,,ii #aai? ,,congress #a/ ,session ,s4 #be ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,janu>y #g1 #bjbe,mr4 ,van ,holl5 7= himself1 ,mr4 ,s&]s1 ,mr4 ,m]kley1 ,mr4 ,m>key1 & ,ms4 ,w>r57 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to impose an assessm5t relat$ to fossil fuel emissions1 to e/abli% ! ,pollut]s ,pay ,climate ,fund1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,pollut]s ,pay ,climate ,fund ,act ( #bjbe4 #b4 ,f9d+s ,congress f9ds t-- 7#a7 climate *ange1 result+ prim>ily f ! combu/ion ( fossil fuels1 is an imm$iate1 grave ?reat to ! communities1 environm5t1 & economy ( ! ,unit$ ,/ates2 7#b7 sev]e consequ5ces ( climate *ange h already mat]ializ$ 9 ! ,unit$ ,/ates1 includ+ ris+ sea levels1 increas+ temp]atures1 extreme wea!r ev5ts1 flood+1 heat waves1 loss ( biodiv]sity1 & o!r climate *ange-driv5 ecosy/em ?reats2 7#c7 ! ,f$]al gov]nm5t jo9tly ) ,/ates & localities mu/ develop & implem5t protective measures to c\nt]act ! adv]se effects ( climate *ange1 protect communities1 & build resili5ce to extreme wea!r2 7#d7 ! gov]nm5t response mu/ include protections = communities t are mo/ vuln]able to climate *ange impacts1 especially communities ( color1 l[-income communities1 & ,tribal & ,indig5\s communities t are also m likely to h exp]i5c$ sy/emic dis9ve/m5t & be ov]burd5$ by fossil fuel pollution2 7#e7 ! protective measures necess>y to respond to ! adv]se effects ( climate *ange 9 ! ,unit$ ,/ates w require trillions ( doll>s ( new inve/m5t dur+ ! decade aft] ! date ( enactm5t ( ?is ,act2 7#f7 climate *ange relat$ extreme wea!r ev5ts1 su* z ^? describ$ 9 p>agraph 7#b71 co/ ! ,unit$ ,/ates at lea/ #aej1jjj1jjj1jjj ea* ye> & disproportionately affect und]s]v$ & ov]burd5$ communities1 accord+ to ! ,fif? ,national ,climate ,assessm5t2 7#g7 ! #ajj1jjj1jjj1jjj ea* ye> t fossil fuel companies are collectively assess$ = ! ,pollut]s ,pay ,climate ,fund e/abli%$ 9 ?is ,act repres5ts only a small portion ( ! total co/ to ! ,f$]al gov]nm5t to respond to climate *ange relat$ extreme wea!r ev5ts & make ne$$ climate *ange adaptation & resili5ce inve/m5ts2 7#h7 pe]-review$ rese>* c n[ det]m9e ) great accuracy ! %>e ( c>bon dioxide releas$ into ! atmosph]e by ! op]ations & products ( specific fossil fuel companies1 :i* is :at in=ms ! =mulas to det]m9e c>bon dioxide emissions t are us$ 9 ! am5dm5ts made by ?is ,act2 7#i7 ! fossil fuel indu/ry has be5 aw>e ( ! c5tral role t _! product plays 9 caus+ climate *ange s9ce be=e ! ye> #bjjj2 7#aj7 ! fossil fuel indu/ry mu/ n[ increase _! contribution to gov]nm5t exp5ditures to protect ! ,nation f climate disa/]2 & 7#aa7 ?is ,act & assessm5ts "u ! am5dm5ts made by ?is ,act are n int5d$-- 7,a7 to be a det]m9ation ( fault2 or 7,b7 to h any impact on ! ability ( any p]son or o!r gov]nm5t to hold pollut]s acc\ntable = h>ms caus$4 #c4 ,tax relat+ to curr5t /ock ( gre5h\se gas emissions 7a7 ,9 g5]al ,*apt] #ch ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new sub*apt]3 ,e ,c]ta9 fossil fuel emissions ,sec4 #dfia4 ,imposition ( tax4 #dfia4 ,imposition ( tax 7a7 ,imposition ,ea* assessable p]son %all pay to ! ,secret>y ( ! ,treasury n lat] ?an ! applicable paym5t date a tax 9 an am\nt det]m9$ "u subsection 7b74 7b7 ,det]m9ation ( am\nt 7#a7 ,9 g5]al ,) respect to ea* assessable p]son1 ! tax "u ?is section %all be equal to an am\nt t be>s ! same ratio to #a1jjj1jjj1jjj1jjj z-- 7,a7 ! assessable p]son's applicable %>e ( cov]$ c>bon dioxide emissions tak5 into acc\nt "u ?is section1 be>s to 7,b7 ! aggregate applicable %>es ( cov]$ c>bon dioxide emissions ( all assessable p]sons tak5 into acc\nt "u ?is section4 7#b7 ,det]m9ation ( applicable %>e 7,a7 ,9 g5]al ,! applicable %>e ( cov]$ c>bon dioxide emissions tak5 into acc\nt "u ?is section = any assessable p]son %all be ! excess 7if any7 (-- 7i7 ! cov]$ c>bon dioxide emissions attributable to su* p]son 7det]m9$ 9 metric tons71 z det]m9$ by ! ,secret>y bas$ on product-relat$ c>bon dioxide emissions ( su* p]son1 ov] 7ii7 #a1jjj1jjj1jjj metric tons4 7,b7 ,adju/m5t ,! ,secret>y may adju/ ! am\nt det]m9$ "u subp>agraph 7,a77i7 ) respect to an assessable p]son :o is describ$ 9 subsection 7c77#b77;,b77ii7 7or :o is a successor 9 int]e/ to a p]son describ$ 9 su* subsection7 if su* p]son e/abli%es to ! satisfaction ( ! ,secret>y t a portion ( su* am\nt 0-- 7i7 attributable to ! extraction ( crude oil by ano!r assessable p]son :o is describ$ 9 subsection 7c77#b77;,b77i7 7or a successor 9 int]e/ to a p]son describ$ 9 su* subsection71 & 7ii7 tak5 into acc\nt 9 det]m9+ su* am\nt = su* o!r assessable p]son4 7c7 ,assessable p]son ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m assessable p]son means-- 7,a7 any p]son t is describ$ 9 p>agraph 7#b71 or 7,b7 any successor 9 int]e/ to a p]son describ$ 9 p>agraph 7#b74 7#b7 ,p]son describ$ ,a p]son is describ$ 9 ?is p>agraph if su* p]son-- 7,a7 is a ,unit$ ,/ates p]son or is engag$ 9 a trade or bus9ess )9 ! ,unit$ ,/ates dur+ ! p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act & end+ on ,decemb] #ca1 #bjbe1 7,b7 dur+ any "p ( ! cov]$ p]iod1 0 engag$ 9 ! trade or bus9ess (-- 7i7 extract+ any fossil fuel1 or 7ii7 ref9+ any crude oil1 & 7,c7 is det]m9$ by ! ,secret>y to be responsible = m ?an #a1jjj1jjj1jjj metric tons ( cov]$ c>bon dioxide emissions4 7#c7 ,controll$ gr\ps 7,a7 ,9 g5]al ,= purposes ( ?is subsection1 all p]sons treat$ z a s+le employ] "u subsection 7a7 or 7b7 ( section #eb or subsection 7m7 or 7o7 ( section #dad %all be treat$ z a s+le assessable p]son4 7,b7 ,inclusion ( =eign corporations ,= purposes ( subp>agraph 7,a71 9 apply+ subsections 7a7 & 7b7 ( section #eb to ?is section1 section #aefc %all be appli$ )\t reg>d to subsection 7b77#b77;,c7 !re(4 7#d7 ,jo9t & sev]al liability ,if m ?an "o p]son is liable = paym5t ( ! tax "u subsection 7a7 ) respect to a s+le assessable p]son by reason ( ! application ( p>agraph 7#c71 all su* p]sons %all be jo9tly & sev]ally liable = paym5t ( su* tax4 7d7 ,o!r def9itions & rules ,= purposes ( ?is section-- 7#a7 ,applicable paym5t date ,! t]m applicable paym5t date means ,septemb] #cj1 #bjbf4 7#b7 ,cov]$ c>bon dioxide emissions ,! t]m cov]$ c>bon dioxide emissions means1 ) respect to any p]son1 ! total quantity ( c>bon dioxide releas$ into ! atmosph]e dur+ ! cov]$ p]iod by reason su* p]son engag+ 9 ! trade or bus9ess ( extract+ fossil fuels or ( ref9+ crude oil4 7#c7 ,cov]$ p]iod ,! t]m cov]$ p]iod means ! p]iod t-- 7,a7 began on ,janu>y #a1 #bjjj1 & 7,b7 end$ on ,decemb] #ca1 #bjbc4 7#d7 ,fossil fuel ,! t]m fossil fuel means coal1 crude oil1 & fuel gases4 7#e7 ,coal ,! t]m coal means an?racite1 bitum9\s1 subbitum9\s1 & lignite coal4 7#f7 ,crude oil ,! t]m crude oil means oil or petroleum ( any k9d & 9 any =m1 includ+ bitum51 oil s&s1 heavy oil1 conv5tional & unconv5tional oil1 %ale oil1 natural gas liquids1 cond5sates1 & relat$ fossil fuel liquids4 7#g7 ,fuel gases ,! t]m fuel gases means natural gas1 associat$ natural gas1 conv5tional & unconv5tional gas1 %ale gas1 & relat$ me?ane gas production4 7#h7 ,det]m9ation ( c>bon dioxide emissions ,9 det]m9+ ! am\nt ( c>bon dioxide emissions ) respect to any assessable p]son-- 7,a7 an am\nt equival5t to #idb4e metric tons ( c>bon dioxide %all be treat$ z releas$ = e #a1jjj1jjj p\nds ( coal1 7,b7 an am\nt equival5t to #dcb1ahj metric tons ( c>bon dioxide %all be treat$ z releas$ = e #a1jjj1jjj b>rels ( crude oil1 & 7,c7 an am\nt equival5t to #ed1ddj metric tons ( c>bon dioxide %all be treat$ z releas$ = e #a1jjj1jjj1jjj cubic feet ( fuel gases4 7e7 ,election ,to pay liability 9 in/allm5ts 7#a7 ,9 g5]al ,an assessable p]son may elect to pay ! tax "u ?is section 9 #i annual in/allm5ts ( ! foll[+ am\nts3 7,a7 #bj p]c5t ( ! tax "u ?is section 9 ! case ( ! fir/ in/allm5t4 7,b7 #aj p]c5t ( ! tax "u ?is section 9 ea* ( ! foll[+ #h in/allm5ts4 7#b7 ,date = paym5t ( in/allm5ts ,if an election is made "u p>agraph 7#a71 ! fir/ in/allm5t %all be paid on ! applicable paym5t date & ea* succe$+ in/allm5t %all be paid on ! same date z ! applicable paym5t date = ea* cal5d> ye> foll[+ ! cal5d> ye> ) respect to :i* ! prec$+ in/allm5t 0 made4 7#c7 ,accel]ation ( paym5t ,if !re is an addition to tax = failure to timely pay any in/allm5t requir$ "u ?is subsection1 a liquidation or sale ( sub/antially all ! assets ( ! assessable p]son 7includ+ 9 a title #aa or simil> case71 a cessation ( bus9ess by ! assessable p]son1 or any simil> circum/ance1 !n ! unpaid portion ( all rema9+ in/allm5ts %all be due on ! date ( su* ev5t 7or 9 ! case ( a title #aa or simil> case1 ! day be=e ! petition is fil$74 ,! prec$+ s5t5ce %all n apply to ! sale ( sub/antially all ! assets ( an assessable p]son to a buy] if su* buy] ent]s into an agreem5t ) ! ,secret>y "u :i* su* buy] is liable = ! rema9+ in/allm5ts due "u ?is subsection 9 ! same mann] z if su* buy] 7 ! assessable p]son4 7#d7 ,proration ( defici5cy to in/allm5ts ,if an election is made "u p>agraph 7#a7 to pay ! tax "u ?is section 9 in/allm5ts & a defici5cy has be5 assess$ ) respect to su* tax1 ! defici5cy %all be prorat$ to ! in/allm5ts payable "u p>agraph 7#a74 ,! "p ( ! defici5cy s prorat$ to any in/allm5t ! date = paym5t ( :i* has n arriv$ %all be collect$ at ! same "t z1 & z a "p (1 su* in/allm5t4 ,! "p ( ! defici5cy s prorat$ to any in/allm5t ! date = paym5t ( :i* has arriv$ %all be paid ^u notice & dem& f ! ,secret>y4 ,?is subsection %all n apply if ! defici5cy is due to neglig5ce1 to int5tional disreg>d ( rules & regulations1 or to fraud ) int5t to evade tax4 7#e7 ,election ,any election "u p>agraph 7#a7 %all be made n lat] ?an ! applicable paym5t date & %all be made 9 su* mann] z ! ,secret>y %all provide4 7#f7 ,in/allm5ts n to prev5t cr$it or refund ( ov]paym5ts or increase e/imat$ taxes ,if an election is made "u p>agraph 7#a7 to pay ! tax "u ?is section 9 in/allm5ts-- 7,a7 no in/allm5t ( su* tax %all-- 7i7 9 ! case ( a reque/ = cr$it or refund1 be tak5 into acc\nt z a liability = purposes ( det]m9+ :e!r an ov]paym5t exi/s = purposes ( section #fdjb be=e ! date on :i* su* in/allm5t is due1 or 7ii7 = purposes ( sections #fdbe1 #ffed1 & #ffee1 be treat$ z a tax impos$ by section #a1 section #aa1 or sub*apt] ,l ( *apt] #a1 & 7,b7 ! fir/ s5t5ce ( section #fdjc %all n apply ) respect to any su* in/allm5t4 7f7 ,regulations ,n lat] ?an #ah mon?s aft] ! date ( enactm5t ( ?is section1 ! ,secret>y %all promulgate su* regulations z are necess>y to c>ry out ?is section4 4 7b7 ,no d$uction ,section #bge7;a7 ( su* ,code is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#g7 ,taxes impos$ by sub*apt] ,e ( *apt] #ch4 4 7c7 ,cl]ical am5dm5t ,! table ( sub*apt]s = *apt] #ch ( su* ,code is am5d$ by add+ at ! end ! foll[+ new item3 ,,sub*apt] ,e--,c]ta9 fossil fuel emissions 4 #d4 ,pollut] ,pays ,climate ,*ange ,fund 7a7 ,e/abli%m5t ( fund 7#a7 ,9 g5]al ,sub*apt] ,a ( *apt] #ih ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new section3 #ieab4 ,pollut]s ,pay ,climate ,fund 7a7 ,e/abli%m5t ,!re is e/abli%$ 9 ! ,treasury ( ! ,unit$ ,/ates a tru/ fund1 to be kn[n z ! ,pollut]s ,pay ,climate ,fund 7h]e9aft] 9 ?is section ref]r$ to z ! ,fund71 consi/+ ( am\nts z are appropriat$ or cr$it$ to su* ,tru/ ,fund z provid$ 9 ?is section & section #ifjb7;b74 7b7 ,transf]s ,!re are h]eby appropriat$ to ! ,fund am\nts equival5t to ! taxes receiv$ 9 ! ,treasury "u section #dfia4 7c7 ,exp5ditures f ! ,fund ,am\nts 9 ! fund %all be available1 z provid$ 9 appropriations ,acts1 = ! purpose ( mak+ exp5ditures to c>ry out ! purposes ( section #d7;b7 ( ! ,pollut]s ,pay ,climate ,fund ,act ( #bjbe4 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 ,pollut]s ,pay ,climate ,fund4 4 7b7 ,exp5ditures f fund 7#a7 ,def9itions ,9 ?is subsection3 7,a7 ,adm9i/rator ,! t]m ,adm9i/rator means ! ,adm9i/rator ( ! ,environm5tal ,protection ,ag5cy4 7,b7 ,environm5tal ju/ice community ,! t]m environm5tal ju/ice community means a community ) significant repres5tation ( communities ( color1 l[-income communities1 or ,tribal & ,indig5\s communities t exp]i5ces1 or is at risk ( exp]i5c+1 high] or m adv]se human heal? or environm5tal effects z comp>$ to o!r communities4 7,c7 ,fund ,! t]m ,fund means ! ,pollut]s ,pay ,climate ,*ange ,fund e/abli%$ "u section #ieab ( ! ,int]nal ,rev5ue ,code ( #aihf4 7,d7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ! ,treasury4 7#b7 ,use ( fund am\nts 7,a7 ,g5]al purposes ,! ,secret>y1 9 consultation ) ! ,adm9i/rator & ! heads ( o!r relevant ag5cies1 %all use am\nts 9 ! ,fund = ! purposes ( fur!r+ a compreh5sive & equitable ,f$]al response to climate *ange impacts ?r\gh inve/m5ts 9 climate resili5ce1 adaptation1 disa/] response1 & environm5tal ju/ice1 includ+-- 7i7 climate-relat$ disa/] recov]y & mitigation support2 7ii7 climate *ange adaptation support ?r\gh climate & disa/] plann+ assi/ance1 fund+ = climate-resili5t infra/ructure1 & improv$ climate & extreme wea!r pr$iction capabilities2 7iii7 initiatives t increase ! climate resili5ce ( en]gy sy/ems ?r\gh en]gy effici5cy1 grid resili5ce1 & di/ribut$ electricity g5]ation initiatives2 7iv7 initiatives t increase ! climate resili5ce ( ! food sy/em ?r\gh support = climate-resili5t f>m+ practices2 7v7 initiatives t increase ! climate resili5ce ( ! transportation sy/em ?r\gh plann+ & climate *ange adaptation support2 7vi7 initiatives t increase ! climate resili5ce ( ecosy/ems ?r\gh cons]vation1 re/oration1 & wildfire managem5t activities2 7vii7 support = climate-relat$ public heal? initiatives1 includ+ ef=ts to address extreme heat2 & 7viii7 initiatives t increase ! climate resili5cy ( dr9k+ wat] & /ormwat] infra/ructure4 7,b7 ,specifi$ uses ,9 c>ry+ out subp>agraph 7,a7 ea* fiscal ye> & to ! greate/ ext5t practicable1 ! ,secret>y %all use am\nts 9 ! ,fund-- 7i7 to provide fund+ ( n less ?an #ae1jjj1jjj1jjj to ! ,f$]al ,em]g5cy ,managem5t ,ag5cy = response & resili5ce programs ( ! ,f$]al ,em]g5cy ,managem5t ,ag5cy to address climate-relat$ disa/]s1 includ+ hurricanes1 flood+1 extreme heat1 & wildfires1 ( :i* n less ?an #c1jjj1jjj1jjj %all be us$ to c>ry out ! ,build+ ,resili5t ,infra/ructure & ,communities program "u section #bjc ( ! ,rob]t ,t4 ,/af=d ,disa/] ,relief & ,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 #eacc72 & 7ii7 to provide fund+ ( n less ?an #f1jjj1jjj1jjj = grants & te*nical assi/ance "u section #ach ( ! ,clean ,air ,act 7#db ,u4,s4,c4 #gdch71 subject to ! condition t ! ,adm9i/rator may det]m9e ! appropriate am\nts to be us$ = ^? grants & t te*nical assi/ance4 7,c7 ,environm5tal ju/ice set aside ,( ! am\nts appropriat$ f ! ,fund ea* fiscal ye>1 #dj p]c5t %all be us$ = inve/m5ts t b5efit environm5tal ju/ice communities4 7,d7 ,selection ,= ! purpose ( det]m9+ h[ to aw>d am\nts appropriat$ f ! ,fund 9 excess ( ! am\nts requir$ to be us$ "u subp>agraph 7,b71 ! ,secret>y1 9 coord9ation ) ! ,adm9i/rator & ! heads ( o!r relevant ag5cies1 %all e/abli% selection crit]ia1 :i* %all give ! highe/ priority to projects or o!r activities t are mo/ impactful 9 a*iev+ ! purposes describ$ 9 subp>agraph 7,a71 z det]m9$ by ! ,secret>y1 9 coord9ation ) ! ,adm9i/rator & ! heads ( o!r relevant ag5cies4 #e4 ,availability ( rem$ies 7a7 ,9 g5]al ,no?+ 9 ?is ,act or ! am5dm5ts made by ?is ,act %all be con/ru$ to relieve any p]son f liability at common law or "u any ,/ate or ,f$]al law4 7b7 ,effect on claims relat$ to climate *ange ,no?+ 9 ?is ,act or ! am5dm5ts made by ?is ,act1 ! ,clean ,air ,act 7#db ,u4,s4,c4 #gdja et seq471 or ,f$]al common law preempts1 displaces1 or re/ricts any "r or rem$y ( any p]son1 ,/ate1 unit ( local gov]nm5t1 or ,tribal gov]nm5t "u any ,/ate or local law 7includ+ common law7 relat+ to an allegation (-- 7#a7 deception conc]n+ ! effects ( fossil fuel on climate *ange2 7#b7 damage or injury result+ f ! role ( fossil fuel 9 contribut+ to climate *ange2 or 7#c7 ! failure to avoid damage or injury relat$ to climate *ange1 includ+ claims = nuisance1 trespass1 design defect1 neglig5ce1 failure to w>n1 or deceptive or unfair practices & claims = injunctive1 decl>atory1 monet>y1 or o!r relief4 7c7 ,rule ( con/ruction ,no?+ 9 ?is ,act or ! am5dm5ts made by ?is ,act %all-- 7#a7 require ! repaym5t ( any funds made available f ! ,pollut] ,pays ,climate ,*ange ,fund e/abli%$ "u section #ieab ( ! ,int]nal ,rev5ue ,code ( #aihf & us$ pursuant to section #d7;b7 z a result ( any aw>d ( damages impos$ by a c\rt ( law relat+ to any causes ( action or allegations describ$ 9 subsection 7b72 or 7#b7 p]mit ! use ( any su* funds-- 7,a7 z evid5ce 9 su* an action or allegation2 or 7,b7 to (fset any aw>d ( damages 9 su* an action or allegation4 #f4 ,non-preemption ( au?orities ,no?+ 9 ?is ,act or ! am5dm5ts made by ?is ,act %all be con/ru$ to preempt or sup]s$e any ,/ate or local law1 regulation1 policy1 or program1 includ+ laws1 regulations1 polices1 & programs t-- 7#a7 limit1 set1 or en=ce /&>ds = gre5h\se gas emissions2 7#b7 monitor1 report1 & keep records ( gre5h\se gas emissions2 7#c7 provide co/ recov]y = climate adaptation1 mitigation1 or resili5ce2 or 7#d7 conduct or support inve/igations4