innovation and Opportunity Act (29 
U.S.C. 3102). 
(5) RECOGNIZED
POSTSECONDARY
CREDEN-
TIAL.—The term ‘‘recognized postsecondary creden-
tial’’ has the meaning given the term in section 3 of 
the Workforce Innovation and Opportunity Act (29 
U.S.C. 3102). 
(6) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of Commerce, acting through the As-
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sistant Secretary of Commerce for Economic Devel-
opment. 
(7) STATE.—The term ‘‘State’’ means— 
(A) a State; 
(B) the District of Columbia; 
(C) the Commonwealth of Puerto Rico; 
and 
(D) any other territory or possession of the 
United States. 
(8) STATE BOARD.—The term ‘‘State board’’ 
has the meaning given the term in section 3 of the 
Workforce Innovation and Opportunity Act (29 
U.S.C. 3102). 
(9) SUPPORTIVE
SERVICES.—The term ‘‘sup-
portive services’’ has the meaning given the term in 
section 3 of the Workforce Innovation and Oppor-
tunity Act (29 U.S.C. 3102). 
(b) GRANTS.—The Secretary, in coordination with 
the Secretary of Labor, shall provide grants to eligible en-
tities for transition assistance to a low-carbon economy. 
(c) ELIGIBLE ENTITIES.—An entity eligible to re-
ceive a grant under this section is a labor organization, 
an institution of higher education, a unit of State or local 
government, an Indian Tribe, an economic development 
organization, a nonprofit organization, community-based 
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organization, or intermediary, or a State board or local 
board that serves or is located in a community that— 
(1) as determined by the Secretary, in coordina-
tion with the Secretary of Labor, has been or will be 
impacted by economic changes in carbon-intensive 
industries, including job losses; 
(2) as determined by the Secretary, in consulta-
tion with the Administrator of the Federal Emer-
gency Management Agency, has been or is at risk of 
being impacted by extreme weather events, sea level 
rise, and natural disasters related to climate change; 
or 
(3) as determined by the Secretary, in consulta-
tion with the Administrator of the Environmental 
Protection Agency, has been impacted by harmful 
residuals from a fossil fuel or carbon-intensive in-
dustry. 
(d) USE OF FUNDS.—An eligible entity that receives 
a grant under this section shall use the grant for— 
(1) economic and workforce development activi-
ties, such as— 
(A) job creation; 
(B) providing reemployment and worker 
transition assistance, including registered ap-
prenticeships, subsidized employment, job train-
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ing, transitional jobs, and supportive services, 
with priority given to— 
(i) workers impacted by changes in 
carbon-intensive industries; 
(ii) individuals with a barrier to em-
ployment; and 
(iii) programs that lead to a recog-
nized postsecondary credential; 
(C) local and regional investment, includ-
ing commercial and industrial economic diver-
sification; 
(D) export promotion; and 
(E) establishment of a monthly subsidy 
payment for workers who retire early due to 
economic changes in carbon-intensive industries; 
(2) climate change resiliency, such as— 
(A) building electrical, communications, 
utility, transportation, and other infrastructure 
in flood-prone areas above flood zone levels; 
(B) building flood and stormproofing 
measures in flood-prone areas and erosion- 
prone areas; 
(C) increasing the resilience of a surface 
transportation infrastructure asset to withstand 
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extreme weather events and climate change im-
pacts; 
(D) improving stormwater infrastructure; 
(E) increasing the resilience of agriculture 
to extreme weather; 
(F) ecological restoration; 
(G) increasing the resilience of forests to 
wildfires; 
(H) increasing coastal resilience; and 
(I) implementing heat island cooling strat-
egies; 
(3) environmental cleanup from fossil fuel in-
dustry facilities that are abandoned or retired, or 
closed due to bankruptcy, and residuals from car-
bon-intensive industries, such as— 
(A) coal ash and petroleum coke cleanup; 
(B) mine reclamation; 
(C) reclamation and plugging of aban-
doned oil and natural gas wells on private and 
public land; and 
(D) remediation of impaired waterways 
and drinking water resources; or 
(4) other activities as the Secretary, in coordi-
nation with the Secretary of Labor, the Adminis-
trator of the Federal Emergency Management Agen-
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cy, and the Administrator of the Environmental Pro-
tection Agency, determines to be appropriate. 
(e) REQUIREMENTS.— 
(1) 
LABOR
STANDARDS; 
NONDISCRIMINA-
TION.—An eligible entity that receives a grant under 
this section shall use the funds in a manner con-
sistent with sections 181 and 188 of the Workforce 
Innovation and Opportunity Act (29 U.S.C. 3241, 
3248). 
(2) WAGE RATE REQUIREMENTS.— 
(A) IN GENERAL.—All laborers and me-
chanics employed by eligible entities to carry 
out projects and activities funded directly by or 
assisted in whole or in part by a grant under 
this section shall be paid at wages at rates not 
less than those prevailing on projects of a simi-
lar character in the locality as determined by 
the Secretary of Labor in accordance with sub-
chapter IV of chapter 31 of title 40, United 
States Code (commonly known as the ‘‘Davis- 
Bacon Act’’). 
(B) AUTHORITY.—With respect to the 
labor standards specified in subparagraph (A), 
the Secretary of Labor shall have the authority 
and functions set forth in Reorganization Plan 
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Numbered 14 of 1950 (64 Stat. 1267; 5 U.S.C. 
App.) and section 3145 of title 40, United 
States Code. 
(3) BUY AMERICA REQUIREMENTS.— 
(A) IN
GENERAL.—All iron, steel, and 
manufactured goods used for projects and ac-
tivities carried out with a grant under this sec-
tion shall be produced in the United States. 
(B) WAIVER.—The Secretary may waive 
the requirement in subparagraph (A) if the Sec-
retary finds that— 
(i) enforcing the requirement would be 
inconsistent with the public interest; 
(ii) the iron, steel, and manufactured 
goods produced in the United States are 
not produced in a sufficient and reasonably 
available amount or are not of a satisfac-
tory quality; or 
(iii) enforcing the requirement will in-
crease the overall cost of the project or ac-
tivity by more than 25 percent. 
(f) COORDINATION.—An eligible entity that receives 
a grant under this section is encouraged to collaborate or 
partner with other eligible entities in carrying out activi-
ties with that grant. 
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(g) REPORT.—Not later than 3 years after the date 
on which the Secretary establishes the grant program 
under this section, the Secretary and the Secretary of 
Labor shall submit to Congress a report on the effective-
ness of the grant program, including— 
(1) the number of individuals that have received 
reemployment or worker transition assistance under 
this section; 
(2) a description of any job creation activities 
carried out with a grant under this section and the 
number of jobs created from those activities; 
(3) the percentage of individuals that have re-
ceived reemployment or worker transition assistance 
under this section who are, during the second and 
fourth quarters after exiting the program— 
(A) in education or training activities; or 
(B) employed; 
(4) the average wages of individuals that have 
received reemployment or worker transition assist-
ance under this section during the second and fourth 
quarters after exit from the program; 
(5) a description of any regional investment ac-
tivities carried out with a grant under this section; 
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(6) a description of any export promotion activi-
ties carried out with a grant under this section, in-
cluding— 
(A) a description of the products pro-
moted; and 
(B) an analysis of any increase in exports 
as a result of the promotion; 
(7) a description of any resilience activities car-
ried out with a grant under this section; 
(8) a description of any cleanup activities from 
fossil fuel industry facilities or carbon-intensive in-
dustries carried out with a grant under this section; 
and 
(9) the distribution of funding among geo-
graphic and socioeconomic groups, including urban 
and rural communities, low-income communities, 
communities of color, and Indian Tribes. 
(h) FUNDING.— 
(1) INITIAL FUNDING.—There is appropriated 
to the Secretary, out of any funds in the Treasury 
not otherwise appropriated, $5,000,000,000 for each 
of fiscal years 2022 and 2023 to carry out this sec-
tion, to remain available until expended. 
(2) AMERICA’S
CLEAN
FUTURE
FUND.—The 
Secretary shall carry out this section using amounts 
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made available from the America’s Clean Future 
Fund under section 9512 of the Internal Revenue 
Code of 1986 (as added by section 4). 
SEC. 8. STUDY ON CARBON PRICING. 
(a) IN GENERAL.—Not later than January 1, 2025, 
the Administrator of the Environmental Protection Agen-
cy (referred to in this section as the ‘‘Administrator’’) 
shall seek to enter into an agreement with the National 
Academy of Sciences under which the National Academy 
of Sciences shall carry out a study not less frequently than 
once every 5 years to evaluate the effectiveness of the fees 
established under sections 4692 and 4693 of the Internal 
Revenue Code of 1986 in achieving the following goals: 
(1) A net reduction of greenhouse gas emissions 
by 45 percent, based on 2018 levels, by 2030. 
(2) A net reduction of greenhouse gas emissions 
by 100 percent, based on 2018 levels, by 2050. 
(b) REQUIREMENTS.—In executing the agreement 
under subsection (a), the Administrator shall ensure that, 
in carrying out a study under that subsection, the Na-
tional Academy of Sciences— 
(1) includes an evaluation of— 
(A) total annual greenhouse gas emissions 
by the United States, including greenhouse gas 
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emissions not subject to the fees described in 
that subsection; 
(B) the historic trends in the total green-
house gas emissions evaluated under subpara-
graph (A); and 
(C) the impacts of the fees established 
under sections 4692 and 4693 of the Internal 
Revenue Code of 1986 on changes in the levels 
of fossil fuel-related localized air pollutants in 
environmental justice communities; 
(2) analyzes the extent to which greenhouse gas 
emissions have been or would be reduced as a result 
of current and potential future policies, including— 
(A) a projection of greenhouse gas emis-
sions reductions that would result if the regula-
tions of the Administrator were to be adjusted 
to impose stricter limits on greenhouse gas 
emissions than the goals described in that sub-
section, with a particular focus on greenhouse 
gas emissions not subject to the fees described 
in that subsection; 
(B) the status of greenhouse gas emissions 
reductions that result from the fees established 
under sections 4692 and 4693 of the Internal 
Revenue Code of 1986; 
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(C) a projection of greenhouse gas emis-
sions reductions that would result if the fees es-
tablished under those sections were annually in-
creased— 
(i) at the current price path; and 
(ii) above the current price path; 
(D) an analysis of greenhouse gas emis-
sions reductions that result from the policies of 
States, units of local government, Tribal com-
munities, and the private sector; 
(E) a projection of greenhouse gas emis-
sions reductions that would result from the pro-
mulgation of additional Federal climate policies, 
including a clean energy standard, increased 
fuel economy and greenhouse gas emissions 
standards for motor vehicles, a low-carbon fuel 
standard, electrification of cars and heavy-duty 
trucks, and reforestation of not less than 
3,000,000 acres of land within the National 
Forest System; and 
(F) 
the 
status 
and 
projections 
of 
decarbonization in other major economies; and 
(3) submits a report to the Administrator, Con-
gress, and the Board of Directors of the Climate 
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Change Finance Corporation describing the results 
of the study. 
SEC. 9. ESTABLISHMENT OF TARGETS FOR CARBON SE-
QUESTRATION BY LAND AND WATER. 
(a) IN GENERAL.—The Chair of the Council on Envi-
ronmental Quality, in consultation with the Secretaries of 
Agriculture, Commerce, and the Interior, the Chief of En-
gineers, and the Administrator of the Environmental Pro-
tection Agency, shall— 
(1) establish a target for carbon sequestration 
that can reasonably be achieved through enhancing 
the ability of public and private land and water to 
function as natural carbon sinks; 
(2) develop strategies for meeting that target; 
and 
(3) develop strategies to expand protections for 
coastal ecosystems that sequester carbon and pro-
vide resiliency benefits, such as— 
(A) flood protection; 
(B) soil and beach retention; 
(C) erosion reduction; 
(D) biodiversity; 
(E) water purification; and 
(F) nutrient cycling. 
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(b) REPORT.—As soon as practicable after the date 
of enactment of this Act, the Chair of the Council on Envi-
ronmental Quality shall submit to Congress a report de-
scribing— 
(1) the target and strategies described in para-
graphs (1) through (3) of subsection (a); and 
(2) any additional statutory authorities or au-
thorized funding levels needed to successfully imple-
ment those strategies. 
Æ 
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