,,ii #aafth ,,congress #b;d ,session ,s4 #ddhd ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,august #f1 #bjbj,mr4 ,durbin introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to establish a carbon fee to reduce greenhouse gas emissions1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,america's ,clean ,future ,fund ,act4 #b4 ,climate ,change ,finance ,corporation 7a7 ,establishment 7#a7 ,in general ,there is established in the executive branch an independent agency1 to be known as the ,climate ,change ,finance ,corporation 7referred to in this section as the ,c#b;,,fc71 which shall finance clean energy and climate change resiliency activities in accordance with subsection 7c74 7#b7 ,mission 7,a7 ,in general ,the mission of the ,c#b;,,fc is to combat and reduce the effects of climate change by building resilience among communities facing harmful impacts of climate change and supporting a dramatic reduction in greenhouse gas emissions-- 7i7 through the deployment of clean and renewable technology1 resilient infrastructure1 research and development1 the commercialization of new technology1 clean energy manufacturing1 and industrial decarbonization2 and 7ii7 to meet the goals of-- 7,i7 by #bjcj1 a net reduction of greenhouse gas emissions by #de percent1 based on #bjah levels2 and 7,,ii7 by #bjej1 a net reduction of greenhouse gas emissions by #ajj percent1 based on #bjah levels4 7,b7 ,activities ,the ,c#b;,,fc shall carry out the mission described in subparagraph 7,a7 by-- 7i7 financing investments in clean energy and transportation1 resiliency1 and infrastructure2 7ii7 using ,federal investment to encourage the infusion of private capital and investment into the clean energy and resilient infrastructure sectors1 while creating new workforce opportunities2 and 7iii7 providing financing in cases where private capital cannot be leveraged1 while minimizing competition with private investment4 7#c7 ,exercise of powers ,except as otherwise provided expressly by law1 all ,federal laws dealing with public or ,federal contracts1 property1 works1 officers1 employees1 budgets1 or funds1 including the provisions of chapters #e and #g of title #e1 ,united ,states ,code1 shall apply to the exercise of the powers of the ,c#b;,,fc4 7b7 ,board of ,directors 7#a7 ,in general ,the management of the ,c#b;,,fc shall be vested in a ,board of ,directors 7referred to in this section as the ,board7 consisting of #g members1 who shall be appointed by the ,president1 by and with the advice and consent of the ,senate4 7#b7 ,chairperson and vice chairperson 7,a7 ,in general ,a ,chairperson and ,vice ,chairperson of the ,board shall be appointed by the ,president1 by and with the advice and consent of the ,senate1 from among the individuals appointed to the ,board under paragraph 7#a74 7,b7 ,term ,an individual-- 7i7 shall serve as ,chairperson or ,vice ,chairperson of the ,board for a #c-year term2 and 7ii7 may be renominated for the position until the term of that individual on the ,board under paragraph 7#c77;,c7 expires4 7#c7 ,board members 7,a7 ,citizenship required ,each member of the ,board shall be an individual who is a citizen of the ,united ,states4 7,b7 ,representation ,the members of the ,board shall fairly represent agricultural1 educational1 research1 industrial1 nongovernmental1 labor1 and commercial interests throughout the ,united ,states4 7,c7 ,term 7i7 ,in general ,except as otherwise provided in this section1 each member of the ,board-- 7,i7 shall be appointed for a term of #f years2 and 7,,ii7 may be reappointed for #a additional term4 7ii7 ,initial staggered terms ,of the members first appointed to the ,board-- 7,i7 #b shall each be appointed for a term of #b years2 7,,ii7 #c shall each be appointed for a term of #d years2 and 7,,iii7 #b shall each be appointed for a term of #f years4 7#d7 ,initial meeting ,not later than #cj days after the date on which all members of the ,board are appointed under paragraph 7#a71 the ,board shall hold an initial meeting4 7c7 ,investment tools 7#a7 ,definitions ,in this subsection3 7,a7 ,eligible borrower ,the term eligible borrower means any person1 including a business owner or project developer1 that seeks a loan to carry out approved practices or projects described in subparagraph 7,a77i7 of paragraph 7#b7 from an eligible lender that may receive a loan guarantee under that paragraph for that loan1 according to criteria determined by the ,c#b;,,fc4 7,b7 ,eligible entity ,the term eligible entity means-- 7i7 a ,state2 7ii7 a unit of local government2 and 7iii7 a research and development institution 7including a ,national ,laboratory74 7,c7 ,eligible lender ,the term eligible lender means-- 7i7 a ,federal- or ,state-chartered bank2 7ii7 a ,federal- or ,state-chartered credit union2 7iii7 an agricultural credit corporation2 7iv7 a ,united ,states ,green ,bank ,institution2 and 7v7 any other lender that the ,board determines has a demonstrated ability to underwrite and service loans for the intended approved practice for which the loan will be used4 7#b7 ,grants1 loan guarantees1 and other investment tools 7,a7 ,in general ,the ,c#b;,,fc-- 7i7 shall provide grants to eligible entities and loan guarantees to eligible lenders issuing loans to eligible borrowers for approved practices and projects relating to climate change mitigation and resilience measures1 including-- 7,i7 energy efficiency upgrades to infrastructure2 7,,ii7 electric1 hydrogen1 and clean transportation programs and deployment1 including programs-- 7aa7 to purchase personal vehicles1 commercial vehicles1 and public transportation fleets and school bus fleets2 7bb7 to deploy electric vehicle charging and hydrogen infrastructure2 and 7cc7 to develop and deploy low carbon sustainable aviation fuels2 7,,iii7 clean energy and vehicle manufacturing research1 demonstrations1 and deployment2 7,,iv7 battery storage research1 demonstrations1 and deployment2 7,v7 development or purchase of equipment for practices described in section #f2 7,,vi7 development and deployment of clean energy and clean technologies1 with a focus on-- 7aa7 carbon capture1 utilization1 and sequestration1 bioenergy with carbon capture and sequestration1 direct air capture1 and infrastructure associated with those processes1 including construction of carrier pipelines for the transportation of anthropogenic carbon dioxide2 7bb7 energy storage and grid modernization2 7cc7 geothermal energy2 7dd7 commercial and residential solar2 7ee7 wind energy2 and 7ff7 any other clean technology use or development1 as determined by the ,board2 7,,vii7 measures that anticipate and prepare for climate change impacts1 and reduce risks and enhance resilience to sea level rise1 extreme weather events1 and other climate change impacts1 including by-- 7aa7 building resilient energy1 water1 and transportation infrastructure2 7bb7 providing weatherization assistance for low-income households2 and 7cc7 increasing the resilience of the agriculture sector2 and 7,,viii7 natural infrastructure research1 demonstrations1 and deployment2 and 7ii7 may implement other investment tools and products approved by the ,board1 pursuant to subparagraph 7,d71 to achieve the mission of the ,c#b;,,fc described in subsection 7a77#b74 7,b7 ,project prioritization 7i7 ,definition of environmental justice community ,the term environmental justice community means a community with significant representation of communities of color1 low-income communities1 or ,tribal and indigenous communities that experiences1 or is at risk of experiencing1 higher or more adverse human health or environmental effects4 7ii7 ,prioritization ,in providing financial and other assistance under subparagraph 7,a71 the ,c#b;,,fc shall give priority to1 as determined by the ,c#b;,,fc-- 7,i7 deindustrialized communities or communities with significant local economic reliance on carbon-intensive industries2 7,,ii7 environmental justice communities1 communities with populations of color1 communities of color1 indigenous communities1 and low-income communities that-- 7aa7 experience a disproportionate burden of the negative human health and environmental impacts of pollution or other environmental hazards2 or 7bb7 may not have access to public information and opportunities for meaningful public participation relating to human health and environmental planning1 regulations1 and enforcement2 7,,iii7 communities at risk of impacts of natural disasters or sea level rise exacerbated by climate change2 7,,iv7 public or nonprofit entities that serve dislocated workers1 veterans1 or individuals with a barrier to employment2 and 7,v7 communities that have minimal or no investment in the approved practices and projects described in subparagraph 7,a77i74 7,c7 ,loan guarantees 7i7 ,in general ,in providing loan guarantees under subparagraph 7,a71 the ,c#b;,,fc shall cooperate with eligible lenders through agreements to participate on a deferred 7guaranteed7 basis4 7ii7 ,level of participation in guaranteed loans ,in providing a loan guarantee under subparagraph 7,a71 the ,c#b;,,fc shall guarantee #ge percent of the balance of the financing outstanding at the time of disbursement of the loan4 7iii7 ,interest rates ,notwithstanding the provisions of the constitution of any ,state or the laws of any ,state limiting the rate or amount of interest that may be charged1 taken1 received1 or reserved1 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 ,c#b;,,fc4 7iv7 ,guarantee fees 7,i7 ,in general ,with respect to each loan guaranteed under this subsection 7other than a loan that is repayable in #a year or less71 the ,c#b;,,fc shall collect a guarantee fee1 which shall be payable by the eligible lender1 and may be charged to the eligible borrower in accordance with subclause 7,,ii74 7,,ii7 ,borrower charges ,a guarantee fee described in subclause 7,i7 charged to an eligible borrower shall not-- 7aa7 exceed #b percent of the deferred participation share of a total loan amount that is equal to or less than #aej1jjj2 7bb7 exceed #c percent of the deferred participation share of a total loan amount that is greater than #aej1jjj but less than #gjj1jjj2 or 7cc7 exceed #c4e percent of the deferred participation share of a total loan amount that is equal to or greater than #gjj1jjj4 7,d7 ,other investment tools and products 7i7 ,in general ,the ,board may1 based on market needs1 develop and implement any other investment tool or product necessary to achieve the mission of the ,c#b;,,fc described in subsection 7a77#b7 and the deployment of projects described in subparagraph 7,a77i71 including offering-- 7,i7 warehousing and aggregation credit facilities2 7,,ii7 zero interest loans2 7,,iii7 credit enhancements2 and 7,,iv7 construction finance4 7ii7 ,state and local green banks ,the ,board shall provide funds to ,united ,states ,green ,bank ,institutions as necessary to finance projects that are best served by those entities4 7#c7 ,wage rate requirements ,all laborers and mechanics employed by eligible entities and eligible borrowers on projects funded directly by or assisted in whole or in part by the activities of the ,c#b;,,fc 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 accordance with subchapter ,,iv of chapter #ca of title #dj1 ,united ,states ,code 7commonly known as the ,davis-,bacon ,act74 7#d7 ,buy ,america requirements 7,a7 ,in general ,all iron1 steel1 and manufactured goods used for projects under this section shall be produced in the ,united ,states4 7,b7 ,waiver ,the ,board may waive the requirement in subparagraph 7,a7 if the ,board finds that-- 7i7 enforcing the requirement would be inconsistent with the public interest2 7ii7 the iron1 steel1 and manufactured goods produced in the ,united ,states are not produced in a sufficient and reasonably available amount or are not of a satisfactory quality2 or 7iii7 enforcing the requirement will increase the overall cost of the project by more than #be percent4 7d7 ,program review and report ,not later than #b years after the date of enactment of this ,act1 and every #b years thereafter1 the ,board shall-- 7#a7 conduct a review of the activities of the ,c#b;,,fc2 and 7#b7 submit to ,congress a report that-- 7,a7 describes the projects and funding opportunities that have been most successful in progressing towards the mission described in subsection 7a77#b7 during the time period covered by the report2 and 7,b7 includes recommendations on the clean energy and resiliency projects that should be prioritized in forthcoming years to achieve that mission4 7e7 ,initial capitalization 7#a7 ,in general ,there is appropriated to carry out this section1 out of any funds in the ,treasury not otherwise appropriated1 #g1ejj1jjj1jjj for each of fiscal years #bjba and #bjbb1 to remain available until expended4 7#b7 ,additional capitalization ,if1 pursuant to section #dfib7;g7 of the ,internal ,revenue ,code of #aihf 7as added by section #c71 the carbon fee has been reduced to zero for calendar year #bjbb1 there is appropriated to carry out this section1 out of any funds in the ,treasury not otherwise appropriated1 #g1ejj1jjj1jjj for fiscal year #bjbc1 to remain available until expended4 #c4 ,carbon fee ,chapter #ch of subtitle ,d of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subchapter3 ,e ,carbon fee ,sec4 #dfia4 ,definitions4 ,sec4 #dfib4 ,carbon fee4 ,sec4 #dfic4 ,fee on noncovered fuel emissions4 ,sec4 #dfid4 ,refunds for carbon capture1 sequestration1 and utilization4 ,sec4 #dfie4 ,border adjustments4 #dfia4 ,definitions ,for purposes of this subchapter-- 7#a7 ,administrator ,the term ,administrator means the ,administrator of the ,environmental ,protection ,agency4 7#b7 ,carbon dioxide equivalent or ,,co#b-;e ,the term carbon dioxide equivalent or ,,co#b-;e means the number of metric tons of carbon dioxide emissions with the same global warming potential over a #ajj-year period as one metric ton of another greenhouse gas4 7#c7 ,carbon-,intensive product ,the term carbon-intensive product means-- 7,a7 iron1 steel1 steel mill products 7including pipe and tube71 aluminum1 cement1 glass 7including flat1 container1 and specialty glass and fiberglass71 pulp1 paper1 chemicals1 or industrial ceramics1 and 7,b7 any manufactured product which the ,secretary1 in consultation with the ,administrator1 the ,secretary of ,commerce1 and the ,secretary of ,energy1 determines is energy-intensive and trade-exposed 7with the exception of any covered fuel74 7#d7 ,covered entity ,the term covered entity means-- 7,a7 in the case of crude oil-- 7i7 any operator of a ,united ,states refinery 7as described in subsection 7d77#a7 of section #dfaa71 and 7ii7 any person entering such product into the ,united ,states for consumption1 use1 or warehousing 7as described in subsection 7d77#b7 of such section71 7,b7 in the case of coal-- 7i7 any producer subject to the tax under section #daba1 and 7ii7 any importer of coal into the ,united ,states1 7,c7 in the case of natural gas-- 7i7 any entity which produces natural gas 7as defined in section #fac;,a7e77#b77 from a well located in the ,united ,states1 and 7ii7 any importer of natural gas into the ,united ,states1 7,d7 in the case of any noncovered fuel emissions1 the entity which is the source of such emissions1 provided that the total amount of carbon dioxide or methane emitted by such entity for the preceding year 7as determined using the methodology required under section #dfib7;e77#d77 was not less than #be1jjj metric tons1 and 7,e7 any entity or class of entities which1 as determined by the ,secretary1 is transporting1 selling1 or otherwise using a covered fuel in a manner which emits a greenhouse gas into the atmosphere and which has not been covered by the carbon fee1 the fee on noncovered fuel emissions1 or the carbon border fee adjustment4 7#e7 ,covered fuel ,the term covered fuel means crude oil1 natural gas1 coal1 or any other product derived from crude oil1 natural gas1 or coal which shall be used so as to emit greenhouse gases to the atmosphere4 7#f7 ,greenhouse gas ,the term greenhouse gas-- 7,a7 has the meaning given such term in section #ija of the ,energy ,independence and ,security ,act of #bjjg 7#db ,u4,s4,c4 #agcba71 and 7,b7 includes any other gases identified by rule of the ,administrator4 7#g7 ,greenhouse gas content ,the term greenhouse gas content means the amount of greenhouse gases1 expressed in metric tons of ,,co#b-;e1 which would be emitted to the atmosphere by the use of a covered fuel4 7#h7 ,noncovered fuel emission ,the term noncovered fuel emission means any carbon dioxide or methane emitted as a result of the production1 processing1 transport1 or use of any product or material within the energy or industrial sectors-- 7,a7 including any fugitive or process emissions associated with the production1 processing1 or transport of a covered fuel1 and 7,b7 excluding any emissions from the combustion or use of a covered fuel4 7#i7 ,qualified carbon oxide ,the term qualified carbon oxide has the meaning given the term in section #de,q7c74 7#aj7 ,united ,states ,the term ,united ,states shall be treated as including each possession of the ,united ,states 7including the ,commonwealth of ,puerto ,rico and the ,commonwealth of the ,northern ,mariana ,islands74 #dfib4 ,carbon fee 7a7 ,definitions ,in this section3 7#a7 ,applicable period ,subject to subsection 7g71 the term applicable period means1 with respect to any determination made by the ,secretary under subsection 7e77#c7 for any calendar year1 the period-- 7,a7 beginning on ,january #a1 #bjbb1 and 7,b7 ending on ,december #ca of the preceding calendar year4 7#b7 ,cumulative emissions ,the term cumulative emissions means an amount equal to the sum of any greenhouse gas emissions resulting from the use of covered fuels and any noncovered fuel emissions for all years during the applicable period4 7#c7 ,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 period4 7#d7 ,emissions target ,the term emissions target means the target for greenhouse gas emissions during a calendar year as determined under subsection 7e77#a74 7b7 ,carbon fee ,subject to subsection 7g71 during any calendar year that begins after ,december #ca1 #bjba1 there is imposed a carbon fee on any covered entity's use1 sale1 or transfer of any covered fuel4 7c7 ,amount of the carbon fee ,the carbon fee imposed by this section is an amount equal to-- 7#a7 the greenhouse gas content of the covered fuel1 multiplied by 7#b7 the carbon fee rate1 as determined under subsection 7d74 7d7 ,carbon fee rate ,the carbon fee rate shall be determined in accordance with the following3 7#a7 ,in general ,the carbon fee rate1 with respect to any use1 sale1 or transfer during a calendar year1 shall be-- 7,a7 in the case of calendar year #bjbb1 #be1 and 7,b7 except as provided in paragraphs 7#b7 and 7#c71 in the case of any calendar year after #bjbb1 the amount equal to the sum of-- 7i7 the amount under subparagraph 7,a71 plus 7ii7 7,i7 in the case of calendar year #bjbc1 #aj1 and 7,,ii7 in the case of any calendar year after #bjbc1 the amount in effect under this clause for the preceding calendar year1 plus #aj4 7#b7 ,inflation adjustment 7,a7 ,in general ,in the case of any calendar year after #bjbb1 the amount determined under paragraph 7#a77;,b7 shall be increased by an amount equal to-- 7i7 that dollar amount1 multiplied by 7ii7 the cost-of-living adjustment determined under section #a7;f77#c7 for that calendar year1 determined by substituting #bjba for #bjaf in subparagraph 7,a77ii7 thereof4 7,b7 ,rounding ,if any increase determined subparagraph 7,a7 is not a multiple of #a1 such increase shall be rounded up to the next whole dollar amount4 7#c7 ,adjustment of carbon fee rate 7,a7 ,increase in rate following missed cumulative emissions target ,in the case of any calendar year following a determination by the ,secretary pursuant to subsection 7e77#c7 that the cumulative emissions for the preceding calendar year exceeded the cumulative emissions target for such year1 paragraph 7#a77;,b77ii77,,ii7 shall be applied-- 7i7 in the case of calendar years #bjbe through #bjcj1 by substituting #ae for #aj1 7ii7 in the case of calendar years #bjca through #bjdj1 by substituting #bj for #aj1 and 7iii7 in the case of any calendar year beginning after #bjdj1 by substituting #be for #aj4 7,b7 ,cessation of rate increase following achievement of cumulative emissions target ,in the case of any year following a determination by the ,secretary pursuant to subsection 7e77#c7 that-- 7i7 the average annual emissions of greenhouse gases from covered entities over the preceding #c-year period are not more than #aj percent of the greenhouse gas emissions during the year #bjah1 and 7ii7 the cumulative emissions did not exceed the cumulative emissions target1 paragraph 7#a77;,b77ii77,,ii7 shall be applied by substituting #j for #aj4 7,c7 ,methodology ,with respect to any year1 the annual greenhouse gas emissions and cumulative emissions described in subparagraph 7,a7 or 7,b7 shall be determined using the methodology required under subsection 7e77#d74 7e7 ,emissions targets 7#a7 ,in general 7,a7 ,reference year ,for purposes of subsection 7d71 the emissions target for any year shall be the amount of greenhouse gas emissions that is equal to-- 7i7 for calendar years #bjbb and #bjbc1 the applicable percentage of the total amount of greenhouse gas emissions from the use of any covered fuel during calendar year #bjah1 and 7ii7 for calendar year #bjbd and each calendar year thereafter1 the applicable percentage of the total amount of greenhouse gas emissions from the use of any covered fuel and noncovered fuel emissions during calendar year #bjah4 7,b7 ,methodology ,for purposes of subparagraph 7,a71 with respect to determining the total amount of greenhouse gas emissions from the use of any covered fuel and noncovered fuel emissions during calendar year #bjah1 the ,administrator shall use such methods as are determined appropriate1 provided that such methods are1 to the greatest extent practicable1 comparable to the methods established under paragraph 7#d74 7#b7 ,applicable percentage 7,a7 #bjbb through #bjce ,in the case of calendar years #bjbb through #bjce1 the applicable percentage shall be determined as follows3 ,year,applicable percentage#bjbbhe percent#bjbcgi percent#bjbdgd percent#bjbefi percent#bjbfff percent#bjbgfb percent#bjbhei percent#bjbief percent#bjcjec percent#bjcaej percent#bjcbdg percent#bjccdd percent#bjcddb percent#bjcedj percent 7,b7 #bjcf through #bjej ,in the case of calendar years #bjcf through #bjej1 the applicable percentage shall be equal to-- 7i7 the applicable percentage for the preceding year1 minus 7ii7 #b percentage points4 7,c7 ,after #bjej ,in the case of any calendar year beginning after #bjej1 the applicable percentage shall be equal to #aj percent4 7#c7 ,emissions reporting and determinations 7,a7 ,reporting ,not later than ,september #cj1 #bjbc1 and annually thereafter1 the ,administrator1 in consultation with the ,secretary1 shall make available to the public a report on-- 7i7 the cumulative emissions with respect to the preceding calendar year1 and 7ii7 any other relevant information1 as determined appropriate by the ,administrator4 7,b7 ,determinations ,not later than ,september #cj1 #bjbd1 and annually thereafter1 the ,administrator1 in consultation with the ,secretary and as part of the report described in subparagraph 7,a71 shall determine whether cumulative emissions with respect to the preceding calendar year exceeded the cumulative emissions target with respect to such year4 7#d7 ,emissions accounting methodology 7,a7 ,in general ,not later than ,january #a1 #bjbb1 the ,administrator shall prescribe rules for greenhouse gas accounting for covered entities for purposes of this subchapter1 which shall-- 7i7 to the greatest extent practicable1 employ existing data collection methodologies and greenhouse gas accounting practices1 7ii7 ensure that the method of accounting-- 7,i7 applies to-- 7aa7 all greenhouse gas emissions from covered fuels and all noncovered fuel emissions1 and 7bb7 all covered entities1 7,,ii7 excludes-- 7aa7 any greenhouse gas emissions which are not described item 7aa7 of subclause 7,i71 and 7bb7 any entities which are not described in item 7bb7 of such subclause1 and 7,,iii7 appropriately accounts for-- 7aa7 qualified carbon oxide which is captured and disposed or used in a manner described in section #dfid1 and 7bb7 nonemitting uses of covered fuels1 as described in subsection 7f71 7iii7 subject to such penalties as are determined appropriate by the ,administrator1 require any covered entity to report1 not later than ,april #a of each calendar year-- 7,i7 the total greenhouse gas content of any covered fuels used1 sold1 or transferred by such covered entity during the preceding calendar year1 and 7,,ii7 the total noncovered fuel emissions of the covered entity during the preceding calendar year1 and 7iv7 require any information reported pursuant to clause 7iii7 to be verified by a third-party entity that1 subject to such process as is determined appropriate by the ,administrator1 has been certified by the ,administrator with respect to the qualifications1 independence1 and reliability of such entity4 7,b7 ,greenhouse ,gas ,reporting ,program ,for purposes of establishing the rules described in subparagraph 7,a71 the ,administrator may elect to modify the activities of the ,greenhouse ,gas ,reporting ,program to satisfy the requirements described in clauses 7i7 through 7iv7 of such subparagraph4 7#e7 ,revisions ,with respect to any determination made by the ,administrator as to the amount of greenhouse gas emissions for any calendar year 7including calendar year #bjah71 any subsequent revision by the ,administrator with respect to such amount shall apply for purposes of the fee imposed under subsection 7b7 for any calendar years beginning after such revision4 7f7 ,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 use1 or any sale or transfer for a nonemitting use1 including rules providing for the refund of any carbon fee paid under this section with respect to any such use1 sale1 or transfer4 7g7 ,delayed application of carbon fee for #bjbb 7#a7 ,first quarter of #bjbb ,not later than ,november #a1 #bjba1 the ,secretary shall determine whether the requirement described in paragraph 7#c7 has been satisfied1 and if such requirement has not been satisfied1 the carbon fee imposed by this section shall be reduced to zero for the first calendar quarter of #bjbb4 7#b7 ,remaining quarters of #bjbb ,if1 pursuant to paragraph 7#a71 the carbon fee imposed by this section has been reduced to zero for the first calendar quarter of #bjbb1 the ,secretary shall1 not later than ,february #a1 #bjbb1 determine whether the requirement described in paragraph 7#c7 has been satisfied1 and if such requirement has not been satisfied-- 7,a7 the carbon fee imposed by this section shall be reduced to zero for the second1 third1 and fourth calendar quarters of #bjbb1 and 7,b7 subsection 7a77#a77;,a7 shall be applied by substituting ,january #a1 #bjbc for ,january #a1 #bjbb4 7#c7 ,unemployment rate requirement ,the requirement described in this paragraph is that the unemployment rate for each census division1 as determined by the ,secretary1 in coordination with the ,bureau of ,labor ,statistics of the ,department of ,labor1 based upon the most recently completed calendar quarter for which such information is available1 is less than #e percent4 7h7 ,administrative authority ,the ,secretary1 in consultation with the ,administrator1 shall prescribe such regulations1 and other guidance1 to assess and collect the carbon fee imposed by this section1 including-- 7#a7 the identification of covered entities that are liable for payment of a fee under this section or section #dfic1 7#b7 as may be necessary or convenient1 rules for distinguishing between different types of covered entities1 7#c7 as may be necessary or convenient1 rules for distinguishing between the greenhouse gas emissions of a covered entity and the greenhouse gas emissions that are attributed to the covered entity but not directly emitted by the covered entity1 7#d7 requirements for the quarterly payment of such fees1 and 7#e7 rules to ensure that the carbon fee under this section1 the fee on noncovered fuel emissions under section #dfic1 or the carbon border fee adjustment is not imposed on an emission from covered fuel or noncovered fuel emission more than once4 #dfic4 ,fee on noncovered fuel emissions 7a7 ,in general ,during any calendar year that begins after ,december #ca1 #bjbc1 there is imposed a fee on a covered entity for any noncovered fuel emissions which occur during the calendar year4 7b7 ,amount ,the fee to be paid under subsection 7a7 by the covered entity which is the source of the emissions described in that subsection shall be an amount equal to-- 7#a7 the total amount1 in metric tons of ,,co#b-;e1 of emitted greenhouse gases1 multiplied by 7#b7 an amount equal to the carbon fee rate in effect under section #dfib7;d7 for the calendar year of such emission4 7c7 ,administrative authority ,the ,secretary1 in consultation with the ,administrator1 shall prescribe such regulations1 and other guidance1 to assess and collect the carbon fee imposed by this section1 including regulations describing the requirements for the quarterly payment of such fees4 #dfid4 ,refunds for carbon capture1 sequestration1 and utilization 7a7 ,in general 7#a7 ,capture1 sequestration1 and use ,the ,secretary1 in consultation with the ,administrator and the ,secretary of ,energy1 shall prescribe regulations for providing payments to any person which captures qualified carbon oxide which is-- 7,a7 disposed of by such person in secure geological storage1 as described in section #de,q7f77#b71 or 7,b7 used in a manner which has been approved by the ,secretary pursuant to subsection 7c74 7#b7 ,election ,if the person described in paragraph 7#a7 makes an election under this paragraph in such time and manner as the ,secretary may prescribe by regulations1 the credit under this section-- 7,a7 shall be allowable to the person that owns the facility described in subsection 7b77#a71 and 7,b7 shall not be allowable to the person described in paragraph 7#a74 7b7 ,payments for carbon capture 7#a7 ,in general ,in the case of any facility for which carbon capture equipment has been placed in service1 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 #dfib or #dfic4 7#b7 ,amount of payment ,the payment determined under this subsection shall be an amount equal to-- 7,a7 the metric tons of qualified carbon oxide captured and disposed of1 used1 or utilized in a manner consistent with subsection 7a71 multiplied by 7,b7 7i7 the carbon fee rate during the year in which the carbon fee was imposed by section #dfib on the covered fuel to which such carbon oxide relates1 or 7ii7 in the case of a direct air capture facility 7as defined in section #de,q7e77#a771 the carbon fee rate during the year in which the qualified carbon oxide was captured and disposed of1 used1 or utilized4 7c7 ,approved uses of qualified carbon oxide ,the ,secretary1 in consultation with ,administrator and the ,secretary of ,energy1 shall1 through regulation or other public guidance1 determine which uses of qualified carbon oxide are eligible for payments under this section1 which may include-- 7#a7 use as a tertiary injectant in a qualified enhanced oil or natural gas recovery project 7as defined in subsection 7e77#b7 of section #de,q7 and disposal in secure geological storage1 7#b7 utilization in a manner described in clause 7i7 or 7ii7 of section #de,q7f77#e77;,a71 or 7#c7 any other use which ensures minimal leakage or escape of such carbon oxide4 7d7 ,exception ,in the case of any facility which is owned by an entity that is determined to be in violation of any applicable air or water quality regulations1 such facility shall not be eligible for any payment under this section during the period of such violation4 #dfie4 ,border adjustments 7a7 ,in general ,the fees imposed by1 and refunds allowed under1 this section shall be referred to as #8the carbon border fee adjustment'4 7b7 ,exports 7#a7 ,carbon-intensive products ,in the case of any carbon-intensive product which is exported from the ,united ,states1 the ,secretary shall pay to the person exporting such product a refund equal to the amount of the cost of such product attributable to any fees imposed under this subchapter related to the manufacturing of such product 7as determined under regulations established by the ,secretary74 7#b7 ,covered fuels ,in the case of any covered fuel which is exported from the ,united ,states1 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 subchapter related to the use1 sale1 or transfer of such fuel4 7c7 ,imports 7#a7 ,carbon-intensive products 7,a7 ,imposition of equivalency fee ,in the case of any carbon-intensive product imported into the ,united ,states1 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 7as determined under regulations established by the ,secretary74 7,b7 ,reduction in fee ,the amount of the equivalency fee under subparagraph 7,a7 shall be reduced by the amount1 if any1 of any fees imposed on the carbon-intensive product by the foreign nation or governmental units from which such product was imported4 7#b7 ,covered fuels 7,a7 ,in general ,in the case of any covered fuel imported into the ,united ,states1 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 subchapter related to the use1 sale1 or transfer of such fuel4 7,b7 ,reduction in fee ,the amount of the fee under subparagraph 7,a7 shall be reduced by the amount1 if any1 of any fees imposed on the covered fuel by the foreign nation or governmental units from which the fuel was imported4 7d7 ,treatment of alternative policies as fees ,under regulations established by the ,secretary1 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 7b7 and 7c74 7e7 ,regulatory authority 7#a7 ,in general ,the ,secretary shall consult with the ,administrator1 the ,secretary of ,commerce1 and the ,secretary of ,energy in establishing rules and regulations implementing the purposes of this section4 7#b7 ,treaties ,the ,secretary1 in consultation with the ,secretary of ,state1 may adjust the applicable 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 agreement4 4 #d4 ,america's ,clean ,future ,fund 7a7 ,in general ,subchapter ,a of chapter #ih of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following3 #ieab4 ,america's ,clean ,future ,fund 7a7 ,establishment and funding ,there is established in the ,treasury of the ,united ,states a trust fund to be known as the ,america's ,clean ,future ,fund 7referred to in this section as the ,trust ,fund71 consisting of such amounts as are appropriated to the ,trust ,fund under subsection 7b74 7b7 ,transfers to ,america's ,clean ,future ,fund ,there is appropriated to the ,trust ,fund1 out of any funds in the ,treasury not otherwise appropriated1 amounts equal to the fees received into the ,treasury under sections #dfib1 #dfic1 and #dfie1 less-- 7#a7 any amounts refunded or paid under sections #dfib7;d71 #dfid1 and #dfie7;b71 and 7#b7 for each of the first #ah fiscal years beginning after ,september #cj1 #bjbb1 an amount equal to the quotient of-- 7,a7 #ajj1jjj1jjj1jjj1 and 7,b7 #ah4 7c7 ,expenditures ,for each fiscal year1 amounts in the ,trust ,fund shall be apportioned as follows3 7#a7 ,carbon fee rebate and payments for carbon reduction and sequestration 7,a7 ,carbon fee rebate ,for the purposes described in section #e of the ,america's ,clean ,future ,fund ,act and any expenses necessary to administer such section-- 7i7 for each of the first #aj fiscal years beginning after ,september #cj1 #bjbb1 an amount equal to-- 7,i7 #ge percent of those amounts1 minus 7,,ii7 the amount determined under subparagraph 7,b7 for such fiscal year1 and 7ii7 for any fiscal year beginning after the period described in clause 7i71 the applicable percentage of such amounts4 7,b7 ,payments for carbon reduction and sequestration ,for the purposes described in section #f of the ,america's ,clean ,future ,fund ,act1 for each of the first #aj fiscal years beginning after ,september #cj1 #bjbb1 an amount equal to #g percent of the amount determined annually under subparagraph 7,a77i77,i74 7,c7 ,applicable percentage ,for purposes of subparagraph 7,a77ii71 the applicable percentage shall be equal to-- 7i7 for the first fiscal year beginning after the period described in subparagraph 7,a77i71 #gf percent1 7ii7 for each of the first #c fiscal years subsequent to the period described in clause 7i71 the applicable percentage for the preceding fiscal year increased by #a percentage point1 and 7iii7 for any fiscal year subsequent to the period described in clause 7ii71 #hj percent4 7#b7 ,climate ,change ,finance ,corporation 7,a7 ,in general ,for the purposes described in section #b of the ,america's ,clean ,future ,fund ,act1 the applicable percentage of such amounts4 7,b7 ,applicable percentage ,for purposes of this paragraph1 the applicable percentage shall be equal to-- 7i7 for each of the first #aj fiscal years beginning after the period described in subsection 7e7 of such section1 #ae percent1 7ii7 for each of the first #d fiscal years subsequent to the period described in clause 7i71 the applicable percentage for the preceding fiscal year increased by #a percentage point1 and 7iii7 for any fiscal year subsequent to the period described in clause 7ii71 #bj percent4 7#c7 ,transition assistance for impacted communities 7,a7 ,in general ,for the purposes described in section #g of the ,america's ,clean ,future ,fund ,act1 the applicable percentage of such amounts4 7,b7 ,applicable percentage ,for purposes of this paragraph1 the applicable percentage shall be equal to-- 7i7 for each of the first #aj fiscal years beginning after ,september #cj1 #bjbb1 #aj percent1 7ii7 for each of the first #d fiscal years subsequent to the period described in clause 7i71 the applicable percentage for the preceding fiscal year reduced by #b percentage points1 and 7iii7 for any fiscal year subsequent to the period described in clause 7ii71 #j percent4 7d7 ,adjustment ,if1 pursuant to section #dfib7;g71 the carbon fee has been reduced to zero for calendar year #bjbb-- 7#a7 subsection 7b77#b7 and paragraphs 7#a77;,a77i71 7#a77;,b71 and 7#c77;,b77i7 of subsection 7c7 shall each be applied by substituting ,september #cj1 #bjbc for ,september #cj1 #bjbb1 and 7#b7 subsection 7b77#b77;,a7 shall be applied by substituting #aej1jjj1jjj1jjj for #ajj1jjj1jjj1jjj4 4 7b7 ,clerical amendment ,the table of sections for subchapter ,a of chapter #ih of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new item3 ,sec4 #ieab4 ,america's ,clean ,future ,fund4 4 #e4 ,america's ,clean ,future ,fund ,stimulus 7a7 ,eligible individual 7#a7 ,in general ,in this section1 the term eligible individual means1 with respect to any quarter1 any natural living person-- 7,a7 who has a valid ,social ,security number or taxpayer identification number1 7,b7 who has attained #ah years of age1 and 7,c7 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 filed4 7#b7 ,verification ,the ,secretary of the ,treasury1 or the ,secretary's delegate 7referred to in this section as the ,secretary7 may verify the eligibility of an individual to receive a carbon fee rebate payment under subsection 7b74 7b7 ,rebates ,subject to subsections 7c77#b7 and 7l71 from amounts in the ,america's ,clean ,future ,fund established by section #ieab7;c77#a77;,a7 of the ,internal ,revenue ,code of #aihf that are available in any year1 the ,secretary shall1 for each calendar quarter beginning after ,september #cj1 #bjbb1 make carbon fee rebate payments to each eligible individual1 to be known as ,america's ,clean ,future ,fund ,stimulus payments 7referred to in this section as carbon fee rebate payments74 7c7 ,pro-,rata share 7#a7 ,in general ,with respect to each quarter during any fiscal year beginning after ,september #cj1 #bjbb1 the carbon fee rebate payment is #a pro-rata share for each eligible individual of an amount equal to #be percent of amounts apportioned under section #ieab7;c77#a77;,a7 of the ,internal ,revenue ,code of #aihf for such fiscal year4 7#b7 ,initial annual rebate payments 7,a7 ,in general ,from amounts appropriated under subsection 7j71 the ,secretary shall1 for each of fiscal years #bjba and #bjbb1 make carbon fee rebate payments to each eligible individual during the third quarter of each such fiscal year4 7,b7 ,pro-rata share ,for purposes of this paragraph1 the carbon fee rebate payment is #a pro-rata share for each eligible individual of the amount appropriated under subsection 7j7 for the fiscal year4 7#c7 ,estimate ,for each fiscal year described in paragraph 7#a71 the ,secretary shall1 not later than the first day of such fiscal year1 publicly announce an estimate of the amount of the carbon fee rebate payment for each quarter during such fiscal year4 7d7 ,phaseout 7#a7 ,definitions ,in this subsection3 7,a7 ,modified adjusted gross income ,the term modified adjusted gross income means adjusted gross income increased by any amount excluded from gross income under section #iaa1 #ica1 or #icc of the ,internal ,revenue ,code of #aihf4 7,b7 ,household member ,the term household member of the taxpayer means the taxpayer1 the taxpayer's spouse1 and any dependent of the taxpayer4 7,c7 ,threshold amount ,the term threshold amount means-- 7i7 #aej1jjj in the case of a taxpayer filing a joint return1 and 7ii7 #ge1jjj in the case of a taxpayer not filing a joint return4 7#b7 ,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 amount1 the amount of the carbon fee rebate payment otherwise payable to any household member of the taxpayer under this section shall be reduced 7but not below zero7 by a dollar amount equal to #e percent of such payment 7as determined before application of this paragraph7 for each #a1jjj 7or fraction thereof7 by which the modified adjusted gross income of the taxpayer exceeds the threshold amount4 7e7 ,fee treatment of payments ,amounts paid under this section shall not be includible in gross income for purposes of ,federal income taxes4 7f7 ,federal programs and ,federal assisted programs ,the carbon fee rebate payment received by 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 individual or any other individual for benefits or assistance1 or the amount or extent of benefits or assistance1 under any ,federal program or under any ,state or local program financed in whole or in part with ,federal funds4 7g7 ,disclosure of return information ,section #fajc7l7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new paragraph3 7#bc7 ,disclosure of return information relating to carbon fee rebate payments 7,a7 ,department of ,treasury ,return information with respect to any taxpayer shall1 without written request1 be open to inspection by or disclosure to officers and employees of the ,department of the ,treasury whose official duties require such inspection or disclosure for purposes of administering section #e of the ,america's ,clean ,future ,fund ,act4 7,b7 ,restriction on disclosure ,information disclosed under this paragraph shall be disclosed only for purposes of1 and to the extent necessary in1 carrying out such section4 4 7h7 ,regulations ,the ,secretary shall prescribe such regulations1 and other guidance1 as may be necessary to carry out the purposes of this section1 including-- 7#a7 establishment of rules for eligible individuals who have not filed a recent tax return1 and 7#b7 in coordination with the ,commissioner of ,social ,security1 the ,secretary of ,veterans ,affairs1 and any relevant ,state agencies1 establish methods to identify eligible individuals and provide carbon fee rebate payments to such individuals through appropriate means of distribution1 including through the use of electronic benefit transfer cards4 7i7 ,public awareness campaign ,the ,secretary shall conduct a public awareness campaign1 in coordination with the ,commissioner of ,social ,security and the heads of other relevant ,federal agencies1 to provide information to the public regarding the availability of carbon fee rebate payments under this section4 7j7 ,initial appropriation ,for purposes of subsection 7c77#b71 there is appropriated1 out of any funds in the ,treasury not otherwise appropriated1 to remain available until expended-- 7#a7 for the fiscal year ending ,september #cj1 #bjba1 #cg1ejj1jjj1jjj1 7#b7 for the fiscal year ending ,september #cj1 #bjbb1 #cg1ejj1jjj1jjj1 and 7#c7 if1 pursuant to section #dfib7;g7 of the ,internal ,revenue ,code of #aihf 7as added by section #c71 the carbon fee has been reduced to zero for calendar year #bjbb1 #cg1ejj1jjj for the fiscal year ending ,september #cj1 #bjbc4 7k7 ,adjustment ,if1 pursuant to section #dfib7;g7 of the ,internal ,revenue ,code of #aihf1 the carbon fee has been reduced to zero for calendar year #bjbb-- 7#a7 subsections 7b7 and 7c77#a7 shall each be applied by substituting ,september #cj1 #bjbc for ,september #cj1 #bjbb1 and 7#b7 subsection 7c77#b7 shall be applied by substituting #bjba1 #bjbb1 and #bjbc for #bjba and #bjbb4 7l7 ,termination ,this section shall not apply to any calendar quarter beginning after-- 7#a7 a determination by the ,secretary under section #dfib7;d77#c77;,b7 of the ,internal ,revenue ,code of #aihf2 or 7#b7 any period of #h consecutive calendar quarters for which the amount of carbon fee rebate payment 7without application of subsection 7d77 during each such quarter is less than #bj4 #f4 ,payments for carbon reduction and sequestration 7a7 ,in general ,the ,secretary of ,agriculture 7referred to in this section as the ,secretary71 in consultation with the ,administrator of the ,environmental ,protection ,agency1 shall provide payments to farmers1 ranchers1 private forest landowners1 and other agricultural landowners in the ,united ,states that reduce or sequester greenhouse gas emissions through the adoption of qualifying farming1 ranching1 and forestry practices described in subsection 7b74 7b7 ,qualifying practices 7#a7 ,in general ,for a farming1 ranching1 or forestry practice to be eligible for payments under subsection 7a71 the ,secretary shall determine that the practice qualifies as measurable1 reportable1 and verifiable for reducing or sequestering greenhouse gas emissions4 7#b7 ,included practices ,farming1 ranching1 and forestry practices that the ,secretary may determine to be eligible for payments under paragraph 7#a7 are-- 7,a7 conservation enhancements1 which may include-- 7i7 improved soil1 water1 and land management2 7ii7 cover crops2 7iii7 prairie1 buffer1 and edge-of-field strips2 7iv7 conservation tillage2 7v7 easements2 7vi7 fertilizer practice improvements2 7vii7 ecologically appropriate reforestation and other sustainable forestry and related stewardship practices2 7viii7 land or soil carbon sequestration2 7ix7 avoidance of the conversion of grassland1 wetland1 and forest land2 and 7x7 grassland management1 including prescribed grazing2 7,b7 livestock management1 which may include-- 7i7 enteric fermentation reduction2 and 7ii7 aerobic digestion or improved manure management2 7,c7 capital upgrades and infrastructure investments to reduce greenhouse gas emissions1 which may include-- 7i7 building and equipment refurbishment or upgrades2 7ii7 adoption of renewable or clean energy and energy efficiency technologies2 and 7iii7 avoiding or removing agricultural land from urban or suburban development2 and 7,d7 any other practice1 as determined by the ,secretary1 that results in a quantifiable reduction in or sequestration of greenhouse gas emissions4 7c7 ,considerations ,in determining the amount and duration of a payment under subsection 7a71 the ,secretary shall consider-- 7#a7 the degree of additionality of the greenhouse gas reduction or sequestration as a result of the applicable qualifying practice described in subsection 7b71 as compared to a historical baseline2 7#b7 whether the recipient of the payment was an early adopter of #a or more practices that reduce or sequester greenhouse gas emissions2 and 7#c7 the degree of transitionality or permanence of the greenhouse gas reduction or sequestration as a result of the applicable qualifying practice described in subsection 7b74 7d7 ,measurement1 reporting1 monitoring1 and verification 7#a7 ,in general ,the ,secretary shall approve and provide oversight of #a or more third-party agents to provide services described in paragraph 7#b74 7#b7 ,services described ,services referred to in paragraph 7#a7 are determining the reduction or sequestration of greenhouse gas emissions as a result of qualifying practices described in subsection 7b7 by-- 7,a7 measurement2 7,b7 reporting2 7,c7 monitoring2 7,d7 verification2 and 7,e7 using methods to account for additionality1 as compared to a historical baseline4 7#c7 ,use of protocols ,services referred to in paragraph 7#a7 shall be provided using generally accepted protocols4 7#d7 ,use of ,department of ,agriculture resources ,the ,secretary shall require a third-party agent approved under paragraph 7#a7 to use the resources1 boards1 committees1 geospatial data1 aerial or other maps1 employees1 offices1 and capacities of the ,department of ,agriculture in providing services under that paragraph4 7#e7 ,privacy and data security 7,a7 ,in general ,the ,secretary shall establish-- 7i7 safeguards to protect the privacy of information that is submitted through or retained by a third-party agent approved under paragraph 7#a71 including employees and contractors of the third-party agent2 and 7ii7 such other rules and standards of data security as the ,secretary determines to be appropriate to carry out this section4 7,b7 ,penalties ,the ,secretary shall establish penalties for any violations of privacy or confidentiality under subparagraph 7,a74 7#f7 ,disclosure of information 7,a7 ,public disclosure ,information collected for purposes of services provided under paragraph 7#a7 may be disclosed to the public or disclosed for purposes of audit1 research1 or improvement of the program under this section-- 7i7 if the information is transformed into a statistical or aggregate form such that the information does not include any identifiable or personal information of individual producers2 or 7ii7 in a form that may include identifiable or personal information of a producer if that producer consents to the disclosure of the information4 7,b7 ,requirement ,the participation of a producer in1 and the receipt of any benefit by the producer under1 the program under this section or any other program administered by the ,secretary may not be conditioned on the producer providing consent under subparagraph 7,a77ii74 7e7 ,ineligibility ,a person that is determined to be in violation of any applicable air quality regulation or the ,federal ,water ,pollution ,control ,act 7#cc ,u4,s4,c4 #abea et seq47 7including regulations7 shall not be eligible for any payment under subsection 7a7 during the period of the violation4 7f7 ,regulations ,not later than ,july #a1 #bjbb1 the ,secretary shall issue regulations to carry out this section1 including-- 7#a7 the amount of a payment under subsection 7a71 which shall be based on-- 7,a7 the quantity of carbon dioxide equivalent emissions reduced or sequestered2 and 7,b7 the considerations described in subsection 7c72 7#b7 a methodology that any third-party agents approved under subsection 7d77#a7 shall use to provide the services under that subsection2 7#c7 a limitation on the total amount of payments that may be made under subsection 7a7 with respect to a producer2 and 7#d7 a requirement for the duration of emissions reduction or sequestration for purposes of eligibility for payments under subsection 7a74 7g7 ,effectiveness 7#a7 ,in general ,the authority to provide payments under this section shall be effective for each of the first #aj fiscal years beginning after ,september #cj1 #bjbb4 7#b7 ,adjustment ,if1 pursuant to section #dfib7;g7 of the ,internal ,revenue ,code of #aihf 7as added by section #c71 the carbon fee has been reduced to zero for calendar year #bjbb1 paragraph 7#a7 shall be applied by substituting ,september #cj1 #bjbc for ,september #cj1 #bjbb4 #g4 ,transition assistance for impacted communities 7a7 ,in general ,the ,secretary of ,commerce1 acting through the ,assistant ,secretary of ,commerce for ,economic ,development 7referred to in this section as the ,secretary71 in coordination with the ,secretary of ,labor1 shall provide grants to eligible entities for transition assistance to a low-carbon economy4 7b7 ,eligible entities ,an entity eligible to receive a grant under this section is a labor organization1 an institution of higher education 7as defined in section #aja of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajja771 a unit of ,state or local government1 an economic development organization1 a nonprofit organization1 community-based organization1 or intermediary1 or a ,state board or local board 7as those terms are defined in section #c of the ,workforce ,innovation and ,opportunity ,act 7#bi ,u4,s4,c4 #cajb77 that serves or is located in a community that-- 7#a7 as determined by the ,secretary1 in coordination with the ,secretary of ,labor1 has been or will be impacted by economic changes in carbon-intensive industries1 including job losses2 7#b7 as determined by the ,secretary1 in consultation with the ,administrator of the ,federal ,emergency ,management ,agency1 has been or is at risk of being impacted by extreme weather events1 sea level rise1 and natural disasters related to climate change2 or 7#c7 as determined by the ,secretary1 in consultation with the ,administrator of the ,environmental ,protection ,agency1 has been impacted by harmful residuals from a fossil fuel or carbon-intensive industry4 7c7 ,use of funds ,an eligible entity that receives a grant under this section shall use the grant for-- 7#a7 economic and workforce development activities1 such as-- 7,a7 job creation2 7,b7 providing reemployment and worker transition assistance1 including registered apprenticeships1 subsidized employment1 job training1 transitional jobs1 and supportive services 7as defined in section #c of the ,workforce ,innovation and ,opportunity ,act 7#bi ,u4,s4,c4 #cajb771 with priority given to-- 7i7 workers impacted by changes in carbon-intensive industries2 7ii7 individuals with a barrier to employment 7as defined in section #c of the ,workforce ,innovation and ,opportunity ,act 7#bi ,u4,s4,c4 #cajb772 and 7iii7 programs that lead to a recognized postsecondary credential 7as defined in section #c of the ,workforce ,innovation and ,opportunity ,act 7#bi ,u4,s4,c4 #cajb772 7,c7 local and regional investment1 including commercial and industrial economic diversification2 7,d7 export promotion2 and 7,e7 establishment of a monthly subsidy payment for workers who retire early due to economic changes in carbon-intensive industries2 7#b7 climate change resiliency1 such as-- 7,a7 building electrical1 communications1 utility1 transportation1 and other infrastructure in flood-prone areas above flood zone levels2 7,b7 building flood and stormproofing measures in flood-prone areas and erosion-prone areas2 7,c7 increasing the resilience of a surface transportation infrastructure asset to withstand extreme weather events and climate change impacts2 7,d7 improving stormwater infrastructure2 7,e7 increasing the resilience of agriculture to extreme weather2 7,f7 ecological restoration2 7,g7 increasing the resilience of forests to wildfires2 and 7,h7 increasing coastal resilience2 7#c7 environmental cleanup from fossil fuel industry facilities that are abandoned or retired1 or closed due to bankruptcy1 and residuals from carbon-intensive industries1 such as-- 7,a7 coal ash and petroleum coke cleanup2 7,b7 mine reclamation2 and 7,c7 remediation of impaired waterways and drinking water resources2 or 7#d7 other activities as the ,secretary1 in coordination with the ,secretary of ,labor1 the ,administrator of the ,federal ,emergency ,management ,agency1 and the ,administrator of the ,environmental ,protection ,agency1 determines to be appropriate4 7d7 ,requirements 7#a7 ,labor standards2 nondiscrimination ,an eligible entity that receives a grant under this section shall use the funds in a manner consistent with sections #aha and #ahh of the ,workforce ,innovation and ,opportunity ,act 7#bi ,u4,s4,c4 #cbda1 #cbdh74 7#b7 ,wage rate requirements ,all laborers and mechanics 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 similar character in the locality as determined by the ,secretary of ,labor in accordance with subchapter ,,iv of chapter #ca of title #dj1 ,united ,states ,code 7commonly known as the ,davis-,bacon ,act74 7#c7 ,buy ,america requirements 7,a7 ,in general ,all iron1 steel1 and manufactured goods used for projects and activities carried out with a grant under this section shall be produced in the ,united ,states4 7,b7 ,waiver ,the ,secretary may waive the requirement in subparagraph 7,a7 if the ,secretary finds that-- 7i7 enforcing the requirement would be inconsistent with the public interest2 7ii7 the iron1 steel1 and manufactured goods produced in the ,united ,states are not produced in a sufficient and reasonably available amount or are not of a satisfactory quality2 or 7iii7 enforcing the requirement will increase the overall cost of the project or activity by more than #be percent4 7e7 ,coordination ,an eligible entity that receives a grant under this section is encouraged to collaborate or partner with other eligible entities in carrying out activities with that grant4 7f7 ,report ,not later than #c years after the date on which the ,secretary establishes the grant program under this section1 the ,secretary and the ,secretary of ,labor shall submit to ,congress a report on the effectiveness of the grant program1 including-- 7#a7 the number of individuals that have received reemployment or worker transition assistance under this section2 7#b7 a description of any job creation activities carried out with a grant under this section and the number of jobs created from those activities2 7#c7 the percentage of individuals that have received reemployment or worker transition assistance under this section who are1 during the second and fourth quarters after exiting the program-- 7,a7 in education or training activities2 or 7,b7 employed2 7#d7 the average wages of individuals that have received reemployment or worker transition assistance under this section during the second and fourth quarters after exit from the program2 7#e7 a description of any regional investment activities carried out with a grant under this section2 7#f7 a description of any export promotion activities carried out with a grant under this section1 including-- 7,a7 a description of the products promoted2 and 7,b7 an analysis of any increase in exports as a result of the promotion2 7#g7 a description of any resilience activities carried out with a grant under this section2 and 7#h7 a description of any cleanup activities from fossil fuel industry facilities or carbon-intensive industries carried out with a grant under this section4 7g7 ,funding 7#a7 ,initial funding 7,a7 ,in general ,there is appropriated to the ,secretary1 out of any funds in the ,treasury not otherwise appropriated1 #e1jjj1jjj1jjj for each of fiscal years #bjba and #bjbb to carry out this section1 to remain available until expended4 7,b7 ,additional funding ,if1 pursuant to section #dfib7;g7 of the ,internal ,revenue ,code of #aihf 7as added by section #c71 the carbon fee has been reduced to zero for calendar year #bjbb1 there is appropriated to carry out this section1 out of any funds in the ,treasury not otherwise appropriated1 #e1jjj1jjj1jjj for fiscal year #bjbc1 to remain available until expended4 7#b7 ,america's ,clean ,future ,fund ,the ,secretary shall carry out this section using amounts made available from the ,america's ,clean ,future ,fund under section #d4 #h4 ,study on carbon pricing 7a7 ,in general ,not later than ,january #a1 #bjbd1 the ,administrator of the ,environmental ,protection ,agency 7referred to in this section as the ,administrator7 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 #e years to evaluate the effectiveness of the fees established under sections #dfib and #dfic of the ,internal ,revenue ,code of #aihf in achieving the following goals3 7#a7 ,a net reduction of greenhouse gas emissions by #de percent1 based on #bjah levels1 by #bjcj4 7#b7 ,a net reduction of greenhouse gas emissions by #ajj percent1 based on #bjah levels1 by #bjej4 7b7 ,requirements ,in executing the agreement under subsection 7a71 the ,administrator shall ensure that1 in carrying out a study under that subsection1 the ,national ,academy of ,sciences-- 7#a7 includes an evaluation of-- 7,a7 total annual greenhouse gas emissions by the ,united ,states1 including greenhouse gas emissions not subject to the fees described in that subsection2 and 7,b7 the historic trends in the total greenhouse gas emissions evaluated under subparagraph 7,a72 7#b7 analyzes the extent to which greenhouse gas emissions have been or would be reduced as a result of current and potential future policies1 including-- 7,a7 a projection of greenhouse gas emissions reductions that would result if the regulations of the ,administrator were to be adjusted to impose stricter limits on greenhouse gas emissions than the goals described in that subsection1 with a particular focus on greenhouse gas emissions not subject to the fees described in that subsection2 7,b7 the status of greenhouse gas emissions reductions that result from fees charged under sections #dfib and #dfic of the ,internal ,revenue ,code of #aihf2 7,c7 a projection of greenhouse gas emissions reductions that would result if fees charged under such sections were annually increased-- 7i7 at the current price path2 and 7ii7 above the current price path2 7,d7 an analysis of greenhouse gas emissions reductions that result from the policies of ,states1 units of local government1 ,tribal communities1 and the private sector2 7,e7 a projection of greenhouse gas emissions reductions that would result from the promulgation of additional ,federal climate policies1 including a clean energy standard1 increased fuel economy and greenhouse gas emissions standards for motor vehicles1 a low-carbon fuel standard1 electrification of cars and heavy-duty trucks1 and reforestation of not less than #c1jjj1jjj acres of land within the ,national ,forest ,system2 and 7,f7 the status and projections of decarbonization in other major economies2 and 7#c7 submits a report to the ,administrator1 ,congress1 and the ,board of ,directors of the ,climate ,change ,finance ,corporation describing the results of the study4 #i4 ,effective date ,the amendments made by this ,act shall apply to any calendar year beginning after ,december #ca1 #bjba4