America's Clean Future Fund Act

Bill: 117-hr-2451
Sponsor: Rep. Newman, Marie [D-IL-3]
Introduced: 2021-04-12 in the House
Policy area: Environmental Protection
Subjects: Administrative law and regulatory procedures
Agricultural conservation and pollution
Agricultural practices and innovations
Air quality
Alternative and renewable resources
Appropriations
Atmospheric science and weather
Buy American requirements
Climate change and greenhouse gases
Coal
Community life and organization
Congressional oversight
Ecology
Economic performance and conditions
Employment and training programs
Energy efficiency and conservation
Environmental Protection Agency (EPA)
Environmental assessment, monitoring, research
Environmental regulatory procedures
Executive agency funding and structure
Farmland
Floods and storm protection
Forests, forestry, trees
Government lending and loan guarantees
Government studies and investigations
Hybrid, electric, and advanced technology vehicles
Inflation and prices
Land use and conservation
Livestock
Marine and coastal resources, fisheries
Metals
Mining
Minority and disadvantaged businesses
Oil and gas
Poverty and welfare assistance
Public contracts and procurement
Sales and excise taxes
User charges and fees
Water quality
Wetlands

Summary:
action_date: 2021-04-12
text: 

America's Clean Future Fund Act

 
This bill establishes requirements and incentives to reduce greenhouse gas emissions and assist industries, communities, and workers transition to a low-carbon economy, including by establishing (1) the Climate Change Finance Corporation (C2FC); (2) the America's Clean Future Fund; and (3) a carbon fee on the use, sale, or transfer of certain fuels by covered entities.
 
The bill provides appropriations to the C2FC, an independent agency, which must finance clean energy and climate change resiliency activities in order to meet the goal of eliminating greenhouse gas emissions by 2050.
 
The bill also provides appropriations for the America's Clean Future Fund. Amounts in the fund may be used for the C2FC, stimulus payments (i.e., tax rebates) to individuals whose gross incomes do not exceed specified thresholds, decarbonization transition payments to the agricultural sector, and grants to help certain communities and workers transition to a low-carbon economy.
 
Revenues generated from the carbon fee must also be deposited into the America's Clean Future Fund. Beginning in 2023, covered entities (e.g., entities that use, sell, or transfer fossil fuels) must pay a carbon fee of $25 per metric ton of carbon dioxide or carbon dioxide equivalent. The fee increases by $10 each year, multiplied by the cost-of-living adjustment. The fees further increase if the entities miss cumulative greenhouse gas emission targets established by the bill. Refund payments may be provided for carbon capture, sequestration, and utilization.


Legislative actions:
action_date: 2021-04-13
text: Referred to the Subcommittee on Energy.
action_date: 2021-04-13
text: Referred to the Subcommittee on Water Resources and Environment.
action_date: 2021-04-13
text: Referred to the Subcommittee on Aviation.
action_date: 2021-04-13
text: Referred to the Subcommittee on Highways and Transit.
action_date: 2021-04-12
text: Referred 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 provisions as fall within the jurisdiction of the committee concerned.
action_date: 2021-04-12
text: Referred 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 provisions as fall within the jurisdiction of the committee concerned.
action_date: 2021-04-12
text: Referred 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 provisions as fall within the jurisdiction of the committee concerned.
action_date: 2021-04-12
text: Referred 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 provisions as fall within the jurisdiction of the committee concerned.
action_date: 2021-04-12
text: Referred 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 provisions as fall within the jurisdiction of the committee concerned.
action_date: 2021-04-12
text: Referred 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 provisions as fall within the jurisdiction of the committee concerned.
action_date: 2021-04-12
text: Referred 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 provisions as fall within the jurisdiction of the committee concerned.
action_date: 2021-04-12
text: Referred 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 provisions as fall within the jurisdiction of the committee concerned.
action_date: 2021-04-12
text: Referred to the Subcommittee on Energy.
action_date: 2021-04-12
text: Introduced in House
action_date: 2021-04-12
text: Introduced in House