,,ii #aacth ,,congress #b;d ,session ,s4 #bidj ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,november #ai1 #bjad ,mr4 ,whitehouse 7for himself and ,mr4 ,schatz7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to provide for carbon dioxide and other greenhouse gas emission fees4 #a4 ,short title ,this ,act may be cited as the ,american ,opportunity ,carbon ,fee ,act4 #b4 ,carbon dioxide and other greenhouse gas emission fees 7a7 ,in general ,chapter #ch of the ,internal ,revenue ,code of #aihf is amended by adding at the end thereof the following new subchapter3 ,e ,carbon dioxide and other greenhouse gas emission fees ,sec4 #dfia4 ,fee for carbon dioxide emissions4 ,sec4 #dfib4 ,fee for non-carbon dioxide greenhouse gas emissions4 ,sec4 #dfic4 ,escaped methane4 ,sec4 #dfid4 ,border adjustments4 ,sec4 #dfie4 ,definitions and other rules4 #dfia4 ,fee for carbon dioxide emissions 7a7 ,in general 7#a7 ,fossil fuel products producing carbon emissions 7,a7 ,in general ,there is hereby imposed a fee in an amount equal to the applicable amount at the rate specified in subparagraph 7,b7 on-- 7i7 coal-- 7,i7 removed from any mine in the ,united ,states1 or 7,,ii7 entered into the ,united ,states for consumption1 use1 or warehousing1 7ii7 petroleum products-- 7,i7 removed from any refinery1 7,,ii7 removed from any terminal1 or 7,,iii7 entered into the ,united ,states for consumption1 use1 or warehousing1 and 7iii7 natural gas-- 7,i7 entered into any processor1 or 7,,ii7 entered into the ,united ,states for consumption1 use1 or warehousing4 7,b7 ,rate ,the rate specified in this subparagraph with respect to any product described in subparagraph 7,a7 is an amount equal to the applicable amount per ton of carbon dioxide that would be emitted through the combustion of such product 7as determined by the ,secretary1 in consultation with the ,secretary of ,energy and the ,administrator of the ,environmental ,protection ,agency74 7#b7 ,emissions attributable to other substances ,there is hereby imposed a fee in an amount equal to the applicable amount per ton of carbon dioxide emitted-- 7,a7 from any facility which-- 7i7 is required to report emissions1 or to which emissions are attributed1 under subpart ,a of part #ih of title #dj1 ,code of ,federal ,regulations1 as in effect on the date of the enactment of the ,american ,opportunity ,carbon ,fee ,act1 and 7ii7 emits not less than #be1jjj tons of carbon dioxide emissions during the previous calendar year1 and 7,b7 by reason of the combustion or processing of any product other than coal1 petroleum products1 and natural gas4 7b7 ,applicable amount 7#a7 ,in general ,for purposes of this part1 the applicable amount is-- 7,a7 for calendar year #bjae1 #db1 7,b7 for any calendar year following a year which is not a national emissions target attainment year1 the sum of-- 7i7 the product of the amount in effect under this subparagraph for the preceding calendar year and #ajb percent1 and 7ii7 the inflation adjustment amount determined under paragraph 7#b71 and 7,c7 for any calendar year following a year which is a national emissions target attainment year1 the sum of-- 7i7 the amount in effect under this subparagraph for the preceding calendar year1 and 7ii7 the inflation adjustment amount determined under paragraph 7#b74 7#b7 ,inflation adjustment amount 7,a7 ,in general ,the inflation adjustment amount for any calendar year shall be an amount 7not less than zero7 equal to the product of-- 7i7 the amount determined under paragraph 7#a77;,b77i7 or 7#a77;,c77i71 as applicable1 for such year1 and 7ii7 the percentage by which the ,,cpi for the preceding calendar year exceeds the ,,cpi for the second preceding calendar year4 7,b7 ,,cpi ,rules similar to the rules of paragraphs 7#d7 and 7#e7 of section #a7;f7 shall apply for purposes of this paragraph4 7#c7 ,rounding ,the applicable amount under this subsection shall be rounded up to the next whole dollar amount4 7#d7 ,national emissions target attainment year ,for purposes of paragraph 7#a71 a calendar year is a national emissions target attainment year if the level of greenhouse gas emissions in the ,united ,states for the calendar year does not exceed #bj percent of the level of greenhouse gas emissions in the ,united ,states for calendar year #bjje as determined by the ,secretary in consultation with the ,administrator of the ,environmental ,protection ,agency4 7c7 ,refunds for capturing carbon dioxide and production of certain goods 7#a7 ,carbon dioxide capture1 utilization1 and storage 7,a7 ,in general ,in the case of a person who-- 7i7 uses any coal1 petroleum product1 or natural gas for which a fee has been imposed under subsection 7a77#a7 in a manner which results in the emission of qualified carbon dioxide1 7ii7 captures the resulting emitted qualified carbon dioxide at a qualified facility1 and 7iii7 7,i7 disposes of such qualified carbon dioxide in secure storage1 or 7,,ii7 utilizes such qualified carbon dioxide in a manner provided in subparagraph 7,d71 there shall be allowed a refund1 in the same manner as if it were an overpayment of the fee imposed by such subsection1 to such person in amount determined under subparagraph 7,b74 7,b7 ,amount of refund ,the amount of the refund under this subparagraph is an amount equal to the product of-- 7i7 the applicable amount under subsection 7b7 for the calendar year in which such qualified carbon dioxide was captured and disposed or utilized1 and 7ii7 the adjusted tons of qualified carbon dioxide captured and disposed or utilized4 7,c7 ,adjusted total tons ,for purposes of subparagraph 7,b71 the adjusted tons of qualified carbon dioxide captured and disposed or utilized shall be the total tons of qualified carbon dioxide captured and disposed or utilized reduced by the amount of any anticipated leakage of carbon dioxide into the atmosphere due to imperfect storage technology or otherwise1 as determined by the ,secretary in consultation with the ,administrator of the ,environmental ,protection ,agency4 7,d7 ,requirements 7i7 ,in general ,any refund under subparagraph 7,a7 shall apply only with respect to qualified carbon dioxide that has been captured and disposed or utilized within the ,united ,states4 7ii7 ,disposal and secure storage 7,i7 ,secure storage ,the ,secretary1 in consultation with the ,administrator of the ,environmental ,protection ,agency and the ,secretary of ,energy1 shall establish regulations similar to the regulations under section #de,q7d77#b7 for determining adequate security measures for the secure storage of qualified carbon dioxide for purposes of subparagraph 7,a77iii77,i74 7,,ii7 ,recapture ,the ,secretary shall1 by regulations1 provide for recapturing the benefit of any refund made under subparagraph 7,a7 with respect to any qualified carbon dioxide which is disposed in secure storage and ceases to be stored in a manner consistent with the requirements of this section4 7iii7 ,utilization ,the ,secretary1 in consultation with the ,administrator of the ,environmental ,protection ,agency1 shall establish regulations providing for the appropriate methods and manners for the utilization of qualified carbon dioxide under subparagraph 7,a77iii77,,ii71 including the utilization of captured carbon dioxide for enhanced oil or gas recovery and the production of substances such as plastics1 biofuels1 and chemicals4 ,such regulations shall provide for the minimization of the escape or further emission of the qualified carbon dioxide into the atmosphere4 7,e7 ,qualified carbon dioxide2 qualified facility ,for purposes of this paragraph-- 7i7 ,qualified carbon dioxide ,the term qualified carbon dioxide has the same meaning given that term under section #de,q7b74 7ii7 ,qualified facility ,the term qualified facility has the same meaning given that term under section #de,q7c71 determined without regard to paragraph 7#c7 thereof4 7#b7 ,manufacture of certain goods ,in the case of a person who uses any coal1 petroleum product1 or natural gas for which a fee has been imposed under subsection 7a77#a7 as an input for a manufactured good that encapsulates carbon dioxide in a manner such that it does not result in the direct emission of carbon dioxide in the manufacturing or subsequent use of such good1 a refund shall be allowed to such person in the same manner as if it were an overpayment of the fee imposed by such section in an amount that is equal to the product of-- 7,a7 an amount equal to the applicable amount under subsection 7b7 for the calendar year in which such product was used1 and 7,b7 the total tons of carbon dioxide that would have otherwise been emitted through the combustion of such product4 7#c7 ,exports ,in the case of a person who exports any coal1 petroleum product1 or natural gas from the ,united ,states for which a fee has been imposed under subsection 7a77#a71 a refund shall be allowed to such person in the same manner as if it were an overpayment of the fee imposed by such section in an amount that is equal to the fee previously imposed under such section with respect to such product4 #dfib4 ,fee for non-carbon dioxide greenhouse gas emissions 7a7 ,in general ,there is hereby imposed a fee in an amount determined under subsection 7b7 on the emission 7including attributed emissions7 of any greenhouse gas other than carbon dioxide from any greenhouse gas emissions source4 7b7 ,amount of fee ,the amount of fee imposed by subsection 7a7 shall be equal to the applicable amount determined under section #dfia7;b7 per ton of carbon dioxide equivalent emitted by the greenhouse gas emissions source4 7c7 ,greenhouse gas emissions source ,the term greenhouse gas emissions source means any facility which-- 7#a7 is required to report emissions 7or which would be required to report emissions notwithstanding any other provision of law prohibiting the implementation of or use of funds for such requirements71 or to which emissions are attributed1 under part #ih of title #dj1 ,code of ,federal ,regulations1 as in effect on the date of the enactment of the ,american ,opportunity ,carbon ,fee ,act1 and 7#b7 emits during the previous calendar year greenhouse gases 7not including carbon dioxide7 at a rate equal to the carbon dioxide equivalent of not less than #be1jjj tons4 7d7 ,special rules ,for purposes of determining emissions under subsections 7a7 and 7c77#b71 there shall not be taken into account-- 7#a7 the emission of fluorinated greenhouse gases other than nitrogen trifluoride from any facility that is included under-- 7,a7 the electrical transmission and distribution equipment use source category under subpart ,,dd of part #ih of title #dj1 ,code of ,federal ,regulations1 as in effect on the date of the enactment of the ,american ,opportunity ,carbon ,fee ,act1 7,b7 the electronics manufacturing source category under subpart ,i of such part1 as in effect on the date of the enactment of the ,american ,opportunity ,carbon ,fee ,act1 7,c7 in the case of a facility that transforms or destroys such gases1 the industrial gas supplier source category under subpart ,,oo of such part1 as in effect on the date of the enactment of the ,american ,opportunity ,carbon ,fee ,act1 or 7,d7 the electrical equipment manufacturing or refurbishment category under subpart ,,ss of such part1 as in effect on the date of the enactment of the ,american ,opportunity ,carbon ,fee ,act1 or 7#b7 the emission of trifluoride from any facility that is included under-- 7,a7 the industrial gas supplier source category under subpart ,,oo of part #ih of title #dj1 ,code of ,federal ,regulations1 as in effect on the date of the enactment of the ,american ,opportunity ,carbon ,fee ,act1 or 7,b7 the source category for importers and exporters of fluorinated greenhouse gases contained in pre-charged equipment or closed-cell foams under subpart ,,qq of such part1 as in effect on the date of the enactment of the ,american ,opportunity ,carbon ,fee ,act4 #dfic4 ,escaped methane 7a7 ,reporting program 7#a7 ,in general ,not later than ,january #a1 #bjaf1 the ,secretary of the ,treasury1 in consultation with the ,administrator of the ,environmental ,protection ,agency and the ,administrator of the ,energy ,information ,administration1 shall establish and implement a program to provide for the collection of data on methane emissions by major non-natural sources1 including methane emissions attributable to the extraction and distribution of coal1 petroleum products1 and natural gas4 7#b7 ,annual report ,not later than #ab months after the date that the ,secretary implements the program described in paragraph 7#a71 and annually thereafter1 the ,secretary shall issue a report1 to be made available to the public and the appropriate ,committees of ,congress1 on methane emissions1 including-- 7,a7 identification of all major non-natural source categories of methane emissions1 7,b7 the total amount1 expressed in tons of carbon dioxide equivalent1 of-- 7i7 methane emissions attributable to the extraction and distribution of coal within the ,united ,states during the preceding calendar year1 7ii7 methane emissions attributable to the extraction and distribution of petroleum products within the ,united ,states during the preceding calendar year1 and 7iii7 methane emissions attributable to the extraction and distribution of natural gas within the ,united ,states during the preceding calendar year1 and 7,c7 the total amount1 expressed in tons of carbon dioxide equivalent1 of-- 7i7 greenhouse gas emissions attributable to the extraction1 distribution1 and combustion of coal within the ,united ,states during the preceding calendar year1 7ii7 greenhouse gas emissions attributable to the extraction1 distribution1 and combustion of petroleum products within the ,united ,states during the preceding calendar year1 and 7iii7 greenhouse gas emissions attributable to the extraction1 distribution1 and combustion of natural gas within the ,united ,states during the preceding calendar year4 7b7 ,supplementary fee for escaped methane 7#a7 ,coal ,in the case of any calendar year beginning after #bjaf1 the fee imposed under section #dfia7;a77#a7 with respect to coal shall be increased by the amount determined by the ,secretary 7in consultation with the ,administrator of the ,environmental ,protection ,agency7 necessary to ensure that the total fees collected under such section with respect to coal are equal to the total amount of such fees that would be collected on coal if the fee imposed under section #dfia7;a77#a7 applied to the carbon-dioxide equivalent of methane emissions reported under subsection 7a77#b77;,b77i74 7#b7 ,petroleum products ,in the case of any calendar year beginning after #bjaf1 the fee imposed under section #dfia7;a77#a7 with respect to petroleum products shall be increased by the amount determined by the ,secretary 7in consultation with the ,administrator of the ,environmental ,protection ,agency7 necessary to ensure that the total fees collected under such section with respect to petroleum products are equal to the total amount of such fees that would be collected on petroleum products if the fee imposed under section #dfia7;a77#a7 applied to the carbon-dioxide equivalent of methane emissions reported under subsection 7a77#b77;,b77ii74 7#c7 ,natural gas ,in the case of any calendar year beginning after #bjaf1 the fee imposed under section #dfia7;a77#a7 with respect to natural gas shall be increased by the amount determined by the ,secretary 7in consultation with the ,administrator of the ,environmental ,protection ,agency7 necessary to ensure that the total fees collected under such section with respect to natural gas are equal to the total amount of such fees that would be collected on natural gas if the fee imposed under section #dfia7;a77#a7 applied to the carbon-dioxide equivalent of methane emissions reported under subsection 7a77#b77;,b77iii74 #dfid4 ,border adjustments 7a7 ,exports 7#a7 ,in general ,in the case of any good exported from the ,united ,states that-- 7,a7 is manufactured using as an input-- 7i7 any coal1 petroleum product1 or natural gas that is subject to a fee under section #dfia7;a77#a7 or #dfic7;b71 or 7ii7 any product manufactured in a facility that is subject to a fee under section #dfia7;a77#b7 or #dfib7;a71 and 7,b7 as a result of such fee1 has been determined by the ,secretary to be placed at a competitive disadvantage in foreign markets against similar goods that are manufactured using inputs not subject to equivalent greenhouse gas or carbon content taxes or fees1 the ,secretary may provide an equivalency refund to the person exporting such good in an amount determined under paragraph 7#b74 7#b7 ,equivalency refund ,for any good identified by the ,secretary under paragraph 7#a71 the amount determined under this paragraph shall be equal to the difference between-- 7,a7 the amount of the cost of such good attributable to any fees imposed under this subchapter on inputs used in the manufacturing of such good 7as determined under regulations established by the ,secretary71 and 7,b7 the amount1 if any1 of the cost of such good which would be attributable to comparable greenhouse gas or carbon content taxes or fees imposed by the foreign nation or substantial governmental unit to which such good is exported if the inputs used in the manufacturing of such good were subject to such taxes or fees 7as determined under regulations established by the ,secretary74 7b7 ,imports 7#a7 ,in general ,in the case of any good imported into the ,united ,states-- 7,a7 that is manufactured using as an input-- 7i7 any coal1 petroleum product1 or natural gas that is not subject to a fee under section #dfia7;a77#a7 or #dfic7;b71 or 7ii7 any product manufactured in a facility that is not subject to a fee under section #dfia7;a77#b7 or #dfib7;a71 and 7,b7 is placed at a competitive disadvantage compared to similar goods in the domestic market which are manufactured using inputs subject to such a fee1 as determined under regulations established by the ,secretary1 the ,secretary may impose an equivalency fee on the person importing such good in an amount determined under paragraph 7#b74 7#b7 ,equivalency fee ,for any good identified by the ,secretary under paragraph 7#a71 the amount determined under this paragraph shall be equal to the difference between-- 7,a7 the amount of the cost of such good which would be attributable to any fees imposed under this subchapter on inputs used in the manufacturing of such good if the inputs used in manufacturing such good were subject to such fees 7as determined under regulations established by the ,secretary71 and 7,b7 the amount1 if any1 of the cost of such good which is attributable to comparable greenhouse gas or carbon content taxes or fees imposed by the foreign nation or substantial governmental unit from which such good is imported 7as determined under regulations established by the ,secretary74 7c7 ,regulatory authority ,the ,secretary shall consult with the ,administrator of the ,environmental ,protection ,agency and the ,secretary of ,energy in establishing rules and regulations implementing the purposes of this section4 #dfie4 ,definitions and other rules 7a7 ,definitions ,for purposes of this subchapter3 7#a7 ,carbon dioxide equivalent 7,a7 ,in general ,except as provided under subparagraph 7,b71 the term carbon dioxide equivalent means1 with respect to a greenhouse gas1 the quantity of such gas that has a global warming potential equivalent to #a metric ton of carbon dioxide1 as determined pursuant to table ,a-#a of subpart ,a of part #ih of title #dj1 ,code of ,federal ,regulations1 as in effect on the date of the enactment of the ,american ,opportunity ,carbon ,fee ,act4 7,b7 ,exception for hydrofluorocarbons ,in the case of hydrofluorocarbons emitted from any facility that is included under-- 7i7 the industrial gas supplier source category under subpart ,,oo of part #ih of title #dj1 ,code of ,federal ,regulations1 or 7ii7 the source category for importers and exporters of fluorinated greenhouse gases contained in pre-charged equipment or closed-cell foams under subpart ,,qq of such part1 the term carbon dioxide equivalent means #aj percent of the quantity of such hydrofluorocarbons that has a global warming potential equivalent to #a metric ton of carbon dioxide1 as determined pursuant to table ,a-#a of subpart ,a of such part1 as in effect on the date of the enactment of the ,american ,opportunity ,carbon ,fee ,act4 7#b7 ,greenhouse gas ,the term greenhouse gas has the meaning given such term under section #baa7o77#a77;,g7 of the ,clean ,air ,act1 as in effect on the date of the enactment of the ,american ,opportunity ,carbon ,fee ,act4 7#c7 ,coal ,the term coal has the same meaning given such term under section #dh;,a7c77#d74 7#d7 ,petroleum product ,the term petroleum product has the same meaning given such product under section #dfab7;a77#c74 7#e7 ,ton 7,a7 ,in general ,the term ton means #a1jjj kilograms4 ,in the case of any greenhouse gas which is a gas1 the term ton means the amount of such gas in cubic meters which is the equivalent of #a1jjj kilograms on a molecular weight basis4 7,b7 ,fractional part of ton ,in the case of a fraction of a ton1 any fee imposed by this subchapter on such fraction shall be the same fraction of the amount of such fee imposed on a whole ton4 7#f7 ,united ,states ,the term ,united ,states has the meaning given such term by section #dfab7;a77#d74 7b7 ,other rules 7#a7 ,assessment and collection ,subject to subsection 7d71 payment of the fee imposed by sections #dfia1 #dfib1 and #dfic shall be assessed and collected in the same manner as taxes under this subtitle4 7#b7 ,regulations ,the ,secretary shall prescribe such regulations as may be necessary to carry out the provisions of this subchapter4 4 7b7 ,clerical amendment ,the table of subchapters for chapter #ch of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new item3 ,,subchapter ,e--,carbon dioxide and other greenhouse gas emission fees 4 7c7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after ,december #ca1 #bjad4 #c4 ,american ,opportunity ,fund 7a7 ,establishment of fund ,subchapter ,a of chapter #ih of the ,internal ,revenue ,code of #aihf is amended by adding at the end thereof the following new section3 #ieab4 ,american ,opportunity ,fund 7a7 ,creation of ,fund ,there is established in the ,treasury of the ,united ,states a trust fund to be known as the ,american ,opportunity ,fund1 consisting of such amounts as may be appropriated or credited to the ,american ,opportunity ,fund as provided in this section or section #ifjb7;b74 7b7 ,transfers to ,fund ,there is hereby credited to the ,american ,opportunity ,fund an amount equal to the budgetary effects for the ,american ,opportunity ,carbon ,fee ,act determined pursuant to section #d of the ,statutory ,pay-,as-,you-,go ,act of #bjaj 7determined without regard to section #e of the ,american ,opportunity ,carbon ,fee ,act74 7c7 ,expenditures from ,fund 7#a7 ,in general ,subject to paragraph 7#b71 amounts in the ,american ,opportunity ,fund shall be made available for the following uses to assist ,american families and businesses3 7,a7 ,providing economic assistance to low-income households or households in regions with disproportionately high energy costs4 7,b7 ,transfers to the general fund of the ,treasury to offset tax cuts4 7,c7 ,transfers to the ,federal ,old-,age and ,survivors ,trust ,fund and the ,federal ,disability ,insurance ,trust ,fund established under section #bja of the ,social ,security ,act 7#db ,u4,s4,c4 #dja7 to provide supplemental funding for increases in ,social ,security benefits4 7,d7 ,providing tuition assistance for higher education or alleviating ,federal student loan debt4 7,e7 ,investing in improvements to the infrastructure of the ,united ,states4 7,f7 ,providing dividends directly to individuals and families4 7,g7 ,providing transition assistance to workers and businesses in energy intensive and fossil fuel industries4 7,h7 ,investing in mitigation and adaptation measures that promote national security1 protect public health1 conserve natural resources1 or fulfill international climate commitments made by the ,united ,nations ,framework ,convention on ,climate ,change4 7,i7 ,reducing the debt of the ,united ,states4 7#b7 ,limitation ,no amount may be made available from the ,american ,opportunity ,fund to create any new government agency or to fund government operations beyond what is necessary to carry out the uses provided in paragraph 7#a74 4 7b7 ,clerical amendment ,the table of sections for subchapter ,a of chapter #ih of such ,code is amended by adding at the end thereof the following new item3 ,sec4 #ieab4 ,american ,opportunity ,fund4 4 #d4 ,public disclosure of revenues and expenditures 7a7 ,establishment of website ,the ,secretary of the ,treasury1 or the ,secretary's designee1 shall establish a website for purposes of making the disclosures described in subsection 7b74 7b7 ,disclosures ,the ,secretary shall make publicly available1 on an ongoing basis and as frequently as possible1 the following information3 7#a7 ,the amount and sources of revenue attributable to this ,act and the amendments made by this ,act4 7#b7 ,the amount1 programs1 and purposes for which expenditures are made from the ,american ,opportunity ,fund4 #e4 ,budgetary provisions 7a7 ,budgetary effects of this ,act 7#a7 ,paygo scorecard ,the budgetary effects of this ,act and the amendments made by this ,act shall not be entered on either ,,paygo scorecard maintained pursuant to section #d7;d7 of the ,statutory ,pay-,as-,you-,go ,act of #bjaj 7#b ,u4,s4,c4 #icc7;d774 7#b7 ,senate paygo scorecard ,the budgetary effects of this ,act and the amendments made by this ,act shall not be entered on any ,,paygo scorecard maintained for purposes of section #bja of ,s4 ,con4 ,res4 #ba 7#aajth ,congress74 7b7 ,exclusion from determination of breach ,section #bea7;a7 of the ,balanced ,budget and ,emergency ,deficit ,control ,act of #aihe 7#b ,u4,s4,c4 #ija7;a77 is amended by adding at the end the following3 7#h7 ,american ,opportunity ,fund ,in determining whether there has been a breach during a fiscal year1 the ,office of ,management and ,budget shall not include amounts appropriated from the ,american ,opportunity ,fund during the fiscal year as discretionary appropriations if the ,director of the ,office of ,management and ,budget determines that amounts are appropriated to assist ,american families and businesses in a manner described in section #ieab7;c7 of the ,internal ,revenue ,code of #aihf4 4 7c7 ,,paygo legislation ,section #d of the ,statutory ,pay-,as-,you-,go ,act of #bjaj 7#b ,u4,s4,c4 #icc7 is amended by adding at the end the following3 7h7 ,offset from ,american ,opportunity ,fund ,in determining the budgetary effects of a ,,paygo ,act1 ,,cbo or ,,omb1 as applicable1 shall treat any amounts transferred from the ,american ,opportunity ,fund to the ,general ,fund of the ,treasury under the ,,paygo ,act as a savings if the ,director of ,,cbo or the ,director of ,,omb1 as applicable1 determines that the amounts are transferred to assist ,american families and businesses in a manner described in section #ieab7;c7 of the ,internal ,revenue ,code of #aihf4 4 #f4 ,severability ,if any provision of this ,act or amendment made by this ,act1 or the application of a provision or amendment to any person or circumstance1 is held to be unconstitutional1 the remainder of this ,act and amendments made by this ,act1 and the application of the provisions and amendment to any person or circumstance1 shall not be affected by the holding4