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   &lt;pre&gt;[Congressional Record Volume 167, Number 62 (Monday, April 12, 2021)][House]From the Congressional Record Online through the Government Publishing Office [&lt;a href="https://www.gpo.gov"&gt;www.gpo.gov&lt;/a&gt;]By Ms. NEWMAN:H.R. 2451.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3 of the U.S. Constitution[Page H1727]&lt;/pre&gt;
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     America's Clean Future Fund Act
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     <name>
      Agricultural conservation and pollution
     </name>
    </item>
    <item>
     <name>
      Agricultural practices and innovations
     </name>
    </item>
    <item>
     <name>
      Air quality
     </name>
    </item>
    <item>
     <name>
      Alternative and renewable resources
     </name>
    </item>
    <item>
     <name>
      Appropriations
     </name>
    </item>
    <item>
     <name>
      Atmospheric science and weather
     </name>
    </item>
    <item>
     <name>
      Buy American requirements
     </name>
    </item>
    <item>
     <name>
      Climate change and greenhouse gases
     </name>
    </item>
    <item>
     <name>
      Coal
     </name>
    </item>
    <item>
     <name>
      Community life and organization
     </name>
    </item>
    <item>
     <name>
      Congressional oversight
     </name>
    </item>
    <item>
     <name>
      Ecology
     </name>
    </item>
    <item>
     <name>
      Economic performance and conditions
     </name>
    </item>
    <item>
     <name>
      Employment and training programs
     </name>
    </item>
    <item>
     <name>
      Energy efficiency and conservation
     </name>
    </item>
    <item>
     <name>
      Environmental Protection Agency (EPA)
     </name>
    </item>
    <item>
     <name>
      Environmental assessment, monitoring, research
     </name>
    </item>
    <item>
     <name>
      Environmental regulatory procedures
     </name>
    </item>
    <item>
     <name>
      Executive agency funding and structure
     </name>
    </item>
    <item>
     <name>
      Farmland
     </name>
    </item>
    <item>
     <name>
      Floods and storm protection
     </name>
    </item>
    <item>
     <name>
      Forests, forestry, trees
     </name>
    </item>
    <item>
     <name>
      Government lending and loan guarantees
     </name>
    </item>
    <item>
     <name>
      Government studies and investigations
     </name>
    </item>
    <item>
     <name>
      Hybrid, electric, and advanced technology vehicles
     </name>
    </item>
    <item>
     <name>
      Inflation and prices
     </name>
    </item>
    <item>
     <name>
      Land use and conservation
     </name>
    </item>
    <item>
     <name>
      Livestock
     </name>
    </item>
    <item>
     <name>
      Marine and coastal resources, fisheries
     </name>
    </item>
    <item>
     <name>
      Metals
     </name>
    </item>
    <item>
     <name>
      Mining
     </name>
    </item>
    <item>
     <name>
      Minority and disadvantaged businesses
     </name>
    </item>
    <item>
     <name>
      Oil and gas
     </name>
    </item>
    <item>
     <name>
      Poverty and welfare assistance
     </name>
    </item>
    <item>
     <name>
      Public contracts and procurement
     </name>
    </item>
    <item>
     <name>
      Sales and excise taxes
     </name>
    </item>
    <item>
     <name>
      User charges and fees
     </name>
    </item>
    <item>
     <name>
      Water quality
     </name>
    </item>
    <item>
     <name>
      Wetlands
     </name>
    </item>
   </legislativeSubjects>
   <policyArea>
    <name>
     Environmental Protection
    </name>
   </policyArea>
  </subjects>
  <summaries>
   <summary>
    <versionCode>
     00
    </versionCode>
    <actionDate>
     2021-04-12
    </actionDate>
    <actionDesc>
     Introduced in House
    </actionDesc>
    <updateDate>
     2021-08-25T19:07:28Z
    </updateDate>
    <text>
     &lt;p&gt;&lt;b&gt;America's Clean Future Fund Act&lt;/b&gt;&lt;/p&gt; &lt;p&gt;This bill establishes requirements and incentives to reduce greenhouse gas emissions and assist industries, communities, and workers transition to a low-carbon economy, including by establishing (1) the Climate Change Finance Corporation (C2FC); (2) the America's Clean Future Fund; and (3) a carbon fee on the use, sale, or transfer of certain fuels by covered entities.&lt;/p&gt; &lt;p&gt;The bill provides appropriations to the C2FC, an independent agency, which must finance clean energy and climate change resiliency activities in order to meet the goal of eliminating greenhouse gas emissions by 2050.&lt;/p&gt; &lt;p&gt;The bill also provides appropriations for the America's Clean Future Fund. Amounts in the fund may be used for the C2FC, stimulus payments (i.e., tax rebates) to individuals whose gross incomes do not exceed specified thresholds, decarbonization transition payments to the agricultural sector, and grants to help certain communities and workers transition to a low-carbon economy.&lt;/p&gt; &lt;p&gt;Revenues generated from the carbon fee must also be deposited into the America's Clean Future Fund. Beginning in 2023, covered entities (e.g., entities that use, sell, or transfer fossil fuels) must pay a carbon fee of $25 per metric ton of carbon dioxide or carbon dioxide equivalent. The fee increases by $10 each year, multiplied by the cost-of-living adjustment. The fees further increase if the entities miss cumulative greenhouse gas emission targets established by the bill. Refund payments may be provided for carbon capture, sequestration, and utilization.&lt;/p&gt;
    </text>
   </summary>
  </summaries>
  <title>
   America's Clean Future Fund Act
  </title>
  <titles>
   <item>
    <titleType>
     Display Title
    </titleType>
    <title>
     America's Clean Future Fund Act
    </title>
   </item>
   <item>
    <titleType>
     Official Title as Introduced
    </titleType>
    <title>
     To amend the Internal Revenue Code of 1986 to establish a carbon fee to reduce greenhouse gas emissions, and for other purposes.
    </title>
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     Introduced in House
    </billTextVersionName>
    <billTextVersionCode>
     IH
    </billTextVersionCode>
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   <item>
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     Short Title(s) as Introduced
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     America's Clean Future Fund Act
    </title>
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     Introduced in House
    </billTextVersionName>
    <billTextVersionCode>
     IH
    </billTextVersionCode>
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  </titles>
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     Introduced in House
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    <date>
     2021-04-12T04:00:00Z
    </date>
    <formats>
     <item>
      <url>
       https://www.govinfo.gov/content/pkg/BILLS-117hr2451ih/xml/BILLS-117hr2451ih.xml
      </url>
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    </formats>
   </item>
  </textVersions>
  <latestAction>
   <actionDate>
    2021-04-13
   </actionDate>
   <text>
    Referred to the Subcommittee on Energy.
   </text>
  </latestAction>
 </bill>
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   text/xml
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   EN
  </dc:language>
  <dc:rights>
   Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
  </dc:rights>
  <dc:contributor>
   Congressional Research Service, Library of Congress
  </dc:contributor>
  <dc:description>
   This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.
  </dc:description>
 </dublinCore>
</billStatus>

2021-04-13
Energy, Climate and Grid Security Subcommittee
hsif03
1
House committee actions
Referred to the Subcommittee on Energy.
Committee
2021-04-13
Water Resources and Environment Subcommittee
hspw02
1
House committee actions
Referred to the Subcommittee on Water Resources and Environment.
Committee
2021-04-13
Aviation Subcommittee
hspw05
1
House committee actions
Referred to the Subcommittee on Aviation.
Committee
2021-04-13
Highways and Transit Subcommittee
hspw12
1
House committee actions
Referred to the Subcommittee on Highways and Transit.
Committee
H11100
2021-04-12
Natural Resources Committee
hsii00
2
House floor actions
Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Agriculture, Education and Labor, Transportation and Infrastructure, Financial Services, Science, Space, and Technology, and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
IntroReferral
H11100
2021-04-12
Science, Space, and Technology Committee
hssy00
2
House floor actions
Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Agriculture, Education and Labor, Transportation and Infrastructure, Financial Services, Science, Space, and Technology, and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
IntroReferral
H11100
2021-04-12
Financial Services Committee
hsba00
2
House floor actions
Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Agriculture, Education and Labor, Transportation and Infrastructure, Financial Services, Science, Space, and Technology, and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
IntroReferral
H11100
2021-04-12
Transportation and Infrastructure Committee
hspw00
2
House floor actions
Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Agriculture, Education and Labor, Transportation and Infrastructure, Financial Services, Science, Space, and Technology, and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
IntroReferral
H11100
2021-04-12
Education and the Workforce Committee
hsed00
2
House floor actions
Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Agriculture, Education and Labor, Transportation and Infrastructure, Financial Services, Science, Space, and Technology, and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
IntroReferral
H11100
2021-04-12
Agriculture Committee
hsag00
2
House floor actions
Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Agriculture, Education and Labor, Transportation and Infrastructure, Financial Services, Science, Space, and Technology, and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
IntroReferral
H11100
2021-04-12
Ways and Means Committee
hswm00
2
House floor actions
Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Agriculture, Education and Labor, Transportation and Infrastructure, Financial Services, Science, Space, and Technology, and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
IntroReferral
H11100
2021-04-12
Energy and Commerce Committee
hsif00
2
House floor actions
Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Agriculture, Education and Labor, Transportation and Infrastructure, Financial Services, Science, Space, and Technology, and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
IntroReferral
2021-04-12
Energy Subcommittee
hssy20
1
House committee actions
Referred to the Subcommittee on Energy.
Committee
Intro-H
2021-04-12
9
Library of Congress
Introduced in House
IntroReferral
1000
2021-04-12
9
Library of Congress
Introduced in House
IntroReferral
2021-04-12T16:00:30Z
Referred to
House
Energy and Commerce Committee
2021-04-13T16:00:13Z
Referred to
Energy, Climate and Grid Security Subcommittee
hsif03
hsif00
Standing
2021-04-12T16:00:50Z
Referred to
House
Transportation and Infrastructure Committee
2021-04-13T13:18:37Z
Referred to
Water Resources and Environment Subcommittee
hspw02
2021-04-13T13:18:27Z
Referred to
Aviation Subcommittee
hspw05
2021-04-13T13:18:17Z
Referred to
Highways and Transit Subcommittee
hspw12
hspw00
Standing
2021-04-12T16:01:10Z
Referred to
House
Natural Resources Committee
hsii00
Standing
2021-04-12T16:01:05Z
Referred to
House
Science, Space, and Technology Committee
2021-04-12T15:24:30Z
Referred to
Energy Subcommittee
hssy20
hssy00
Standing
2021-04-12T16:01:00Z
Referred to
House
Financial Services Committee
hsba00
Standing
2021-04-12T16:00:45Z
Referred to
House
Education and the Workforce Committee
hsed00
Standing
2021-04-12T16:00:40Z
Referred to
House
Agriculture Committee
hsag00
Standing
2021-04-12T16:00:35Z
Referred to
House
Ways and Means Committee
hswm00
Standing
W000788
5
Nikema
Rep. Williams, Nikema [D-GA-5]
Williams
D
2021-04-12
GA
H001081
5
Jahana
Rep. Hayes, Jahana [D-CT-5]
Hayes
D
2021-04-12
CT
V000130
51
Juan
Rep. Vargas, Juan [D-CA-51]
Vargas
D
2021-04-12
CA
C001112
24
Salud
Rep. Carbajal, Salud O. [D-CA-24]
Carbajal
O.
D
2021-04-12
CA
S001165
8
Albio
Rep. Sires, Albio [D-NJ-8]
Sires
D
2021-04-16
NJ
T000486
15
Ritchie
Rep. Torres, Ritchie [D-NY-15]
Torres
D
2021-06-15
NY
Q000023
5
Mike
Rep. Quigley, Mike [D-IL-5]
Quigley
D
2021-06-25
IL
H001068
2
Jared
Rep. Huffman, Jared [D-CA-2]
Huffman
D
2021-07-16
CA
A000371
31
Pete
Rep. Aguilar, Pete [D-CA-31]
Aguilar
D
2021-07-16
CA
Congressional Research Service, Library of Congress
This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
2021-04-12
2021-04-13
Referred to the Subcommittee on Energy.
House
Environmental Protection
2021-03-10
Read twice and referred to the Committee on Finance. (text: CR S1461-1469)
CRS
Identical bill
America's Clean Future Fund Act
S
N000192
3
Marie
Rep. Newman, Marie [D-IL-3]
N
Newman
D
IL
Administrative law and regulatory procedures Agricultural conservation and pollution Agricultural practices and innovations Air quality Alternative and renewable resources Appropriations Atmospheric science and weather Buy American requirements Climate change and greenhouse gases Coal Community life and organization Congressional oversight Ecology Economic performance and conditions Employment and training programs Energy efficiency and conservation Environmental Protection Agency (EPA) Environmental assessment, monitoring, research Environmental regulatory procedures Executive agency funding and structure Farmland Floods and storm protection Forests, forestry, trees Government lending and loan guarantees Government studies and investigations Hybrid, electric, and advanced technology vehicles Inflation and prices Land use and conservation Livestock Marine and coastal resources, fisheries Metals Mining Minority and disadvantaged businesses Oil and gas Poverty and welfare assistance Public contracts and procurement Sales and excise taxes User charges and fees Water quality Wetlands
2021-04-12
Introduced in House
 <p><b>America's Clean Future Fund Act</b></p> <p>This bill establishes requirements and incentives to reduce greenhouse gas emissions and assist industries, communities, and workers transition to a low-carbon economy, including by establishing (1) the Climate Change Finance Corporation (C2FC); (2) the America's Clean Future Fund; and (3) a carbon fee on the use, sale, or transfer of certain fuels by covered entities.</p> <p>The bill provides appropriations to the C2FC, an independent agency, which must finance clean energy and climate change resiliency activities in order to meet the goal of eliminating greenhouse gas emissions by 2050.</p> <p>The bill also provides appropriations for the America's Clean Future Fund. Amounts in the fund may be used for the C2FC, stimulus payments (i.e., tax rebates) to individuals whose gross incomes do not exceed specified thresholds, decarbonization transition payments to the agricultural sector, and grants to help certain communities and workers transition to a low-carbon economy.</p> <p>Revenues generated from the carbon fee must also be deposited into the America's Clean Future Fund. Beginning in 2023, covered entities (e.g., entities that use, sell, or transfer fossil fuels) must pay a carbon fee of $25 per metric ton of carbon dioxide or carbon dioxide equivalent. The fee increases by $10 each year, multiplied by the cost-of-living adjustment. The fees further increase if the entities miss cumulative greenhouse gas emission targets established by the bill. Refund payments may be provided for carbon capture, sequestration, and utilization.</p>
2021-08-25T19:07:28Z
00
2021-04-12T04:00:00Z
Introduced in House
https://www.govinfo.gov/content/pkg/BILLS-117hr2451ih/xml/BILLS-117hr2451ih.xml
America's Clean Future Fund Act
America's Clean Future Fund Act
Display Title
IH
Introduced in House
To amend the Internal Revenue Code of 1986 to establish a carbon fee to reduce greenhouse gas emissions, and for other purposes.
Official Title as Introduced
IH
Introduced in House
America's Clean Future Fund Act
Short Title(s) as Introduced
HR
2023-01-11T13:48:50Z
2023-01-11T13:48:50Z
3.0.0
2021-03-10
Read twice and referred to the Committee on Finance. (text: CR S1461-1469)
CRS
Identical bill
America's Clean Future Fund Act
S
2021-04-13
Energy, Climate and Grid Security Subcommittee
hsif03
1
House committee actions
Referred to the Subcommittee on Energy.
Committee
2021-04-13
Water Resources and Environment Subcommittee
hspw02
1
House committee actions
Referred to the Subcommittee on Water Resources and Environment.
Committee
2021-04-13
Aviation Subcommittee
hspw05
1
House committee actions
Referred to the Subcommittee on Aviation.
Committee
2021-04-13
Highways and Transit Subcommittee
hspw12
1
House committee actions
Referred to the Subcommittee on Highways and Transit.
Committee
H11100
2021-04-12
Natural Resources Committee
hsii00
2
House floor actions
Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Agriculture, Education and Labor, Transportation and Infrastructure, Financial Services, Science, Space, and Technology, and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
IntroReferral
H11100
2021-04-12
Science, Space, and Technology Committee
hssy00
2
House floor actions
Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Agriculture, Education and Labor, Transportation and Infrastructure, Financial Services, Science, Space, and Technology, and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
IntroReferral
H11100
2021-04-12
Financial Services Committee
hsba00
2
House floor actions
Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Agriculture, Education and Labor, Transportation and Infrastructure, Financial Services, Science, Space, and Technology, and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
IntroReferral
H11100
2021-04-12
Transportation and Infrastructure Committee
hspw00
2
House floor actions
Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Agriculture, Education and Labor, Transportation and Infrastructure, Financial Services, Science, Space, and Technology, and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
IntroReferral
H11100
2021-04-12
Education and the Workforce Committee
hsed00
2
House floor actions
Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Agriculture, Education and Labor, Transportation and Infrastructure, Financial Services, Science, Space, and Technology, and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
IntroReferral
H11100
2021-04-12
Agriculture Committee
hsag00
2
House floor actions
Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Agriculture, Education and Labor, Transportation and Infrastructure, Financial Services, Science, Space, and Technology, and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
IntroReferral
H11100
2021-04-12
Ways and Means Committee
hswm00
2
House floor actions
Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Agriculture, Education and Labor, Transportation and Infrastructure, Financial Services, Science, Space, and Technology, and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
IntroReferral
H11100
2021-04-12
Energy and Commerce Committee
hsif00
2
House floor actions
Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Agriculture, Education and Labor, Transportation and Infrastructure, Financial Services, Science, Space, and Technology, and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
IntroReferral
2021-04-12
Energy Subcommittee
hssy20
1
House committee actions
Referred to the Subcommittee on Energy.
Committee
Intro-H
2021-04-12
9
Library of Congress
Introduced in House
IntroReferral
1000
2021-04-12
9
Library of Congress
Introduced in House
IntroReferral
N000192
3
Marie
Rep. Newman, Marie [D-IL-3]
N
Newman
D
IL
W000788
5
Nikema
Rep. Williams, Nikema [D-GA-5]
Williams
D
2021-04-12
GA
H001081
5
Jahana
Rep. Hayes, Jahana [D-CT-5]
Hayes
D
2021-04-12
CT
V000130
51
Juan
Rep. Vargas, Juan [D-CA-51]
Vargas
D
2021-04-12
CA
C001112
24
Salud
Rep. Carbajal, Salud O. [D-CA-24]
Carbajal
O.
D
2021-04-12
CA
S001165
8
Albio
Rep. Sires, Albio [D-NJ-8]
Sires
D
2021-04-16
NJ
T000486
15
Ritchie
Rep. Torres, Ritchie [D-NY-15]
Torres
D
2021-06-15
NY
Q000023
5
Mike
Rep. Quigley, Mike [D-IL-5]
Quigley
D
2021-06-25
IL
H001068
2
Jared
Rep. Huffman, Jared [D-CA-2]
Huffman
D
2021-07-16
CA
A000371
31
Pete
Rep. Aguilar, Pete [D-CA-31]
Aguilar
D
2021-07-16
CA
Administrative law and regulatory procedures Agricultural conservation and pollution Agricultural practices and innovations Air quality Alternative and renewable resources Appropriations Atmospheric science and weather Buy American requirements Climate change and greenhouse gases Coal Community life and organization Congressional oversight Ecology Economic performance and conditions Employment and training programs Energy efficiency and conservation Environmental Protection Agency (EPA) Environmental assessment, monitoring, research Environmental regulatory procedures Executive agency funding and structure Farmland Floods and storm protection Forests, forestry, trees Government lending and loan guarantees Government studies and investigations Hybrid, electric, and advanced technology vehicles Inflation and prices Land use and conservation Livestock Marine and coastal resources, fisheries Metals Mining Minority and disadvantaged businesses Oil and gas Poverty and welfare assistance Public contracts and procurement Sales and excise taxes User charges and fees Water quality Wetlands
2021-04-12
Introduced in House
 <p><b>America's Clean Future Fund Act</b></p> <p>This bill establishes requirements and incentives to reduce greenhouse gas emissions and assist industries, communities, and workers transition to a low-carbon economy, including by establishing (1) the Climate Change Finance Corporation (C2FC); (2) the America's Clean Future Fund; and (3) a carbon fee on the use, sale, or transfer of certain fuels by covered entities.</p> <p>The bill provides appropriations to the C2FC, an independent agency, which must finance clean energy and climate change resiliency activities in order to meet the goal of eliminating greenhouse gas emissions by 2050.</p> <p>The bill also provides appropriations for the America's Clean Future Fund. Amounts in the fund may be used for the C2FC, stimulus payments (i.e., tax rebates) to individuals whose gross incomes do not exceed specified thresholds, decarbonization transition payments to the agricultural sector, and grants to help certain communities and workers transition to a low-carbon economy.</p> <p>Revenues generated from the carbon fee must also be deposited into the America's Clean Future Fund. Beginning in 2023, covered entities (e.g., entities that use, sell, or transfer fossil fuels) must pay a carbon fee of $25 per metric ton of carbon dioxide or carbon dioxide equivalent. The fee increases by $10 each year, multiplied by the cost-of-living adjustment. The fees further increase if the entities miss cumulative greenhouse gas emission targets established by the bill. Refund payments may be provided for carbon capture, sequestration, and utilization.</p>
2021-08-25T19:07:28Z
00
America's Clean Future Fund Act
America's Clean Future Fund Act
Display Title
IH
Introduced in House
To amend the Internal Revenue Code of 1986 to establish a carbon fee to reduce greenhouse gas emissions, and for other purposes.
Official Title as Introduced
IH
Introduced in House
America's Clean Future Fund Act
Short Title(s) as Introduced
2021-04-13
Referred to the Subcommittee on Energy.