,i  #aae? ,,congress  #b;d ,session  ,h4
 ,r4 #fibh  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,septemb] #bg1        
#bjah,mr4 ,mc,nerney introduc$ ! foll[+ 
bill2 :i* 0 ref]r$ to ! ,committee on   
,ways & ,means1 & 9 addition to !       
,committees on ,education & ! ,work=ce1 
,en]gy & ,comm]ce1 ,sci5ce1 ,space1 &   
,te*nology1 & ,transportation &         
,infra/ructure1 = a p]iod to be         
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to impose a tax on
 fossil fuels & to use ! rev5ues =      
economic b5efit4  #a4 ,%ort title ,?is  
,act may be cit$ z ! ,consum]s ,rebate  
to ban ,emissions & ,boo/ ,al,ternative 
,en]gy ,act or ! ,consum]s ,,rebate     
,act4  #b4 ,excise tax on c>bon dioxide 
cont5t ( coal1 oil1 & natural gas  7a7  
,9 g5]al ,! ,int]nal ,rev5ue ,code (    
#aihf is am5d$ by add+ at ! end !       
foll[+3  ,l ,c>bon dioxide cont5t (     

coal1 oil1 & natural gas  ,sec4 #iija4  
,imposition ( tax4 ,sec4 #iijb4 ,c>bon  
equival5cy fee4 ,sec4 #iijc4            
,def9itions4 ,sec4 #iijd4 ,special      
rules4  #iija4 ,imposition ( tax  7a7 ,9
 g5]al ,!re is h]eby impos$ a tax on    
produc+ at ! wellhead or m9e 9 ! ,unit$ 
,/ates1 or import+1 a taxable c>bon     
sub/ance4  7b7 ,rate ( tax  7#a7 ,9     
g5]al ,! tax impos$ "u subsection 7a7   
%all be ! applicable am\nt p] ton (     
c>bon dioxide cont5t ( ! life-cycle     
emissions f ! taxable c>bon sub/ance4   
7#b7 ,applicable am\nt ,= purposes (    
p>agraph 7#a7-- 7,a7 ,9 g5]al ,= cal5d> 
ye> #bjbj1 ! t]m applicable am\nt means 
#be4  7,b7 ,annual adju/m5ts g5]ally ,9 
! case ( any taxable ye> beg9n+ 9 a     
cal5d> ye> aft] #bjbj1 ! doll> am\nt 9  
effect "u subp>agraph 7,a7 = ! prec$+   
cal5d> %all be increas$ by #aj4  7#c7   
,z]o rate if emission r$uction b5*m>k   
atta9$  7,a7 ,9 g5]al ,if ! ,adm9i/rator
 det]m9es & specifies 9 a report issu$  
"u subsection 7c77#c77;,a7 9 ! ye>      

imm$iately prec$+ a ye> specifi$ 9      
subsection 7c77#a77;,a7 t ! emissions   
r$uction b5*m>k = t specifi$ ye> w be   
met or exce$$1 !n = t specifi$ ye> & !  
succe$+ #d cal5d> ye>s--  7i7 p>agraph  
7#b7 %all n apply1 &  7ii7 ! applicable 
am\nt %all be z]o4  7,b7 ,re9/atem5t    
7i7 ,9 g5]al ,except z provid$ 9 clause 
7ii71 = any cal5d> ye> aft] a p]iod     
ref]r$ to 9 subp>agraph 7,a7 p>agraph   
7#b7 %all be appli$ & ! applicable am\nt
 = ! fir/ su* cal5d> ye> %all be ! doll>
 am\nt 9 effect = ! cal5d> ye> prec$+ ! 
beg9n+ ( su* p]iod4  7ii7 ,exception    
,clause 7i7 %all n apply to a cal5d> ye>
 if1 respect to t cal5d> ye>1 a         
det]m9ation describ$ 9 subp>agraph 7,a7 
applies to t cal5d> ye>4  7c7 ,emissions
 r$uctions b5*m>ks ,= purposes ( ?is    
section-- 7#a7 ,9 g5]al ,! emissions    
r$uction b5*m>ks are z foll[s3  7,a7 #cj
 p]c5t bel[ ! emissions b5*m>k by #bjbe4
  7,b7 #dj p]c5t bel[ ! emissions b5*m>k
 by #bjcj4  7,c7 #ej p]c5t bel[ !       
emissions b5*m>k by #bjce4  7,d7 #gj    

p]c5t bel[ ! emissions b5*m>k by #bjde4 
7,e7 #hj p]c5t bel[ ! emissions b5*m>k  
by #bjej4  7#b7 ,emissions b5*m>k ,!    
emissions b5*m>k is ! #bjje level (     
life-cycle emissions f ! taxable c>bon  
sub/ances1 z det]m9$ by ! ,adm9i/rator4 
7#c7 ,reports  7,a7 ,emissions r$uctions
 t>get report ,n lat] ?an #b ye>s aft] !
 date ( enactm5t ( ! ,consum]s ,rebate  
to ban ,emissions & ,boo/ ,al,ternative 
,en]gy ,act1 & e #b ye>s !reaft]1 !     
,adm9i/rator %all issue an emissions    
r$uction b5*m>ks report4 ,! report %all 
include1 9 detail1 ! emission r$uctions 
result+ f ! imposition ( tax "u ?is     
section & ! expect$ trajectory (        
emissions r$uctions4  7,b7 #e-ye> report
 ,! ,adm9i/rator %all1 aft] consultation
 ) o!r appropriate ,f$]al & ,/ate       
ag5cies & non-,f$]al /akehold]s1 issue a
 report e #e ye>s on ! effects ( ! c>bon
 tax e/abli%$ "u ?is subtitle1 includ+  
en]gy m>ket conditions1 impacts to      
consum]s1 impacts to ! environm5t1      
actual emission r$uctions1 & reliability

 & resili5cy ( ! electric grid4  7d7 ,by
 :om paid ,! tax impos$ by subsection   
7a7 %all be paid by ! produc]1 m9]1 or  
import] ( ! taxable c>bon sub/ance4  7e7
 ,regulations ,n lat] ?an #b ye>s aft] !
 date ( enactm5t ( ! ,consum]s ,rebate  
to ban ,emissions & ,boo/ ,al,ternative 
,en]gy ,act1 ! ,secret>y %all issue su* 
regulations z may be necess>y or        
appropriate to c>ry out ?is subtitle1   
includ+ regulations relat+ to ! timely &
 effici5t issuance ( p]mits & collection
 ( paym5ts = su* p]mits4  #iijb4 ,c>bon 
equival5cy fee  7a7 ,purpose ,! purpose 
( ?is section is to ensure !            
environm5tal effectiv5ess ( ?is         
subtitle4  7b7 ,imports ,! ,secret>y1 9 
consultation ) ! ,secret>y ( ,en]gy1 !  
,adm9i/rator1 & ! ,commission] ( !      
,u4,s4 ,cu/oms & ,bord] ,protection1    
%all impose c>bon equival5cy fees on    
imports ( goods conta9+ or produc$ us+ a
 taxable c>bon sub/ance4 ,! am\nt ( !   
c>bon equival5cy fee ) respect to !     
import ( any good %all be equal to ! co/

 t dome/ic produc]s ( a comp>able good  
incur z a result (--  7#a7 ! tax impos$ 
"u section #iija1 &  7#b7 c>bon         
equival5cy fees impos$ "u ?is section on
 any goods us$ 9 ! production ( su*     
good4  7c7 ,collection ,! fees impos$ "u
 ?is section %all be collect$ by !      
,commission] ( ! ,u4,s4 ,cu/oms & ,bord]
 ,protection4  7d7 ,expiration ,?is     
section %all cease to h effect at su* "t
 z & to ! ext5t t-- 7#a7 an int]national
 agreem5t requir+ c\ntries t emit c>bon 
dioxide or produce goods conta9+ or us+ 
taxable c>bon sub/ances to adopt        
equival5t measures comes into effect1 or
  7#b7 ! c\ntry ( export has implem5t$  
equival5t measures1 z det]m9$ by !      
,secret>y1 9 consultation ) ! ,secret>y 
( ,/ate4  #iijc4 ,def9itions ,= purposes
 ( ?is subtitle-- 7#a7 ,taxable c>bon   
sub/ance ,! t]m taxable c>bon sub/ance  
means--  7,a7 coal1  7,b7 oil1 &  7,c7  
natural gas4  7#b7 ,coal ,! t]m coal    
includes lignite1 an?racite1 bitum9\s1  
subbitum9\s1 peat or o!r =ms ( :at is   

commonly ref]r$ to z coal produc$ f a   
m9e4  7#c7 ,oil ,! t]m oil includes     
crude oil cond5sates1 natural gasol9e1  
%ale oil1 any bitum5 or bitum9\s        
mixture1 any oil d]iv$ f a bitum5 or    
bitum9\s mixture1 & any oil d]iv$ f     
k]og5-be>+ s\rces4  7#d7 ,natural gas ,!
 t]m natural gas means ei!r natural gas 
unmix$1 or any mixture ( natural &      
artificial gas4  7#e7 ,life-cycle       
emissions ,! t]m life-cycle emissions   
means total life-cycle emissions ( c>bon
 dioxide f a taxable c>bon sub/ance :i* 
%all be det]m9$ by ! ,adm9i/rator4  7#f7
 ,adm9i/rator ,! t]m ,adm9i/rator means 
! ,adm9i/rator ( ! ,environm5tal        
,protection ,ag5cy4  7#g7 ,unit$ ,/ates 
,! t]m ,unit$ ,/ates means ! ,/ates1 &  
t]ritory or possession ( ! ,unit$       
,/ates1 & ! ,di/rict ( ,columbia4       
#iijd4 ,special rules  7a7 ,export ,=   
purposes ( ?is subtitle-- 7#a7 ,9 g5]al 
,no tax %all be impos$ "u section #iija 
on ! production or m9+ ( a taxable c>bon
 sub/ance :i* is int5d$ = export1       

includ+ ! sale or resale by a pur*as] to
 a second pur*as] = export4  7#b7 ,pro( 
( export requir$ ,rules simil> to !     
rules ( section #dbba7;b7 %all apply =  
purposes ( p>agraph 7#a74  7#c7 ,cr$it  
or refund :]e tax paid  7,a7 ,9 g5]al   
,except z provid$ 9 subp>agraph 7,b71   
if--  7i7 tax "u section #iija 0 paid ) 
respect to any taxable c>bon sub/ance1 &
  7ii7 7,i7 su* sub/ance 0 export$ by   
any p]son1 or  7,,ii7 su* sub/ance 0 us$
 z a mat]ial 9 ! manufacture or         
production ( a sub/ance :i* 0 export$ by
 any p]son & :i*1 at ! "t ( export1 0 a 
taxable c>bon sub/ance 7z def9$ 9       
section #iijb7a771  cr$it or refund 7)\t
 int]e/7 ( su* tax %all be all[$ or made
 to ! p]son :o paid su* tax4  7,b7      
,condition to all[ance ,no cr$it or     
refund %all be all[$ or made "u         
subp>agraph 7,a7 unless ! p]son :o paid 
! tax e/abli%es t he--  7i7 has repaid  
or agre$ to repay ! am\nt ( ! tax to !  
p]son :o export$ ! taxable *emical or   
taxable sub/ance 7z s def9$71 or  7ii7  

has obta9$ ! writt5 cons5t ( su* export]
 to ! all[ance ( ! cr$it or ! mak+ ( !  
refund4  7#d7 ,refunds directly to      
export] ,! ,secret>y %all provide1 9    
regulations1 ! circum/ances "u :i* a    
cr$it or refund 7)\t int]e/7 ( ! tax "u 
section #iija %all be all[$ or made to !
 p]son :o export$ ! taxable c>bon       
sub/ance1 :]e--  7,a7 ! p]son :o paid ! 
tax waives 8 claim to ! am\nt ( su*     
cr$it or refund1 &  7,b7 ! p]son export+
 ! taxable c>bon sub/ance provides su*  
in=mation z ! ,secret>y may require 9   
su* regulations4  7#e7 ,regulations ,!  
,secret>y %all prescribe su* regulations
 z may be necess>y to c>ry out !        
purposes ( ?is subsection4  4  7b7      
,e/abli%m5t ( tru/ fund  7#a7 ,9 g5]al  
,sub*apt] ,a ( *apt] #ih ( su* ,code    
7relat+ to tru/ fund code7 is am5d$ by  
add+ at ! end ! foll[+3  #ieab4 ,c>bon  
tru/ fund  7a7 ,creation ( tru/ fund    
,!re is e/abli%$ 9 ! ,treasury ( !      
,unit$ ,/ates a tru/ fund to be kn[n z !
 ,c>bon ,tru/ ,fund 7ref]r$ to 9 ?is    

section z ! ,tru/ ,fund71 consi/+ ( su* 
am\nts z may be appropriat$ or cr$it$ to
 ! ,tru/ ,fund z provid$ 9 ?is section  
or section #ifjb7;b74  7b7 ,transf]s to 
tru/ fund ,!re is h]eby appropriat$ to !
 ,tru/ ,fund an am\nt equival5t to !    
am\nts receiv$ 9 ! ,treasury pursuant to
 section #iija4  7c7 ,exp5ditures f tru/
 fund  7#a7 ,9 g5]al ,f am\nts 9 ! ,tru/
 ,fund at ! beg9n+ ( a fiscal ye>1 !    
foll[+ am\nts %all be made available1 z 
provid$ by appropriation ,acts1 z       
foll[s3  7,a7 ,! am\nt necess>y %all be 
paid into g5]al receipts 9 ! ,treasury  
to (fset a r$uction 9 ! rate (          
individual income tax by reason ( !     
am5dm5ts made by section #b7;c7 ( !     
,consum]s ,rebate to ban ,emissions &   
,boo/ ,al,ternative ,en]gy ,act4  7,b7  
,( ! am\nts rema9+ available aft] !     
application ( subp>agraph 7,a71 #bj     
p]c5t %all be available = ! foll[+3  7i7
 ,work] transition assi/ance1 ) an      
emphasis on coal work]s & coal          
communities1 & work=ce developm5t4  7ii7

 ,rural en]gy assi/ance & effici5cy     
improvem5ts4  7iii7 ,te*nology neutral1 
en]gy-relat$ rese>* & developm5t4  7iv7 
,air1 rail1 & m>9e transportation       
emissions r$uction & effici5cy programs4
  7v7 ,electric grid & pipel9e          
innovations & improvem5ts4  7vi7        
,increas+ resili5cy ( wat]1             
transportation1 en]gy1 & o!r            
infra/ructure t are vuln]able to extreme
 wea!r & o!r effects ( a *ang+ climate4 
7vii7 ,en]gy effici5cy & cons]vation4   
7,c7 ,! am\nts rema9+ aft] ! application
 ( subp>agraphs 7,a7 & 7,b7 %all be made
 available = qu>t]ly citiz5 rebates4    
7#b7 ,consultation ,9 det]m9+ ! am\nt   
provid$ t[>d ea* category ref]r$ to 9   
p>agraph 7#a77;,b71 ! ,secret>y %all    
consult ) ! ,secret>y ( ,en]gy1 !       
,secret>y ( ,labor1 & any o!r relevant  
,f$]al ag5cy prior to di/ribut+ money f 
! ,tru/ ,fund4  4  7#b7 ,cl]ical am5dm5t
 ,! table ( sections = sub*apt] ,a (    
*apt] #ih ( su* ,code is am5d$ by add+  
at ! end ! foll[+ new item3  ,sec4      

#ieab4 ,c>bon tru/ fund4  4  7c7        
,r$uction 9 individual income tax rates 
7#a7 ,9 g5]al ,section #a7;j7 ( su*     
,code is am5d$ by r$esignat+ p>agraph   
7#f7 z p>agraph 7#g7 & by ins]t+ aft]   
p>agraph 7#e7 ! foll[+3  7#f7 ,r$uction 
9 individual income tax rates ,9 ! case 
( taxable ye>s beg9n+ aft] ,decemb] #ca1
 #bjai1 ! tables "u p>agraph 7#b7 %all  
be appli$--  7,a7 by sub/itut+ #i = #aj 
ea* place x appe>s1  7,b7 by sub/itut+  
#aa = #ab ea* place x appe>s1  7,c7 by  
sub/itut+ #ba = #bb ea* place x appe>s1 
&  7,d7 by sub/itut+ #bc4e = #bd ea*    
place x appe>s4  4  7#b7 ,coord9ation   
among provisions relat+ to *ildr5 )     
une>n$ income ,clauses 7i77,,ii7 &      
7,,iii7 ( section #a7;j77#d77;,b7 ( su* 
,code are am5d$ by /rik+ p>agraph 7#c7 &
 ins]t+ p>agraphs 7#c7 & 7#f74  7d7     
,qu>t]ly citiz5 rebates  7#a7 ,qu>t]ly  
paym5ts to eligible divid5d recipi5ts   
7,a7 ,9 g5]al ,f am\nts made available  
pursuant to section #ieab7;c77#a77;,c7 (
 ! ,int]nal ,rev5ue ,code ( #aihf1 !    

,secret>y %all make paym5t ea* cal5d>   
qu>t] to ea* eligible divid5d recipi5t4 
7,b7 ,am\nt ( paym5t ,= purposes (      
subp>agraph 7,a71 ! am\nt ( ea* paym5t )
 respect to an eligible divid5d recipi5t
 %all be ! am\nt det]m9$ by ! ,secret>y 
by divid+--  7i7 = ! ye>s #bjbj ?r\gh   
#bjbh-- 7,i7 ! total am\nt available "u 
section #ieab7;c77#a77;,c7 ( ! ,int]nal 
,rev5ue ,code ( #aihf = ! prec$+ cal5d> 
qu>t]1 by  7,,ii7 ! total numb] (       
eligible divid5d recipi5ts = su* prec$+ 
cal5d> qu>t]1 &  7ii7 = ye> #bjbi &     
subsequ5t ye>s--  7,i7 ! small] (-- 7aa7
 ! qu>t]ly av]age ( ! total am\nt       
available "u section #ieab7;c77#a77;,c7 
( ! ,int]nal ,rev5ue ,code ( #aihf = !  
f\r qu>t]s ( #bjbh1 &  7bb7 ! total     
am\nt available "u section              
#ieab7;c77#a77;,c7 ( ! ,int]nal ,rev5ue 
,code ( #aihf = ! prec$+ cal5d> qu>t]1  
by  7,,ii7 ! total numb] ( eligible     
divid5d recipi5ts = su* prec$+ cal5d>   
qu>t]4  7,c7 ,eligible divid5d recipi5t 
,= purposes ( ?is subsection1 ! t]m     

eligible divid5d recipi5t means1 )      
respect to any qu>t]1 any individual ) a
 valid social security numb] 7o!r ?an a 
nonresid5t undocum5t$ individual7 :o is 
lawfully pres5t 9 ! ,unit$ ,/ates = su* 
qu>t]1 z det]m9$ & v]ifi$ by ! ,secret>y
 9 consultation ) any o!r ,f$]al entity 
! ,secret>y det]m9es appropriate4  7,d7 
,fund ,! t]m ,fund means ! ,c>bon ,tru/ 
,fund e/abli%$ by section #ieab ( !     
,int]nal ,rev5ue ,code ( #aihf 7z add$  
by subsection 7e774  7#b7 ,regulations  
,! ,secret>y ( ! ,treasury %all         
promulgate regulations gov]n+ ! paym5t (
 funds "u p>agraph 7#a71 includ+--  7,a7
 proc$ures = ! id5tification & ma9t5ance
 ( an accurate li/ ( eligible divid5d   
recipi5ts1 &  7,b7 ! use ( electronic   
means = transf]s ( funds1 to ! maximum  
ext5t practicable4  7e7 ,cl]ical am5dm5t
 ,! table ( subtitles = ! ,int]nal      
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new item3  ,subtitle  
,l4 ,c>bon dioxide cont5t ( coal1 oil1 &
 natural gas4  4  7f7 ,effective date   

7#a7 ,except z provid$ by p>agraph 7#b71
 ! am5dm5ts made by ?is section %all    
take effect on ,janu>y #a1 #bjbj4  7#b7 
,! am5dm5ts made by subsection 7c7 %all 
apply to taxable ye>s beg9n+ aft]       
,decemb] #ca1 #bjai4