S685.csv

Item	Page_Lines	Para	Text
1	1.3 - 1.5	SEC. 1.	SHORT TITLE. This Act may be cited as the ‘‘America’s Clean Future Fund Act’’.
2	1.6 - 1.6	SEC. 2.	CLIMATE CHANGE FINANCE CORPORATION.
3	1.7 - 1.7	SEC. 2.(a)	ESTABLISHMENT.—
4	1.8 - 2.3	SEC. 2.(a)(1)	IN GENERAL.—There is established in the executive branch an independent agency, to be known as the ‘‘Climate Change Finance Corporation’’ (referred to in this section as the ‘‘C2FC’’), which shall finance clean energy and climate change resiliency activities in accordance with this section.
5	2.4 - 2.4	SEC. 2.(a)(2)	MISSION.—
6	2.5 - 2.10	SEC. 2.(a)(2)(A)	IN GENERAL.—The mission of the C2FC 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—
7	2.11 - 2.16	SEC. 2.(a)(2)(A)(i)	through the deployment of clean and renewable technology, resilient infrastructure, research and development, the commercialization of new technology, clean energy manufacturing, and industrial decarbonization; and
8	2.17 - 2.17	SEC. 2.(a)(2)(A)(ii)	to meet the goals of—
9	2.18 - 2.20	SEC. 2.(a)(2)(A)(ii)(I)	by 2030, a net reduction of greenhouse gas emissions by 45 percent, based on 2018 levels; and
10	2.21 - 2.23	SEC. 2.(a)(2)(A)(ii)(II)	by 2050, a net reduction of greenhouse gas emissions by 100 percent, based on 2018 levels.
11	3.1 - 3.3	SEC. 2.(a)(2)(B)	ACTIVITIES.—The C2FC shall carry out the mission described in subparagraph (A) by—
12	3.4 - 3.6	SEC. 2.(a)(2)(B)(i)	financing investments in clean energy and transportation, resiliency, and infrastructure;
13	3.7 - 3.11	SEC. 2.(a)(2)(B)(ii)	using Federal investment to encourage the infusion of private capital and investment into the clean energy and resilient infrastructure sectors, while creating new workforce opportunities; and
14	3.12 - 3.15	SEC. 2.(a)(2)(B)(iii)	providing financing in cases where private capital cannot be leveraged, while minimizing competition with private investment.
15	3.16 - 3.22	SEC. 2.(a)(3)	EXERCISE OF POWERS.—Except as otherwise provided expressly by law, all Federal laws dealing with public or Federal contracts, property, works, officers, employees, budgets, or funds, including the provisions of chapters 5 and 7 of title 5, United States Code, shall apply to the exercise of the powers of the C2FC.
16	3.23 - 3.23	SEC. 2.(b)	BOARD OF DIRECTORS.—
17	3.24 - 4.4	SEC. 2.(b)(1)	IN GENERAL.—The management of the C2FC shall be vested in a Board of Directors (referred to in this section as the ‘‘Board’’) consisting of 7 members, who shall be appointed by the President, by and with the advice and consent of the Senate.
18	4.5 - 4.5	SEC. 2.(b)(2)	CHAIRPERSON AND VICE CHAIRPERSON.—
19	4.6 - 4.11	SEC. 2.(b)(2)(A)	IN GENERAL.—A Chairperson and Vice Chairperson of the Board shall be appointed by the President, by and with the advice and consent of the Senate, from among the individuals appointed to the Board under paragraph (1).
20	4.12 - 4.12	SEC. 2.(b)(2)(B)	TERM.—An individual—
21	4.13 - 4.15	SEC. 2.(b)(2)(B)(i)	shall serve as Chairperson or Vice Chairperson of the Board for a 3-year term; and
22	4.16 - 4.18	SEC. 2.(b)(2)(B)(ii)	may be renominated for the position until the term of that individual on the Board under paragraph (3)(C) expires.
23	4.19 - 4.19	SEC. 2.(b)(3)	BOARD MEMBERS.—
24	4.20 - 4.22	SEC. 2.(b)(3)(A)	CITIZENSHIP REQUIRED.—Each member of the Board shall be an individual who is a citizen of the United States.
25	4.23 - 5.2	SEC. 2.(b)(3)(B)	REPRESENTATION.—The members of the Board shall fairly represent agricultural, educational, research, industrial, nongovernmental, labor, and commercial interests throughout the United States.
26	5.3 - 5.3	SEC. 2.(b)(3)(C)	TERM.—
27	5.4 - 5.6	SEC. 2.(b)(3)(C)(i)	IN GENERAL.—Except as otherwise provided in this section, each member of the Board—
28	5.7 - 5.8	SEC. 2.(b)(3)(C)(i)(I)	shall be appointed for a term of 6 years; and
29	5.9 - 5.10	SEC. 2.(b)(3)(C)(i)(II)	may be reappointed for 1 additional term.
30	5.11 - 5.13	SEC. 2.(b)(3)(C)(ii)	INITIAL STAGGERED TERMS.—Of the members first appointed to the Board—
31	5.14 - 5.15	SEC. 2.(b)(3)(C)(ii)(I)	2 shall each be appointed for a term of 2 years;
32	5.16 - 5.17	SEC. 2.(b)(3)(C)(ii)(II)	3 shall each be appointed for a term of 4 years; and
33	5.18 - 5.19	SEC. 2.(b)(3)(C)(ii)(III)	2 shall each be appointed for a term of 6 years.
34	5.20 - 5.23	SEC. 2.(b)(4)	INITIAL MEETING.—Not later than 30 days after the date on which all members of the Board are appointed under paragraph (1), the Board shall hold an initial meeting.
35	5.24 - 5.24	SEC. 2.(c)	WORKING GROUPS.—
36	6.1 - 6.4	SEC. 2.(c)(1)	IN GENERAL.—The Board shall create, oversee, and incorporate feedback from the following working groups (each referred to in this section as a ‘‘working group’’):
37	6.5 - 6.6	SEC. 2.(c)(1)(A)	An environmental justice working group.
38	6.7 - 6.8	SEC. 2.(c)(1)(B)	A worker and community transition assistance working group.
39	6.9 - 6.10	SEC. 2.(c)(1)(C)	A research and innovation working group.
40	6.11 - 6.11	SEC. 2.(c)(2)	WORKING GROUP MEMBERS.—
41	6.12 - 6.13	SEC. 2.(c)(2)(A)	IN GENERAL.—Each working group shall—
42	6.14 - 6.15	SEC. 2.(c)(2)(A)(i)	be chaired by a Board member; and
43	6.16 - 6.21	SEC. 2.(c)(2)(A)(ii)	comprise not less than 10 and not more than 20 individuals, who shall be experts, members of directly impacted communities relating to the subject matter of the working group, and other relevant stakeholders.
44	6.22 - 6.24	SEC. 2.(c)(2)(B)	DIVERSITY.—Individuals on a working group shall, to the maximum extent practicable, represent—
45	7.1 - 7.3	SEC. 2.(c)(2)(B)(i)	a diverse array of interests related to the subject matter of the working group; and
46	7.4 - 7.6	SEC. 2.(c)(2)(B)(ii)	diverse geographical, racial, religious, gender, educational, age, disability, and socioeconomic backgrounds.
47	7.7 - 7.8	SEC. 2.(c)(3)	MEETINGS.—Each working group shall meet not less than 2 times per year.
48	7.9 - 7.10	SEC. 2.(c)(4)	COMMUNITY AND STAKEHOLDER ENGAGEMENT.—
49	7.11 - 7.15	SEC. 2.(c)(4)(A)	IN GENERAL.—Each working group shall create and engage in meaningful community and stakeholder involvement opportunities, including through regular community engagement activities, for purposes of—
50	7.16 - 7.18	SEC. 2.(c)(4)(A)(i)	maintaining up-to-date situational awareness about the needs of relevant communities and stakeholders;
51	7.19 - 7.22	SEC. 2.(c)(4)(A)(ii)	using the feedback obtained through those opportunities to inform the advice of the working group to the Board; and
52	7.23 - 8.2	SEC. 2.(c)(4)(A)(iii)	providing a mechanism for direct and substantial community feedback relating to the investment plan and the funding decisions of the C2FC.
53	8.3 - 8.9	SEC. 2.(c)(4)(B)	PUBLIC AWARENESS.—Each working group shall inform the public about C2FC investment by engaging in public awareness campaigns, which shall target relevant communities through electronic media, newspapers, radio, direct mailings, canvassing, or other outreach methods suited for the relevant community.
54	8.10 - 8.17	SEC. 2.(c)(4)(C)	BROAD PARTICIPATION.—In carrying out subparagraph (A), each working group shall, to the maximum extent practicable, maximize participation from a broad group of stakeholders, including by holding multiple meetings with significant advance notice and holding meetings at different times and in multiple languages.
55	8.18 - 8.19	SEC. 2.(c)(5)	TASKS.—Each working group shall, as it relates to the subject matter of the working group—
56	8.20 - 8.22	SEC. 2.(c)(5)(A)	advise and provide general input to the Board regarding loans and grants provided by the C2FC; and
57	8.23 - 9.2	SEC. 2.(c)(5)(B)	consult with and, based on the activities described in paragraph (4), provide recommendations to, the Board in the development of and updates to the investment plan of the C2FC.
58	9.3 - 9.3	SEC. 2.(d)	INVESTMENT PLAN.—
59	9.4 - 9.5	SEC. 2.(d)(1)	IN GENERAL.—The Board, in consultation with each working group described in subsection (c)(1), shall develop an investment plan (referred to in this subsection as the ‘‘investment plan’’) for the C2FC in accordance with this subsection.
61	9.9 - 9.10	SEC. 2.(d)(2)	PURPOSES.—The purposes of the investment plan are—
62	9.11 - 9.12	SEC. 2.(d)(2)(A)	to ensure that investments made by the C2FC—
63	9.13 - 9.15	SEC. 2.(d)(2)(A)(i)	are equitable and reach the prioritized communities described in subsection (e)(2);
64	9.16 - 9.17	SEC. 2.(d)(2)(A)(ii)	are effective at progressing towards the goals described in subsection (a)(2)(A)(ii);
66	9.19 - 9.21	SEC. 2.(d)(2)(A)(iii)	support the advancement of research in clean technologies and resilience; and
67	9.22 - 9.22	SEC. 2.(d)(2)(A)(iv)	are transparent to the public; and
68	9.23 - 10.2	SEC. 2.(d)(2)(B)	to provide methods and standards by which the Board and the working groups described in subsection (c)(1) shall choose projects in which to invest.
69	10.3 - 10.5	SEC. 2.(d)(3)	DISTRIBUTION OF GRANT FUNDS.—The initial investment plan shall require that, of the total amount of grant funds provided under subsection (e)(3)(A) each year, not less than 40 percent shall be used to benefit communities described in subsection (e)(2)(A).
71	10.9 - 10.9	SEC. 2.(d)(4)	INVESTMENT PLAN UPDATES.—
72	10.10 - 10.15	SEC. 2.(d)(4)(A)	IN GENERAL.—The Board, in consultation with each working group described in subsection (c)(1), shall update the investment plan not later than December 31, 2023, and every 4 years thereafter, including by taking into account—
73	10.16 - 10.17	SEC. 2.(d)(4)(A)(i)	the current needs of the prioritized communities described in subsection (e)(2);
74	10.18 - 10.20	SEC. 2.(d)(4)(A)(ii)	the effectiveness of the previous investment plan in addressing the needs of those communities;
75	10.21 - 10.22	SEC. 2.(d)(4)(A)(iii)	the current state of relevant research and technology;
76	10.23 - 10.24	SEC. 2.(d)(4)(A)(iv)	the resiliency needs of local communities;
77	11.1 - 11.1	SEC. 2.(d)(4)(A)(v)	the goals described in subsection (a)(2)(A)(ii); and
79	11.3 - 11.4	SEC. 2.(d)(4)(A)(vi)	the 2 most recent program reviews conducted under subsection (f).
80	11.5 - 11.8	SEC. 2.(d)(4)(B)	EFFECTIVENESS.—An investment plan shall remain in effect until the date on which the Board approves an updated investment plan.
81	11.9 - 11.11	SEC. 2.(d)(4)(C)	PUBLIC INPUT.—In updating the investment plan, the Board and the working groups described in subsection (c)(1) shall—
82	11.12 - 11.14	SEC. 2.(d)(4)(C)(i)	engage stakeholders and the public in a public comment and feedback process; and
83	11.15 - 11.17	SEC. 2.(d)(4)(C)(ii)	ensure that the prioritized communities described in subsection (e)(2) have access to participate in that process.
84	11.18 - 11.21	SEC. 2.(d)(5)	PUBLIC UPDATES.—The Board shall make publicly available on a quarterly basis information relating to the expenditure of funds under the investment plan.
85	11.22 - 11.22	SEC. 2.(e)	INVESTMENT TOOLS.—
86	11.23 - 11.23	SEC. 2.(e)(1)	DEFINITIONS.—In this subsection:
87	11.24 - 12.4	SEC. 2.(e)(1)(A)	COMMUNITY OF COLOR.—The term ‘‘community of color’’ means a geographically distinct area in which the population of any of the following categories of individuals is higher than the average population of that category for the State in which the community is located:
88	12.5 - 12.5	SEC. 2.(e)(1)(A)(i)	Black.
89	12.6 - 12.6	SEC. 2.(e)(1)(A)(ii)	African American.
90	12.7 - 12.7	SEC. 2.(e)(1)(A)(iii)	Asian.
91	12.8 - 12.8	SEC. 2.(e)(1)(A)(iv)	Pacific Islander.
92	12.9 - 12.9	SEC. 2.(e)(1)(A)(v)	Other non-White race.
93	12.10 - 12.10	SEC. 2.(e)(1)(A)(vi)	Hispanic.
94	12.11 - 12.11	SEC. 2.(e)(1)(A)(vii)	Latino.
95	12.12 - 12.12	SEC. 2.(e)(1)(A)(viii)	Linguistically isolated.
96	12.13 - 12.21	SEC. 2.(e)(1)(B)	ELIGIBLE BORROWER.—The term ‘‘eligible borrower’’ means any person, including a business owner or project developer, that seeks a loan to carry out approved practices or projects described in subparagraph (A)(i) of paragraph (3) from an eligible lender that may receive a loan guarantee under that paragraph for that loan, according to criteria determined by the C2FC.
97	12.22 - 12.23	SEC. 2.(e)(1)(C)	ELIGIBLE ENTITY.—The term ‘‘eligible entity’’ means—
98	12.24 - 12.24	SEC. 2.(e)(1)(C)(i)	a State;
99	12.25 - 12.25	SEC. 2.(e)(1)(C)(ii)	an Indian Tribe;
100	13.1 - 13.1	SEC. 2.(e)(1)(C)(iii)	a unit of local government; and
101	13.2 - 13.3	SEC. 2.(e)(1)(C)(iv)	a research and development institution (including a National Laboratory).
102	13.4 - 13.5	SEC. 2.(e)(1)(D)	ELIGIBLE LENDER.—The term ‘‘eligible lender’’ means—
103	13.6 - 13.7	SEC. 2.(e)(1)(D)(i)	a Federal- or State-chartered bank;
104	13.8 - 13.9	SEC. 2.(e)(1)(D)(ii)	a Federal- or State-chartered credit union;
105	13.10 - 13.10	SEC. 2.(e)(1)(D)(iii)	an agricultural credit corporation;
106	13.11 - 13.12	SEC. 2.(e)(1)(D)(iv)	a United States Green Bank Institution;
107	13.13 - 13.17	SEC. 2.(e)(1)(D)(v)	a community development financial institution (as defined in section 103 of the Community Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 4702));
108	13.18 - 13.22	SEC. 2.(e)(1)(D)(vi)	a minority depository institution (as defined in section 308(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 note; Public Law 101–73)); and
109	13.23 - 14.2	SEC. 2.(e)(1)(D)(vii)	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 used.
110	14.3 - 14.10	SEC. 2.(e)(1)(E)	ENVIRONMENTAL JUSTICE COMMUNITY.—The term ‘‘environmental justice community’’ means a community with significant representation of communities of color, low-income communities, or Tribal and indigenous communities that experiences, or is at risk of experiencing, higher or more adverse human health or environmental effects.
111	14.11 - 14.14	SEC. 2.(e)(1)(F)	INDIAN TRIBE.—The term ‘‘Indian Tribe’’ has the meaning given the term in section 4 of the Indian Self-Determination and Education Assistance Act (25 U.S.C. 5304).
112	14.15 - 14.20	SEC. 2.(e)(1)(G)	LOW-INCOME COMMUNITY.—The term ‘‘low-income community’’ means any census block group in which 30 percent or more of the population are individuals with an annual household income equal to, or less than, the greater of—
113	14.21 - 14.25	SEC. 2.(e)(1)(G)(i)	an amount equal to 80 percent of the median income of the area in which the household is located, as reported by the Department of Housing and Urban Development; and
114	15.1 - 15.2	SEC. 2.(e)(1)(G)(ii)	200 percent of the Federal poverty line.
115	15.3 - 15.3	SEC. 2.(e)(1)(H)	STATE.—The term ‘‘State’’ means—
116	15.4 - 15.4	SEC. 2.(e)(1)(H)(i)	a State;
117	15.5 - 15.5	SEC. 2.(e)(1)(H)(ii)	the District of Columbia;
118	15.6 - 15.7	SEC. 2.(e)(1)(H)(iii)	the Commonwealth of Puerto Rico; and
119	15.8 - 15.9	SEC. 2.(e)(1)(H)(iv)	any other territory or possession of the United States.
120	15.10 - 15.13	SEC. 2.(e)(2)	COMMUNITY PRIORITIZATION.—In providing financial and other assistance under paragraph (3), the C2FC shall give priority to, as determined by the C2FC—
121	15.14 - 15.17	SEC. 2.(e)(2)(A)	environmental justice communities, communities with populations of color, communities of color, indigenous communities, and low-income communities that—
122	15.18 - 15.22	SEC. 2.(e)(2)(A)(i)	experience a disproportionate burden of the negative human health and environmental impacts of pollution or other environmental hazards, such as natural disasters; or
123	15.23 - 16.2	SEC. 2.(e)(2)(A)(ii)	may not have access to public information and opportunities for meaningful public participation relating to human health and environmental planning, regulations, and enforcement;
124	16.3 - 16.5	SEC. 2.(e)(2)(B)	deindustrialized communities or communities with significant local economic reliance on carbon-intensive industries;
125	16.6 - 16.8	SEC. 2.(e)(2)(C)	low-income communities at risk of impacts of natural disasters or sea level rise exacerbated by climate change;
126	16.9 - 16.11	SEC. 2.(e)(2)(D)	public or nonprofit entities that serve dislocated workers, veterans, or individuals with a barrier to employment; and
127	16.12 - 16.14	SEC. 2.(e)(2)(E)	communities that have minimal or no investment in the approved practices and projects described in paragraph (3)(A)(i).
128	16.15 - 16.16	SEC. 2.(e)(3)	GRANTS, LOAN GUARANTEES, AND OTHER INVESTMENT TOOLS.—
129	16.17 - 16.17	SEC. 2.(e)(3)(A)	IN GENERAL.—The C2FC—
130	16.18 - 16.23	SEC. 2.(e)(3)(A)(i)	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 measures, including—
131	16.24 - 16.25	SEC. 2.(e)(3)(A)(i)(I)	energy efficiency upgrades to infrastructure;
132	17.1 - 17.3	SEC. 2.(e)(3)(A)(i)(II)	electric, hydrogen, and clean transportation programs and deployment, including programs—
133	17.4 - 17.7	SEC. 2.(e)(3)(A)(i)(II)(aa)	to purchase personal vehicles, commercial vehicles, and public transportation fleets and school bus fleets;
134	17.8 - 17.10	SEC. 2.(e)(3)(A)(i)(II)(bb)	to deploy electric vehicle charging and hydrogen infrastructure; and
135	17.11 - 17.13	SEC. 2.(e)(3)(A)(i)(II)(cc)	to develop and deploy low carbon sustainable aviation fuels;
136	17.14 - 17.16	SEC. 2.(e)(3)(A)(i)(III)	clean energy and vehicle manufacturing research, demonstrations, and deployment;
137	17.17 - 17.18	SEC. 2.(e)(3)(A)(i)(IV)	battery storage research, demonstrations, and deployment;
138	17.19 - 17.21	SEC. 2.(e)(3)(A)(i)(V)	development or purchase of equipment for practices described in section 6;
139	17.22 - 17.24	SEC. 2.(e)(3)(A)(i)(VI)	development and deployment of clean energy and clean technologies, with a focus on—
140	18.1 - 18.9	SEC. 2.(e)(3)(A)(i)(VI)(aa)	carbon capture, utilization, and sequestration, bioenergy with carbon capture and sequestration, direct air capture, and infrastructure associated with those processes, including construction of carrier pipelines for the transportation of anthropogenic carbon dioxide;
141	18.10 - 18.11	SEC. 2.(e)(3)(A)(i)(VI)(bb)	energy storage and grid modernization;
142	18.12 - 18.12	SEC. 2.(e)(3)(A)(i)(VI)(cc)	geothermal energy;
143	18.13 - 18.14	SEC. 2.(e)(3)(A)(i)(VI)(dd)	commercial and residential solar;
144	18.15 - 18.15	SEC. 2.(e)(3)(A)(i)(VI)(ee)	wind energy; and
145	18.16 - 18.18	SEC. 2.(e)(3)(A)(i)(VI)(ff)	any other clean technology use or development, as determined by the Board;
146	18.19 - 18.25	SEC. 2.(e)(3)(A)(i)(VII)	measures that anticipate and prepare for climate change impacts, and reduce risks and enhance resilience to sea level rise, extreme weather events, heat island impacts, and other climate change impacts, including by—
147	19.1 - 19.3	SEC. 2.(e)(3)(A)(i)(VII)(aa)	building resilient energy, water, and transportation infrastructure;
148	19.4 - 19.6	SEC. 2.(e)(3)(A)(i)(VII)(bb)	providing weatherization assistance for low-income households; and
149	19.7 - 19.8	SEC. 2.(e)(3)(A)(i)(VII)(cc)	increasing the resilience of the agriculture sector; and
150	19.9 - 19.11	SEC. 2.(e)(3)(A)(i)(VIII)	natural infrastructure research, demonstrations, and deployment; and
151	19.12 - 19.16	SEC. 2.(e)(3)(A)(ii)	may implement other investment tools and products approved by the Board, pursuant to subparagraph (C), to achieve the mission of the C2FC described in subsection (a)(2).
152	19.17 - 19.17	SEC. 2.(e)(3)(B)	LOAN GUARANTEES.—
153	19.18 - 19.22	SEC. 2.(e)(3)(B)(i)	IN GENERAL.—In providing loan guarantees under subparagraph (A), the C2FC shall cooperate with eligible lenders through agreements to participate on a deferred (guaranteed) basis.
154	19.23 - 20.3	SEC. 2.(e)(3)(B)(ii)	LEVEL OF PARTICIPATION IN GUARANTEED LOANS.—In providing a loan guarantee under subparagraph (A), the C2FC shall guarantee 75 percent of the balance of the financing outstanding at the time of disbursement of the loan.
155	20.4 - 20.12	SEC. 2.(e)(3)(B)(iii)	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 charged, taken, received, or reserved, 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 C2FC.
156	20.13 - 20.13	SEC. 2.(e)(3)(B)(iv)	GUARANTEE FEES.—
157	20.14 - 20.21	SEC. 2.(e)(3)(B)(iv)(I)	IN GENERAL.—With respect to each loan guaranteed under this subsection (other than a loan that is repayable in 1 year or less), the C2FC shall collect a guarantee fee, which shall be payable by the eligible lender, and may be charged to the eligible borrower in accordance with subclause
158	20.22 - 20.22	SEC. 2.(e)(3)(B)(iv)(II)	. (II) BORROWER CHARGES.—A guarantee fee described in subclause
161	21.3 - 21.6	SEC. 2.(e)(3)(B)(iv)(II)(aa)	exceed 2 percent of the deferred participation share of a total loan amount that is equal to or less than $150,000;
162	21.7 - 21.11	SEC. 2.(e)(3)(B)(iv)(II)(bb)	exceed 3 percent of the deferred participation share of a total loan amount that is greater than $150,000 but less than $700,000; or
163	21.12 - 21.16	SEC. 2.(e)(3)(B)(iv)(II)(cc)	exceed 3.5 percent of the deferred participation share of a total loan amount that is equal to or greater than $700,000.
164	21.17 - 21.18	SEC. 2.(e)(3)(C)	OTHER INVESTMENT TOOLS AND PRODUCTS.—
165	21.19 - 21.25	SEC. 2.(e)(3)(C)(i)	IN GENERAL.—The Board may, based on market needs, develop and implement any other investment tool or product necessary to achieve the mission of the C2FC described in subsection (a)(2) and the deployment of projects described in subparagraph (A)(i), including offering—
166	22.1 - 22.2	SEC. 2.(e)(3)(C)(i)(I)	warehousing and aggregation credit facilities;
167	22.3 - 22.3	SEC. 2.(e)(3)(C)(i)(II)	zero interest loans;
168	22.4 - 22.4	SEC. 2.(e)(3)(C)(i)(III)	credit enhancements; and
169	22.5 - 22.5	SEC. 2.(e)(3)(C)(i)(IV)	construction finance.
170	22.6 - 22.7	SEC. 2.(e)(3)(C)(ii)	STATE AND LOCAL GREEN BANKS.—The Board shall provide—
171	22.8 - 22.11	SEC. 2.(e)(3)(C)(ii)(I)	funds to United States Green Bank Institutions as necessary to finance projects that are best served by those entities; and
172	22.12 - 22.14	SEC. 2.(e)(3)(C)(ii)(II)	technical assistance as necessary to States and localities seeking to establish green banks.
173	22.15 - 22.15	SEC. 2.(e)(4)	WAGE RATE REQUIREMENTS.—
174	22.16 - 23.2	SEC. 2.(e)(4)(A)	IN GENERAL.—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 C2FC 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 31 of title 40, United States Code (commonly known as the ‘‘Davis-Bacon Act’’).
175	23.3 - 23.9	SEC. 2.(e)(4)(B)	AUTHORITY.—With respect to the labor standards specified in subparagraph (A), the Secretary of Labor shall have the authority and functions set forth in Reorganization Plan Numbered 14 of 1950 (64 Stat. 1267; 5 U.S.C. App.) and section 3145 of title 40, United States Code.
176	23.10 - 23.10	SEC. 2.(e)(5)	BUY AMERICA REQUIREMENTS.—
177	23.11 - 23.14	SEC. 2.(e)(5)(A)	IN GENERAL.—All iron, steel, and manufactured goods used for projects under this section shall be produced in the United States.
178	23.15 - 23.17	SEC. 2.(e)(5)(B)	WAIVER.—The Board may waive the requirement in subparagraph (A) if the Board finds that—
179	23.18 - 23.19	SEC. 2.(e)(5)(B)(i)	enforcing the requirement would be inconsistent with the public interest;
180	23.20 - 23.24	SEC. 2.(e)(5)(B)(ii)	the iron, steel, and manufactured goods produced in the United States are not produced in a sufficient and reasonably available amount or are not of a satisfactory quality; or
181	24.1 - 24.3	SEC. 2.(e)(5)(B)(iii)	enforcing the requirement will increase the overall cost of the project by more than 25 percent.
182	24.4 - 24.6	SEC. 2.(f)	PROGRAM REVIEW AND REPORT.—Not later than 2 years after the date of enactment of this Act, and every 2 years thereafter, the Board shall—
183	24.7 - 24.10	SEC. 2.(f)(1)	conduct a review of the activities of the C2FC and identify projects and funding opportunities that were a part of the current investment plan; and
184	24.11 - 24.12	SEC. 2.(f)(2)	submit to Congress and make publicly available a report that—
185	24.13 - 24.17	SEC. 2.(f)(2)(A)	describes the projects and funding opportunities that have been most successful in progressing towards the mission described in subsection (a)(2) during the time period covered by the report;
186	24.18 - 24.21	SEC. 2.(f)(2)(B)	includes recommendations on the clean energy and resiliency projects that should be prioritized in forthcoming years to achieve that mission;
187	24.22 - 24.24	SEC. 2.(f)(2)(C)	quantifies the total amount and percentage of funding given to prioritized communities described in subsection (e)(2); and
188	25.1 - 25.3	SEC. 2.(f)(2)(D)	identifies barriers for disadvantaged groups to receive C2FC funding and provides recommendations to address those barriers.
189	25.4 - 25.8	SEC. 2.(g)	INITIAL CAPITALIZATION.—There is appropriated to carry out this section, out of any funds in the Treasury not otherwise appropriated, $7,500,000,000 for each of fiscal years 2022 and 2023, to remain available until expended.
190	25.9 - 25.9	SEC. 3.	CARBON FEE.
191	25.10 - 25.13	SEC. 3.(a)	IN GENERAL.—Chapter 38 of subtitle D of the Internal Revenue Code of 1986 is amended by adding at the end the following new subchapter: ‘‘Subchapter E—Carbon Fee
192	25.14 - 25.15	[SEC. 3.(a)] SEC. 4691.	DEFINITIONS. ‘‘For purposes of this subchapter— (1) ADMINISTRATOR.—The term ‘Administrator’ means the Administrator of the Environmental Protection Agency.
220	29.14 - 29.14	[SEC. 3.(a)] SEC. 4692.	CARBON FEE.
221	29.15 - 29.15	[SEC. 3.(a)] SEC. 4692.(a)	DEFINITIONS.—In this section:
222	29.16 - 29.19	[SEC. 3.(a)] SEC. 4692.(a)(1)	APPLICABLE PERIOD.—The term ‘applicable period’ means, with respect to any determination made by the Secretary under subsection (e)(3) for any calendar year, the period—
223	29.20 - 29.20	[SEC. 3.(a)] SEC. 4692.(a)(1)(A)	beginning on January 1, 2023, and
224	29.21 - 29.22	[SEC. 3.(a)] SEC. 4692.(a)(1)(B)	ending on December 31 of the preceding calendar year.
225	29.23 - 30.2	[SEC. 3.(a)] SEC. 4692.(a)(2)	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 period.
226	30.3 - 30.6	[SEC. 3.(a)] SEC. 4692.(a)(3)	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 period.
227	30.7 - 30.10	[SEC. 3.(a)] SEC. 4692.(a)(4)	EMISSIONS TARGET.—The term ‘emissions target’ means the target for greenhouse gas emissions during a calendar year as determined under subsection (e)(1).
228	30.11 - 30.14	[SEC. 3.(a)] SEC. 4692.(b)	CARBON FEE.—During any calendar year that begins after December 31, 2022, there is imposed a carbon fee on any covered entity’s use, sale, or transfer of any covered fuel.
229	30.15 - 30.16	[SEC. 3.(a)] SEC. 4692.(c)	AMOUNT OF THE CARBON FEE.—The carbon fee imposed by this section is an amount equal to—
230	30.17 - 30.18	[SEC. 3.(a)] SEC. 4692.(c)(1)	the greenhouse gas content of the covered fuel, multiplied by
231	30.19 - 30.20	[SEC. 3.(a)] SEC. 4692.(c)(2)	the carbon fee rate, as determined under subsection (d).
232	30.21 - 30.22	[SEC. 3.(a)] SEC. 4692.(d)	CARBON FEE RATE.—The carbon fee rate shall be determined in accordance with the following:
233	30.23 - 30.25	[SEC. 3.(a)] SEC. 4692.(d)(1)	IN GENERAL.—The carbon fee rate, with respect to any use, sale, or transfer during a calendar year, shall be—
234	31.1 - 31.2	[SEC. 3.(a)] SEC. 4692.(d)(1)(A)	in the case of calendar year 2023, $25, and
235	31.3 - 31.5	[SEC. 3.(a)] SEC. 4692.(d)(1)(B)	except as provided in paragraphs (2) and (3), in the case of any calendar year after 2023, the amount equal to the sum of—
236	31.6 - 31.6	[SEC. 3.(a)] SEC. 4692.(d)(1)(B)(i)	the amount under subparagraph (A), plus
238	31.8 - 31.9	[SEC. 3.(a)] SEC. 4692.(d)(1)(B)(ii)(I)	in the case of calendar year 2024, $10, and
239	31.10 - 31.13	[SEC. 3.(a)] SEC. 4692.(d)(1)(B)(ii)(II)	in the case of any calendar year after 2024, the amount in effect under this clause for the preceding calendar year, plus $10.
240	31.14 - 31.14	[SEC. 3.(a)] SEC. 4692.(d)(2)	INFLATION ADJUSTMENT.—
241	31.15 - 31.18	[SEC. 3.(a)] SEC. 4692.(d)(2)(A)	IN GENERAL.—In the case of any calendar year after 2023, the amount determined under paragraph (1)(B) shall be increased by an amount equal to—
242	31.19 - 31.19	[SEC. 3.(a)] SEC. 4692.(d)(2)(A)(i)	that dollar amount, multiplied by
243	31.20 - 31.24	[SEC. 3.(a)] SEC. 4692.(d)(2)(A)(ii)	the cost-of-living adjustment determined under section 1(f)(3) for that calendar year, determined by substituting ‘2022’ for ‘2016’ in subparagraph (A)(ii) thereof.
244	32.1 - 32.4	[SEC. 3.(a)] SEC. 4692.(d)(2)(B)	ROUNDING.—If any increase determined under subparagraph (A) is not a multiple of $1, such increase shall be rounded up to the next whole dollar amount.
245	32.5 - 32.5	[SEC. 3.(a)] SEC. 4692.(d)(3)	ADJUSTMENT OF CARBON FEE RATE.—
246	32.6 - 32.12	[SEC. 3.(a)] SEC. 4692.(d)(3)(A)	INCREASE IN RATE FOLLOWING MISSED CUMULATIVE EMISSIONS TARGET.—In the case of any calendar year following a determination by the Secretary pursuant to subsection (e)(3) that the cumulative emissions for the preceding calendar year exceeded the cumulative emissions target for such year, paragraph
247	32.13 - 32.13	SEC. 3.(a)(1)	(B)(ii)(II) shall be applied—
248	32.14 - 32.16	[SEC. 3.(a)(1)] (i)	in the case of calendar years 2026 through 2030, by substituting ‘$15’ for ‘$10’, (ii) in the case of calendar years 2031 through 2040, by substituting ‘$20’ for ‘$10’, and
256	33.18 - 33.18	[SEC. 3.(a)(1)] (i)(1)	IN GENERAL.—
257	33.19 - 33.22	[SEC. 3.(a)(1)] (i)(1)(A)	REFERENCE YEAR.—For purposes of subsection (d), the emissions target for any year shall be the amount of greenhouse gas emissions that is equal to—
258	33.23 - 34.2	[SEC. 3.(a)(1)] (i)(1)(A)(i)	for calendar years 2023 and 2024, the applicable percentage of the total amount of greenhouse gas emissions from the use of any covered fuel during calendar year 2018, and
259	34.3 - 34.8	[SEC. 3.(a)(1)] (i)(1)(A)(ii)	for calendar year 2025 and each calendar year thereafter, 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 2018.
260	34.9 - 34.18	[SEC. 3.(a)(1)] (i)(1)(B)	METHODOLOGY.—For purposes of subparagraph (A), 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 2018, the Administrator shall use such methods as are determined appropriate, provided that such methods are, to the greatest extent practicable, comparable to the methods established under paragraph (4).
261	34.19 - 34.19	[SEC. 3.(a)(1)] (i)(2)	APPLICABLE PERCENTAGE.—
262	34.20 - 34.22	[SEC. 3.(a)(1)] (i)(2)(A)	2023 THROUGH 2035.—In the case of calendar years 2023 through 2035, the applicable percentage shall be determined as follows:
263	35.1 - 35.3	[SEC. 3.(a)(1)] (i)(2)(B)	2036 THROUGH 2050.—In the case of calendar years 2036 through 2050, the applicable percentage shall be equal to—
264	35.4 - 35.5	[SEC. 3.(a)(1)] (i)(2)(B)(i)	the applicable percentage for the preceding year, minus
265	35.6 - 35.6	[SEC. 3.(a)(1)] (i)(2)(B)(ii)	2 percentage points.
266	35.7 - 35.9	[SEC. 3.(a)(1)] (i)(2)(C)	AFTER 2050.—In the case of any calendar year beginning after 2050, the applicable percentage shall be equal to 10 percent.
267	35.10 - 35.11	[SEC. 3.(a)(1)] (i)(3)	EMISSIONS REPORTING AND DETERMINATIONS.—
268	35.12 - 35.16	[SEC. 3.(a)(1)] (i)(3)(A)	REPORTING.—Not later than September 30, 2024, and annually thereafter, the Administrator, in consultation with the Secretary, shall make available to the public a report on—
269	35.17 - 35.18	[SEC. 3.(a)(1)] (i)(3)(A)(i)	the cumulative emissions with respect to the preceding calendar year, and
270	35.19 - 35.21	[SEC. 3.(a)(1)] (i)(3)(A)(ii)	any other relevant information, as determined appropriate by the Administrator.
271	36.1 - 36.8	[SEC. 3.(a)(1)] (i)(3)(B)	DETERMINATIONS.—Not later than September 30, 2025, and annually thereafter, the Administrator, in consultation with the Secretary and as part of the report described in subparagraph (A), shall determine whether cumulative emissions with respect to the preceding calendar year exceeded the cumulative emissions target with respect to such year.
272	36.9 - 36.10	[SEC. 3.(a)(1)] (i)(4)	EMISSIONS ACCOUNTING METHODOLOGY.—
273	36.11 - 36.15	[SEC. 3.(a)(1)] (i)(4)(A)	IN GENERAL.—Not later than January 1, 2023, the Administrator shall prescribe rules for greenhouse gas accounting for covered entities for purposes of this subchapter, which shall—
274	36.16 - 36.19	[SEC. 3.(a)(1)] (i)(4)(A)(i)	to the greatest extent practicable, employ existing data collection methodologies and greenhouse gas accounting practices,
275	36.20 - 36.21	[SEC. 3.(a)(1)] (i)(4)(A)(ii)	ensure that the method of accounting—
276	36.22 - 36.22	[SEC. 3.(a)(1)] (i)(4)(A)(ii)(I)	applies to—
277	36.23 - 37.2	[SEC. 3.(a)(1)] (i)(4)(A)(ii)(I)(aa)	all greenhouse gas emissions from covered fuels and all noncovered fuel emissions, and
278	37.3 - 37.3	[SEC. 3.(a)(1)] (i)(4)(A)(ii)(I)(bb)	all covered entities,
279	37.4 - 37.4	[SEC. 3.(a)(1)] (i)(4)(A)(ii)(II)	excludes—
280	37.5 - 37.7	[SEC. 3.(a)(1)] (i)(4)(A)(ii)(II)(aa)	any greenhouse gas emissions which are not described item (aa) of subclause (I), and
281	37.8 - 37.10	[SEC. 3.(a)(1)] (i)(4)(A)(ii)(II)(bb)	any entities which are not described in item (bb) of such subclause, and
282	37.11 - 37.12	[SEC. 3.(a)(1)] (i)(4)(A)(ii)(III)	appropriately accounts for—
283	37.13 - 37.16	[SEC. 3.(a)(1)] (i)(4)(A)(ii)(III)(aa)	qualified carbon oxide which is captured and disposed or used in a manner described in section 4694, and
284	37.17 - 37.19	[SEC. 3.(a)(1)] (i)(4)(A)(ii)(III)(bb)	nonemitting uses of covered fuels, as described in subsection (f),
285	37.20 - 37.24	[SEC. 3.(a)(1)] (i)(4)(A)(iii)	subject to such penalties as are determined appropriate by the Administrator, require any covered entity to report, not later than April 1 of each calendar year—
286	38.1 - 38.5	[SEC. 3.(a)(1)] (i)(4)(A)(iii)(I)	the total greenhouse gas content of any covered fuels used, sold, or transferred by such covered entity during the preceding calendar year, and
287	38.6 - 38.8	[SEC. 3.(a)(1)] (i)(4)(A)(iii)(II)	the total noncovered fuel emissions of the covered entity during the preceding calendar year, and
288	38.9 - 38.16	[SEC. 3.(a)(1)] (i)(4)(A)(iv)	require any information reported pursuant to clause (iii) to be verified by a third-party entity that, subject to such process as is determined appropriate by the Administrator, has been certified by the Administrator with respect to the qualifications, independence, and reliability of such entity.
289	38.17 - 38.23	[SEC. 3.(a)(1)] (i)(4)(B)	GREENHOUSE GAS REPORTING PROGRAM.—For purposes of establishing the rules described in subparagraph (A), the Administrator may elect to modify the activities of the Greenhouse Gas Reporting Program to satisfy the requirements described in clauses (i) through (iv) of such subparagraph.
290	38.24 - 39.6	[SEC. 3.(a)(1)] (i)(5)	REVISIONS.—With respect to any determination made by the Administrator as to the amount of greenhouse gas emissions for any calendar year (including calendar year 2018), any subsequent revision by the Administrator with respect to such amount shall apply for purposes of the fee imposed under subsection (b) for any calendar years beginning after such revision. (f) 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 use, or any sale or transfer for a nonemitting use, including rules providing for the refund of any carbon fee paid under this section with respect to any such use, sale, or transfer.
298	40.11 - 40.11	[SEC. 3.(a)(1)] SEC. 4693.	FEE ON NONCOVERED FUEL EMISSIONS.
299	40.12 - 40.15	[SEC. 3.(a)(1)] SEC. 4693.(a)	IN GENERAL.—During any calendar year that begins after December 31, 2024, there is imposed a fee on a covered entity for any noncovered fuel emissions which occur during the calendar year.
300	40.16 - 40.16	[SEC. 3.(a)(1)] SEC. 4693.(b)	AMOUNT.—The fee to be paid under subsection (a) by the covered entity which is the source of the emissions described in that subsection shall be an amount equal to—
302	40.20 - 40.21	[SEC. 3.(a)(1)] SEC. 4693.(b)(1)	the total amount, in metric tons of CO2e, of emitted greenhouse gases, multiplied by
303	40.22 - 40.24	[SEC. 3.(a)(1)] SEC. 4693.(b)(2)	an amount equal to the carbon fee rate in effect under section 4692(d) for the calendar year of such emission.
304	41.1 - 41.6	[SEC. 3.(a)(1)] SEC. 4693.(c)	ADMINISTRATIVE AUTHORITY.—The Secretary, in consultation with the Administrator, shall prescribe such regulations, and other guidance, to assess and collect the carbon fee imposed by this section, including regulations describing the requirements for the quarterly payment of such fees.
305	41.7 - 41.8	[SEC. 3.(a)(1)] SEC. 4694.	REFUNDS FOR CARBON CAPTURE, SEQUESTRATION, AND UTILIZATION.
306	41.9 - 41.9	[SEC. 3.(a)(1)] SEC. 4694.(a)	IN GENERAL.—
307	41.10 - 41.14	[SEC. 3.(a)(1)] SEC. 4694.(a)(1)	CAPTURE, SEQUESTRATION, AND USE.— The Secretary, in consultation with the Administrator and the Secretary of Energy, shall prescribe regulations for providing payments to any person which captures qualified carbon oxide which is—
308	41.15 - 41.17	[SEC. 3.(a)(1)] SEC. 4694.(a)(1)(A)	disposed of by such person in secure geological storage, as described in section 45Q(f)(2), or
309	41.18 - 41.19	[SEC. 3.(a)(1)] SEC. 4694.(a)(1)(B)	used in a manner which has been approved by the Secretary pursuant to subsection (c).
311	41.21 - 41.25	[SEC. 3.(a)(1)] SEC. 4694.(a)(2)	ELECTION.—If the person described in paragraph (1) makes an election under this paragraph in such time and manner as the Secretary may prescribe by regulations, the credit under this section—
312	42.1 - 42.3	[SEC. 3.(a)(1)] SEC. 4694.(a)(2)(A)	shall be allowable to the person that owns the facility described in subsection (b)(1), and
313	42.4 - 42.5	[SEC. 3.(a)(1)] SEC. 4694.(a)(2)(B)	shall not be allowable to the person described in paragraph (1).
314	42.6 - 42.6	[SEC. 3.(a)(1)] SEC. 4694.(b)	PAYMENTS FOR CARBON CAPTURE.—
315	42.7 - 42.12	[SEC. 3.(a)(1)] SEC. 4694.(b)(1)	IN GENERAL.—In the case of any facility for which carbon capture equipment has been placed in service, 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 4692 or 4693.
316	42.13 - 42.15	[SEC. 3.(a)(1)] SEC. 4694.(b)(2)	AMOUNT OF PAYMENT.—The payment determined under this subsection shall be an amount equal to—
317	42.16 - 42.19	[SEC. 3.(a)(1)] SEC. 4694.(b)(2)(A)	the metric tons of qualified carbon oxide captured and disposed of, used, or utilized in a manner consistent with subsection (a), multiplied by
318	42.20 - 42.23	[SEC. 3.(a)(1)] SEC. 4694.(b)(2)(B)(i)	the carbon fee rate during the year in which the carbon fee was imposed by section 4692 on the covered fuel to which such carbon oxide relates, or
319	42.24 - 43.3	[SEC. 3.(a)(1)] SEC. 4694.(b)(2)(B)(ii)	in the case of a direct air capture facility (as defined in section 45Q(e)(1)), the carbon fee rate during the year in which the qualified carbon oxide was captured and disposed of, used, or utilized.
320	43.4 - 43.9	[SEC. 3.(a)(1)] SEC. 4694.(c)	APPROVED USES OF QUALIFIED CARBON OXIDE.—The Secretary, in consultation with Administrator and the Secretary of Energy, shall, through regulation or other public guidance, determine which uses of qualified carbon oxide are eligible for payments under this section, which may include—
321	43.10 - 43.10	[SEC. 3.(a)(1)] SEC. 4694.(c)(1)	utilization in a manner described in clause (i) or (ii) of section 45Q(f)(5)(A), or
323	43.12 - 43.13	[SEC. 3.(a)(1)] SEC. 4694.(c)(2)	any other use which ensures minimal leakage or escape of such carbon oxide.
324	43.14 - 43.15	[SEC. 3.(a)(1)] SEC. 4694.(d)	EXCEPTION.—In the case of any facility which is owned by an entity that is determined to be—
325	43.16 - 43.17	[SEC. 3.(a)(1)] SEC. 4694.(d)(1)	in violation of any applicable air or water quality regulations, or
326	43.18 - 43.23	[SEC. 3.(a)(1)] SEC. 4694.(d)(2)	with respect to any environmental justice community (as defined in section 2(d)(1)(D) of the America’s Clean Future Fund Act), creating health or environmental harm to such community, such facility shall not be eligible for any payment under this section during the period of such violation.
327	44.1 - 44.1	[SEC. 3.(a)(1)] SEC. 4695.	BORDER ADJUSTMENTS.
328	44.2 - 44.4	[SEC. 3.(a)(1)] SEC. 4695.(a)	IN GENERAL.—The fees imposed by, and refunds allowed under, this section shall be referred to as ‘the carbon border fee adjustment’.
329	44.5 - 44.5	[SEC. 3.(a)(1)] SEC. 4695.(b)	EXPORTS.—
330	44.6 - 44.14	[SEC. 3.(a)(1)] SEC. 4695.(b)(1)	CARBON-INTENSIVE PRODUCTS.—In the case of any carbon-intensive product which is exported from the United States, 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 (as determined under regulations established by the Secretary).
331	44.15 - 44.21	[SEC. 3.(a)(1)] SEC. 4695.(b)(2)	COVERED FUELS.—In the case of any covered fuel which is exported from the United States, 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 use, sale, or transfer of such fuel.
332	44.22 - 44.22	[SEC. 3.(a)(1)] SEC. 4695.(c)	IMPORTS.—
333	44.23 - 44.23	[SEC. 3.(a)(1)] SEC. 4695.(c)(1)	CARBON-INTENSIVE PRODUCTS.—
334	44.24 - 45.8	[SEC. 3.(a)(1)] SEC. 4695.(c)(1)(A)	IMPOSITION OF EQUIVALENCY FEE.— In the case of any carbon-intensive product imported into the United States, 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 (as determined under regulations established by the Secretary).
335	45.9 - 45.14	[SEC. 3.(a)(1)] SEC. 4695.(c)(1)(B)	REDUCTION IN FEE.—The amount of the equivalency fee under subparagraph (A) shall be reduced by the amount, if any, of any fees imposed on the carbon-intensive product by the foreign nation or governmental units from which such product was imported.
336	45.15 - 45.15	[SEC. 3.(a)(1)] SEC. 4695.(c)(2)	COVERED FUELS.—
337	45.16 - 45.22	[SEC. 3.(a)(1)] SEC. 4695.(c)(2)(A)	IN GENERAL.—In the case of any covered fuel imported into the United States, 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 use, sale, or transfer of such fuel.
338	45.23 - 46.3	[SEC. 3.(a)(1)] SEC. 4695.(c)(2)(B)	REDUCTION IN FEE.—The amount of the fee under subparagraph (A) shall be reduced by the amount, if any, of any fees imposed on the covered fuel by the foreign nation or governmental units from which the fuel was imported.
339	46.4 - 46.8	[SEC. 3.(a)(1)] SEC. 4695.(d)	TREATMENT OF ALTERNATIVE POLICIES AS FEES.—Under regulations established by the Secretary, 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 (b) and (c).
340	46.9 - 46.9	[SEC. 3.(a)(1)] SEC. 4695.(e)	REGULATORY AUTHORITY.—
341	46.10 - 46.14	[SEC. 3.(a)(1)] SEC. 4695.(e)(1)	IN GENERAL.—The Secretary shall consult with the Administrator, the Secretary of Commerce, and the Secretary of Energy in establishing rules and regulations implementing the purposes of this section.
342	46.15 - 46.20	[SEC. 3.(a)(1)] SEC. 4695.(e)(2)	TREATIES.—The Secretary, in consultation with the Secretary of State, 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 agreement.’’.
343	46.21 - 46.23	SEC. 3.(b)	EFFECTIVE DATE.—The amendment made by this section shall apply to periods beginning after December 31, 2022.
344	47.1 - 47.1	SEC. 4.	AMERICA’S CLEAN FUTURE FUND.
345	47.2 - 47.4	SEC. 4.(a)	IN GENERAL.—Subchapter A of chapter 98 of the Internal Revenue Code of 1986 is amended by adding at the end the following:
346	47.5 - 47.5	[SEC. 4.(a)] SEC. 9512.	AMERICA’S CLEAN FUTURE FUND.
347	47.6 - 47.11	[SEC. 4.(a)] SEC. 9512.(a)	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’ (referred to in this section as the ‘Trust Fund’), consisting of such amounts as are appropriated to the Trust Fund under subsection (b).
348	47.12 - 47.16	[SEC. 4.(a)] SEC. 9512.(b)	TRANSFERS TO AMERICA’S CLEAN FUTURE FUND.—There is appropriated to the Trust Fund, out of any funds in the Treasury not otherwise appropriated, amounts equal to the fees received into the Treasury under sections 4692, 4693, and 4695, less—
349	47.17 - 47.18	[SEC. 4.(a)] SEC. 9512.(b)(1)	any amounts refunded or paid under sections 4692(d), 4694, and 4695(b), and
350	47.19 - 47.21	[SEC. 4.(a)] SEC. 9512.(b)(2)	for each of the first 18 fiscal years beginning after September 30, 2023, an amount equal to the quotient of—
351	47.22 - 47.22	[SEC. 4.(a)] SEC. 9512.(b)(2)(A)	$100,000,000,000, and
352	47.23 - 47.23	[SEC. 4.(a)] SEC. 9512.(b)(2)(B)	18.
353	47.24 - 47.25	[SEC. 4.(a)] SEC. 9512.(c)	EXPENDITURES.—For each fiscal year, amounts in the Trust Fund shall be apportioned as follows:
354	48.1 - 48.2	[SEC. 4.(a)] SEC. 9512.(c)(1)	CARBON FEE REBATE AND AGRICULTURAL DECARBONIZATION TRANSITION PAYMENTS.—
355	48.3 - 48.6	[SEC. 4.(a)] SEC. 9512.(c)(1)(A)	CARBON FEE REBATE.—For the purposes described in section 5 of the America’s Clean Future Fund Act and any expenses necessary to administer such section—
356	48.7 - 48.9	[SEC. 4.(a)] SEC. 9512.(c)(1)(A)(i)	for each of the first 10 fiscal years beginning after September 30, 2023, an amount equal to—
357	48.10 - 48.11	[SEC. 4.(a)] SEC. 9512.(c)(1)(A)(i)(I)	75 percent of those amounts, minus
358	48.12 - 48.14	[SEC. 4.(a)] SEC. 9512.(c)(1)(A)(i)(II)	the amount determined under subparagraph (B) for such fiscal year, and
359	48.15 - 48.17	[SEC. 4.(a)] SEC. 9512.(c)(1)(A)(ii)	for any fiscal year beginning after the period described in clause (i), the applicable percentage of such amounts.
360	48.18 - 48.24	[SEC. 4.(a)] SEC. 9512.(c)(1)(B)	AGRICULTURAL DECARBONIZATION TRANSITION PAYMENTS.—For the purposes described in section 6 of the America’s Clean Future Fund Act, for each of the first 10 fiscal years beginning after September 30, 2023, an amount equal to 7 percent of the amount determined annually under subparagraph (A)(i)(I).
361	49.1 - 49.3	[SEC. 4.(a)] SEC. 9512.(c)(1)(C)	APPLICABLE PERCENTAGE.—For purposes of subparagraph (A)(ii), the applicable percentage shall be equal to—
362	49.4 - 49.5	[SEC. 4.(a)] SEC. 9512.(c)(1)(C)(i)	for the first fiscal year beginning after the period described in subparagraph (A)(i), 76 percent,
364	49.7 - 49.11	[SEC. 4.(a)] SEC. 9512.(c)(1)(C)(ii)	for each of the first 3 fiscal years subsequent to the period described in clause (i), the applicable percentage for the preceding fiscal year increased by 1 percentage point, and
365	49.12 - 49.14	[SEC. 4.(a)] SEC. 9512.(c)(1)(C)(iii)	for any fiscal year subsequent to the period described in clause (ii), 80 percent.
366	49.15 - 49.16	[SEC. 4.(a)] SEC. 9512.(c)(2)	CLIMATE CHANGE FINANCE CORPORATION.—
367	49.17 - 49.20	[SEC. 4.(a)] SEC. 9512.(c)(2)(A)	IN GENERAL.—For the purposes described in section 2 of the America’s Clean Future Fund Act, the applicable percentage of such amounts.
368	49.21 - 49.23	[SEC. 4.(a)] SEC. 9512.(c)(2)(B)	APPLICABLE PERCENTAGE.—For purposes of this paragraph, the applicable percentage shall be equal to—
369	49.24 - 50.2	[SEC. 4.(a)] SEC. 9512.(c)(2)(B)(i)	for each of the first 10 fiscal years beginning after the period described in subsection (e) of such section, 15 percent,
370	50.3 - 50.7	[SEC. 4.(a)] SEC. 9512.(c)(2)(B)(ii)	for each of the first 4 fiscal years subsequent to the period described in clause (i), the applicable percentage for the preceding fiscal year increased by 1 percentage point, and
371	50.8 - 50.10	[SEC. 4.(a)] SEC. 9512.(c)(2)(B)(iii)	for any fiscal year subsequent to the period described in clause (ii), 20 percent.
372	50.11 - 50.12	[SEC. 4.(a)] SEC. 9512.(c)(3)	TRANSITION ASSISTANCE FOR IMPACTED COMMUNITIES.—
373	50.13 - 50.16	[SEC. 4.(a)] SEC. 9512.(c)(3)(A)	IN GENERAL.—For the purposes described in section 7 of the America’s Clean Future Fund Act, the applicable percentage of such amounts.
374	50.17 - 50.19	[SEC. 4.(a)] SEC. 9512.(c)(3)(B)	APPLICABLE PERCENTAGE.—For purposes of this paragraph, the applicable percentage shall be equal to—
375	50.20 - 50.22	[SEC. 4.(a)] SEC. 9512.(c)(3)(B)(i)	for each of the first 10 fiscal years beginning after September 30, 2023, 10 percent,
376	50.23 - 51.2	[SEC. 4.(a)] SEC. 9512.(c)(3)(B)(ii)	for each of the first 4 fiscal years subsequent to the period described in clause (i), the applicable percentage for the preceding fiscal year reduced by 2 percentage points, and
377	51.3 - 51.5	[SEC. 4.(a)] SEC. 9512.(c)(3)(B)(iii)	for any fiscal year subsequent to the period described in clause (ii), 0 percent.’’.
378	51.6 - 51.9	SEC. 4.(b)	CLERICAL AMENDMENT.—The table of sections for subchapter A of chapter 98 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item:
379	51.10 - 51.10	SEC. 5.	AMERICA’S CLEAN FUTURE FUND STIMULUS.
380	51.11 - 51.11	SEC. 5.(a)	ELIGIBLE INDIVIDUAL.—
381	51.12 - 51.14	SEC. 5.(a)(1)	IN GENERAL.—In this section, the term ‘‘eligible individual’’ means, with respect to any quarter, any natural living person—
382	51.15 - 51.16	SEC. 5.(a)(1)(A)	who has a valid Social Security number or taxpayer identification number,
383	51.17 - 51.17	SEC. 5.(a)(1)(B)	who has attained 18 years of age, and
384	51.18 - 51.21	SEC. 5.(a)(1)(C)	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 filed.
385	51.22 - 52.2	SEC. 5.(a)(2)	VERIFICATION.—The Secretary of the Treasury, or the Secretary’s delegate (referred to in this section as the ‘‘Secretary’’) may verify the eligibility of an individual to receive a carbon fee rebate payment under subsection (b).
386	52.3 - 52.11	SEC. 5.(b)	REBATES.—Subject to subsections (c)(2) and (k), from amounts in the America’s Clean Future Fund established by section 9512(c)(1)(A) of the Internal Revenue Code of 1986 that are available in any year, the Secretary shall, for each calendar quarter beginning after September 30, 2023, make carbon fee rebate payments to each eligible individual, to be known as ‘‘America’s Clean Future Fund Stimulus payments’’ (referred to in this section as ‘‘carbon fee rebate payments’’).
387	52.12 - 52.12	SEC. 5.(c)	PRO-RATA SHARE.—
388	52.13 - 52.19	SEC. 5.(c)(1)	IN GENERAL.—With respect to each quarter during any fiscal year beginning after September 30, 2023, the carbon fee rebate payment is 1 pro-rata share for each eligible individual of an amount equal to 25 percent of amounts apportioned under section 9512(c)(1)(A) of the Internal Revenue Code of 1986 for such fiscal year.
389	52.20 - 52.20	SEC. 5.(c)(2)	INITIAL ANNUAL REBATE PAYMENTS.—
390	52.21 - 53.2	SEC. 5.(c)(2)(A)	IN GENERAL.—From amounts appropriated under subsection (j), the Secretary shall, for each of fiscal years 2022 and 2023, make carbon fee rebate payments to each eligible individual during the third quarter of each such fiscal year.
391	53.3 - 53.7	SEC. 5.(c)(2)(B)	PRO-RATA SHARE.—For purposes of this paragraph, the carbon fee rebate payment is 1 pro-rata share for each eligible individual of the amount appropriated under subsection (j) for the fiscal year.
392	53.8 - 53.12	SEC. 5.(c)(3)	ESTIMATE.—For each fiscal year described in paragraph (1), the Secretary shall, not later than the first day of such fiscal year, publicly announce an estimate of the amount of the carbon fee rebate payment for each quarter during such fiscal year.
393	53.13 - 53.13	SEC. 5.(d)	PHASEOUT.—
394	53.14 - 53.14	SEC. 5.(d)(1)	DEFINITIONS.—In this subsection:
395	53.15 - 53.20	SEC. 5.(d)(1)(A)	MODIFIED ADJUSTED GROSS INCOME.—The term ‘‘modified adjusted gross income’’ means adjusted gross income increased by any amount excluded from gross income under section 911, 931, or 933 of the Internal Revenue Code of 1986.
396	53.21 - 53.24	SEC. 5.(d)(1)(B)	HOUSEHOLD MEMBER.—The term ‘‘household member of the taxpayer’’ means the taxpayer, the taxpayer’s spouse, and any dependent of the taxpayer.
397	54.1 - 54.2	SEC. 5.(d)(1)(C)	THRESHOLD AMOUNT.—The term ‘‘threshold amount’’ means—
398	54.3 - 54.4	SEC. 5.(d)(1)(C)(i)	$150,000 in the case of a taxpayer filing a joint return, and
399	54.5 - 54.6	SEC. 5.(d)(1)(C)(ii)	$75,000 in the case of a taxpayer not filing a joint return.
400	54.7 - 54.18	SEC. 5.(d)(2)	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 amount, the amount of the carbon fee rebate payment otherwise payable to any household member of the taxpayer under this section shall be reduced (but not below zero) by a dollar amount equal to 5 percent of such payment (as determined before application of this paragraph) for each $1,000 (or fraction thereof) by which the modified adjusted gross income of the taxpayer exceeds the threshold amount.
401	54.19 - 54.21	SEC. 5.(e)	FEE TREATMENT OF PAYMENTS.—Amounts paid under this section shall not be includible in gross income for purposes of Federal income taxes.
402	54.22 - 55.5	SEC. 5.(f)	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 assistance, or the amount or extent of benefits or assistance, under any Federal program or under any State or local program financed in whole or in part with Federal funds.
403	55.6 - 55.9	SEC. 5.(g)	DISCLOSURE OF RETURN INFORMATION.—Section 6103(l) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
404	55.10 - 55.11	[SEC. 5.(g)] (23)	DISCLOSURE OF RETURN INFORMATION RELATING TO CARBON FEE REBATE PAYMENTS.—
405	55.12 - 55.19	[SEC. 5.(g)] (23)(A)	DEPARTMENT OF TREASURY.—Return information with respect to any taxpayer shall, without written request, 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 5 of the America’s Clean Future Fund Act.
406	55.20 - 55.23	[SEC. 5.(g)] (23)(B)	RESTRICTION ON DISCLOSURE.—Information disclosed under this paragraph shall be disclosed only for purposes of, and to the extent necessary in, carrying out such section.’’.
407	56.1 - 56.3	SEC. 5.(h)	REGULATIONS.—The Secretary shall prescribe such regulations, and other guidance, as may be necessary to carry out the purposes of this section, including—
408	56.4 - 56.5	SEC. 5.(h)(1)	establishment of rules for eligible individuals who have not filed a recent tax return, and
409	56.6 - 56.12	SEC. 5.(h)(2)	in coordination with the Commissioner of Social Security, the Secretary of Veterans Affairs, and any relevant State agencies, establish methods to identify eligible individuals and provide carbon fee rebate payments to such individuals through appropriate means of distribution, including through the use of electronic benefit transfer cards.
410	56.13 - 56.20	SEC. 5.(i)	PUBLIC AWARENESS CAMPAIGN.—The Secretary shall conduct a public awareness campaign, in coordination with the Commissioner of Social Security, the heads of other relevant Federal agencies, and Indian Tribes (as defined in section 4 of the Indian Self-Determination and Education Assistance Act (25 U.S.C. 5304)), to provide information to the public regarding the availability of carbon fee rebate payments under this section.
411	56.21 - 56.24	SEC. 5.(j)	INITIAL APPROPRIATION.—For purposes of subsection (c)(2), there is appropriated, out of any funds in the Treasury not otherwise appropriated, to remain available until expended—
412	57.1 - 57.2	SEC. 5.(j)(1)	for the fiscal year ending September 30, 2022, $37,500,000,000, and
413	57.3 - 57.4	SEC. 5.(j)(2)	for the fiscal year ending September 30, 2023, $37,500,000,000.
414	57.5 - 57.6	SEC. 5.(k)	TERMINATION.—This section shall not apply to any calendar quarter beginning after—
415	57.7 - 57.9	SEC. 5.(k)(1)	a determination by the Secretary under section 4692(d)(3)(B) of the Internal Revenue Code of 1986; or
416	57.10 - 57.13	SEC. 5.(k)(2)	any period of 8 consecutive calendar quarters for which the amount of carbon fee rebate payment (without application of subsection (d)) during each such quarter is less than $20.
417	57.14 - 57.15	SEC. 6.	AGRICULTURAL DECARBONIZATION TRANSITION PAYMENTS.
418	57.16 - 57.16	SEC. 6.(a)	PURPOSES.—The purposes of this section are—
419	57.17 - 57.20	SEC. 6.(a)(1)	to provide transition assistance to eligible producers in the agricultural, livestock, and forestry sectors to prepare for and facilitate entry into private sector greenhouse gas credit markets; and
420	57.21 - 57.22	SEC. 6.(a)(2)	to provide for the collection and reporting of data under subsection (d).
421	57.23 - 57.23	SEC. 6.(b)	DEFINITIONS.—In this section:
422	57.24 - 57.24	SEC. 6.(b)(1)	ELIGIBLE LAND.—
423	58.1 - 58.2	SEC. 6.(b)(1)(A)	IN GENERAL.—The term ‘‘eligible land’’ means land in the United States—
424	58.3 - 58.5	SEC. 6.(b)(1)(A)(i)	on which farming, ranching, or forestry may physically and legally be conducted; and
425	58.6 - 58.6	SEC. 6.(b)(1)(A)(ii)	that is—
426	58.7 - 58.12	SEC. 6.(b)(1)(A)(ii)(I)	cropland, grassland, pastureland, rangeland, hayland, or other land on which food, feed, fiber, crops, livestock, or other agricultural products are produced or capable of being produced; or
427	58.13 - 58.16	SEC. 6.(b)(1)(A)(ii)(II)	nonindustrial private forest land (as defined in section 5(c) of the Cooperative Forestry Assistance Act of 1978 (16 U.S.C. 2103a(c))).
428	58.17 - 58.21	SEC. 6.(b)(1)(B)	INCLUSION OF TRIBAL LAND.—The term ‘‘eligible land’’ includes land described in subparagraph (A) that is Indian land (as defined in section 2601 of the Energy Policy Act of 1992 (25 U.S.C. 3501)).
429	58.22 - 58.23	SEC. 6.(b)(2)	ELIGIBLE PRODUCER.—The term ‘‘eligible producer’’ means an individual or legal entity that—
430	58.24 - 58.25	SEC. 6.(b)(2)(A)	is an owner, operator, or tenant of eligible land;
431	59.1 - 59.1	SEC. 6.(b)(2)(B)	has control over the eligible land;
432	59.2 - 59.4	SEC. 6.(b)(2)(C)	is actively engaged in farming, ranching, or forestry on the eligible land, as determined by the Secretary;
433	59.5 - 59.6	SEC. 6.(b)(2)(D)	bears the risk of loss of the farming, ranching, or forestry on the eligible land; and
434	59.7 - 59.10	SEC. 6.(b)(2)(E)	has the ability to enter into an agreement with the Secretary to carry out qualifying practices described in subsection (c)(2) under the program.
435	59.11 - 59.16	SEC. 6.(b)(3)	GREENHOUSE GAS EMISSIONS REDUCTION.—The term ‘‘greenhouse gas emissions reduction’’ means the reduction in greenhouse gas emissions as a result of the adoption of qualifying practices described in subsection (c)(2), as compared to a historical baseline.
436	59.17 - 59.19	SEC. 6.(b)(4)	HISTORICALLY UNDERSERVED.—The term ‘‘historically underserved’’, with respect to an eligible producer, means that the eligible producer—
437	59.20 - 59.20	SEC. 6.(b)(4)(A)	is American Indian or Alaskan Native;
438	59.21 - 59.21	SEC. 6.(b)(4)(B)	is Asian or Asian American;
439	59.22 - 59.22	SEC. 6.(b)(4)(C)	is Black or African American;
440	59.23 - 59.23	SEC. 6.(b)(4)(D)	is Native Hawaiian or Pacific Islander;
441	59.24 - 59.24	SEC. 6.(b)(4)(E)	is Hispanic;
442	59.25 - 59.25	SEC. 6.(b)(4)(F)	is disabled;
443	60.1 - 60.1	SEC. 6.(b)(4)(G)	is female;
444	60.2 - 60.3	SEC. 6.(b)(4)(H)	is new to farming, ranching, or forestry, as determined by the Secretary;
445	60.4 - 60.5	SEC. 6.(b)(4)(I)(i)	has served in the United States Armed Forces; and
446	60.6 - 60.7	SEC. 6.(b)(4)(I)(ii)(I)	has not operated a farm, ranch, or forestry operation;
447	60.8 - 60.9	SEC. 6.(b)(4)(I)(ii)(II)	is new to farming, ranching, or forestry, as determined by the Secretary; or
448	60.10 - 60.11	SEC. 6.(b)(4)(I)(ii)(III)	first obtained veteran status during the previous 5-year period; or
449	60.12 - 60.15	SEC. 6.(b)(4)(J)	is an owner, operator, or tenant of a limited resource farming, ranching, or forestry operation or has a household income not greater than the national poverty level.
450	60.16 - 60.17	SEC. 6.(b)(5)	PROGRAM.—The term ‘‘program’’ means the program established under subsection (c)(1).
451	60.18 - 60.19	SEC. 6.(b)(6)	SECRETARY.—The term ‘‘Secretary’’ means the Secretary of Agriculture.
452	60.20 - 60.20	SEC. 6.(c)	ESTABLISHMENT OF PROGRAM.—
453	60.21 - 61.2	SEC. 6.(c)(1)	IN GENERAL.—The Secretary, in consultation with the Administrator of the Environmental Protection Agency, shall establish a program to provide payments to eligible producers that will assist with the transition to reducing greenhouse gas emissions through the adoption of qualifying practices described in paragraph (2).
454	61.3 - 61.3	SEC. 6.(c)(2)	QUALIFYING PRACTICES.—
455	61.4 - 61.5	SEC. 6.(c)(2)(A)	IN GENERAL.—To be eligible for payments under the program, a practice shall be—
456	61.6 - 61.6	SEC. 6.(c)(2)(A)(i)	approved by the Secretary; and
457	61.7 - 61.9	SEC. 6.(c)(2)(A)(ii)	measurable, reportable, and verifiable for reducing greenhouse gas emissions, as determined by the Secretary.
458	61.10 - 61.12	SEC. 6.(c)(2)(B)	INCLUDED PRACTICES.—Practices that the Secretary may determine to be qualifying practices under the program include—
459	61.13 - 61.15	SEC. 6.(c)(2)(B)(i)	improved crop, soil health, water, and land management systems, including—
460	61.16 - 61.19	SEC. 6.(c)(2)(B)(i)(I)	diversified soil health-enhancing cropping systems that may include resource-conserving crop rotations, cover crops, and sod crops;
461	61.20 - 61.25	SEC. 6.(c)(2)(B)(i)(II)	conservation plantings, such as prairie strips, contour grass strips, filter strips and riparian buffers, field borders, hedgerows, windbreaks, alley cropping, and silvopasture or other agroforestry plantings;
462	62.1 - 62.1	SEC. 6.(c)(2)(B)(i)(III)	conservation tillage;
463	62.2 - 62.4	SEC. 6.(c)(2)(B)(i)(IV)	fertilizer practice improvements, including biologically based nutrient management;
464	62.5 - 62.7	SEC. 6.(c)(2)(B)(i)(V)	ecologically appropriate reforestation and other sustainable forestry and related stewardship practices;
465	62.8 - 62.10	SEC. 6.(c)(2)(B)(i)(VI)	application of soil carbon amendments, such as compost or biochar;
466	62.11 - 62.13	SEC. 6.(c)(2)(B)(i)(VII)	restoration or avoidance of the conversion of grassland, wetland, and forest land; and
467	62.14 - 62.16	SEC. 6.(c)(2)(B)(i)(VIII)	the adoption of organic and other similar advanced agroecological production systems;
468	62.17 - 62.17	SEC. 6.(c)(2)(B)(ii)	livestock management, including—
469	62.18 - 62.19	SEC. 6.(c)(2)(B)(ii)(I)	enteric fermentation reduction, including—
470	62.20 - 62.21	SEC. 6.(c)(2)(B)(ii)(I)(aa)	improved feed, forage, and grazing; and
471	62.22 - 62.24	SEC. 6.(c)(2)(B)(ii)(I)(bb)	feed additives approved by the Commissioner of Food and Drugs;
472	63.1 - 63.3	SEC. 6.(c)(2)(B)(ii)(II)	improved manure management, including anaerobic digesters; and
473	63.4 - 63.5	SEC. 6.(c)(2)(B)(ii)(III)	the integration of livestock and crop production;
474	63.6 - 63.7	SEC. 6.(c)(2)(B)(iii)	on-site capital upgrades and infrastructure investments, including—
475	63.8 - 63.11	SEC. 6.(c)(2)(B)(iii)(I)	building and equipment refurbishment or upgrades, including energy efficiency technologies and digital technologies; and
476	63.12 - 63.13	SEC. 6.(c)(2)(B)(iii)(II)	the adoption of renewable or clean energy;
477	63.14 - 63.18	SEC. 6.(c)(2)(B)(iv)	conservation easements, including farm, ranch, and forest land preservation, that include conservation activities to improve soil health and reduce greenhouse gas emissions; and
478	63.19 - 63.20	SEC. 6.(c)(2)(B)(v)	other similar practices, as determined by the Secretary.
479	63.21 - 63.23	SEC. 6.(c)(3)	CONSIDERATIONS.—In determining the rate and duration of a payment under paragraph (1), the Secretary shall consider—
480	63.24 - 63.25	SEC. 6.(c)(3)(A)	the degree of additionality of the greenhouse gas emissions reduction;
481	64.1 - 64.3	SEC. 6.(c)(3)(B)	whether the recipient of the payment was an early adopter of 1 or more practices that reduce greenhouse gas emissions;
482	64.4 - 64.7	SEC. 6.(c)(3)(C)	the likelihood that the applicable qualifying practice described in paragraph (2) would have been carried out absent the provision of the payment;
483	64.8 - 64.10	SEC. 6.(c)(3)(D)	the degree of transitionality or permanence of the greenhouse gas emissions reduction;
484	64.11 - 64.14	SEC. 6.(c)(3)(E)	whether the applicable qualifying practice described in paragraph (2) provides multiple environmental and health co-benefits in addition to reduced greenhouse gas emissions;
485	64.15 - 64.17	SEC. 6.(c)(3)(F)	the degree to which current soil conditions influence the greenhouse gas emissions reductions;
486	64.18 - 64.20	SEC. 6.(c)(3)(G)	the degree to which the recipient of the payment is a historically underserved eligible producer;
487	64.21 - 64.23	SEC. 6.(c)(3)(H)	the integration with and enhancement of payments and policies of similar Federal, State, or local programs; and
488	64.24 - 65.2	SEC. 6.(c)(3)(I)	any payments received, or to be received, by the applicable eligible producer from a private carbon offset market due to the applicable qualifying practice described in paragraph (2).
490	65.4 - 65.10	SEC. 6.(c)(4)	INELIGIBILITY.—A person that is determined to be in violation of any applicable water or air quality regulation, including under the Federal Water Pollution Control Act (33 U.S.C. 1251 et seq.) (including regulations), shall not be eligible for any payment under paragraph (1) during the period of the violation.
491	65.11 - 65.14	SEC. 6.(c)(5)	EFFECTIVENESS.—The authority to provide payments under this subsection shall be effective for each of the first 10 fiscal years beginning after September 30, 2022.
492	65.15 - 65.15	SEC. 6.(d)	COLLECTION OF DATA AND REPORTING.—
493	65.16 - 65.16	SEC. 6.(d)(1)	MEASUREMENT SYSTEM.—
494	65.17 - 65.24	SEC. 6.(d)(1)(A)	IN GENERAL.—The Secretary shall establish an outcomes-based measurement system (referred to in this paragraph as the ‘‘measurement system’’) that uses the best available science and technology for cost-effective recordkeeping, modeling, and measurement of farmlevel greenhouse gas emissions on eligible land enrolled in the program.
495	66.1 - 66.5	SEC. 6.(d)(1)(B)	STANDARDS.—Not later than 18 months after the date of enactment of this Act, the Secretary shall promulgate standards on the measurement system, based on information obtained from—
496	66.6 - 66.6	SEC. 6.(d)(1)(B)(i)	agro-ecosystem models;
497	66.7 - 66.7	SEC. 6.(d)(1)(B)(ii)	remote sensing data and analysis;
498	66.8 - 66.9	SEC. 6.(d)(1)(B)(iii)	soil health demonstration trials; and
499	66.10 - 66.10	SEC. 6.(d)(1)(B)(iv)	field-level measurement.
500	66.11 - 66.15	SEC. 6.(d)(1)(C)	PROTOCOLS.—In developing the measurement system, the Secretary shall compile and publish a list of generally accepted public and private protocols for soil health and greenhouse gas programs and markets.
501	66.16 - 66.17	SEC. 6.(d)(1)(D)	REVIEW.—The Secretary shall maintain the measurement system by—
502	66.18 - 66.19	SEC. 6.(d)(1)(D)(i)	conducting an annual review of the measurement system; and
503	66.20 - 66.21	SEC. 6.(d)(1)(D)(ii)	making any necessary updates to the measurement system.
504	66.22 - 66.22	SEC. 6.(d)(2)	INVENTORY.—
505	66.23 - 67.6	SEC. 6.(d)(2)(A)	IN GENERAL.—For the purposes of providing payments under the program, the Secretary shall conduct a nationwide soil health and agricultural greenhouse gas emissions inventory that uses the best available science and data to establish baselines and expected average performance for soil carbon drawdown and storage and greenhouse gas emissions reduction by primary production type and production region.
506	67.7 - 67.7	SEC. 6.(d)(2)(B)	DATABASE.—The Secretary shall—
507	67.8 - 67.12	SEC. 6.(d)(2)(B)(i)	establish an accessible and interoperable database for the inventory established under subparagraph (A) using the measurement system established under paragraph (1); and
508	67.13 - 67.15	SEC. 6.(d)(2)(B)(ii)	improve and update the database as new data is collected, but not less frequently than once every 2 years.
509	67.16 - 67.16	SEC. 6.(d)(3)	CRITERIA.—
510	67.17 - 67.21	SEC. 6.(d)(3)(A)	IN GENERAL.—The Secretary shall establish criteria for payments under the program to inform policy and markets established to promote soil carbon sequestration or greenhouse gas emissions reductions.
511	67.22 - 67.23	SEC. 6.(d)(3)(B)	REQUIREMENTS.—The criteria established under subparagraph (A) shall—
512	67.24 - 68.3	SEC. 6.(d)(3)(B)(i)	have a documented likelihood to lead to transitioning towards or providing long-term net greenhouse gas emissions reductions, according to the best available science;
513	68.4 - 68.7	SEC. 6.(d)(3)(B)(ii)	be based in part on environmental impact modeling of the changes of shifting from baseline practices to new or improved practices; and
514	68.8 - 68.10	SEC. 6.(d)(3)(B)(iii)	prevent, to the maximum extent practicable, the degradation of other natural resource or environmental conditions.
515	68.11 - 68.12	SEC. 6.(d)(4)	MEASUREMENT, REPORTING, MONITORING, AND VERIFICATION SERVICES.—
516	68.13 - 68.13	SEC. 6.(d)(4)(A)	IN GENERAL.—The Secretary—
517	68.14 - 68.16	SEC. 6.(d)(4)(A)(i)	shall provide services described in subparagraph (B) to eligible producers participating in the program; and
518	68.17 - 68.21	SEC. 6.(d)(4)(A)(ii)	may approve and provide oversight of 1 or more third-party agents to provide services described in subparagraph (B) to eligible producers participating in the program.
519	68.22 - 68.24	SEC. 6.(d)(4)(B)	SERVICES DESCRIBED.—Services referred to in subparagraph (A) are determining the greenhouse gas emissions reduction by—
520	68.25 - 68.25	SEC. 6.(d)(4)(B)(i)	measurement;
521	69.1 - 69.1	SEC. 6.(d)(4)(B)(ii)	reporting;
522	69.2 - 69.2	SEC. 6.(d)(4)(B)(iii)	monitoring; and
523	69.3 - 69.3	SEC. 6.(d)(4)(B)(iv)	verification.
524	69.4 - 69.6	SEC. 6.(d)(4)(C)	USE OF PROTOCOLS.—Services referred to in subparagraph (A) shall be provided using—
525	69.7 - 69.8	SEC. 6.(d)(4)(C)(i)	the measurement system described in paragraph (1); and
526	69.9 - 69.9	SEC. 6.(d)(4)(C)(ii)	the criteria described in paragraph (3).
528	69.11 - 69.19	SEC. 6.(d)(4)(D)	USE OF DEPARTMENT OF AGRICULTURE RESOURCES.—The Secretary shall require a third-party agent approved under subparagraph (A)(ii) to use the resources, boards, committees, geospatial data, aerial or other maps, employees, offices, and capacities of the Department of Agriculture, to the maximum extent practicable, in providing services under that subparagraph to eligible producers.
529	69.20 - 69.20	SEC. 6.(d)(4)(E)	PRIVACY AND DATA SECURITY.—
530	69.21 - 69.22	SEC. 6.(d)(4)(E)(i)	IN GENERAL.—The Secretary shall establish—
531	69.23 - 70.1	SEC. 6.(d)(4)(E)(i)(I)	safeguards to protect the privacy of information that is submitted through or retained by a third-party agent approved under subparagraph (A), including employees and contractors of the third-party agent; and
533	70.4 - 70.7	SEC. 6.(d)(4)(E)(i)(II)	such other rules and standards of data security as the Secretary determines to be appropriate to carry out this subsection.
534	70.8 - 70.10	SEC. 6.(d)(4)(E)(ii)	PENALTIES.—The Secretary shall establish penalties for any violations of privacy or confidentiality under clause (i).
535	70.11 - 70.11	SEC. 6.(d)(4)(F)	DISCLOSURE OF INFORMATION.—
536	70.12 - 70.15	SEC. 6.(d)(4)(F)(i)	PUBLIC DISCLOSURE.—Information collected for purposes of services provided under subparagraph (A) may be disclosed to the public—
537	70.16 - 70.21	SEC. 6.(d)(4)(F)(i)(I)	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 producers; or
538	70.22 - 71.2	SEC. 6.(d)(4)(F)(i)(II)	in a form that may include identifiable or personal information of a producer only if that producer consents to the disclosure of the information.
539	71.3 - 71.9	SEC. 6.(d)(4)(F)(ii)	REQUIREMENT.—The participation of a producer in, and the receipt of any benefit by the producer under, a program under this section or any other program administered by the Secretary may not be conditioned on the producer providing consent under clause (i)(II).
540	71.10 - 71.20	SEC. 6.(d)(4)(F)(iii)	RESEARCH, AUDIT, AND PROGRAM IMPROVEMENT.—Information collected for the purposes of services provided under subparagraph (A) may be disclosed for the purposes of providing technical assistance, including audit, research, or improvement of a program under this section, either in aggregate or in a form that includes identifiable or personal information of a producer, if the Secretary obtains adequate assurances that—
541	71.21 - 71.23	SEC. 6.(d)(4)(F)(iii)(I)	the recipient shall ensure privacy safeguards of identifiable or personal information of a producer; and
542	71.24 - 72.2	SEC. 6.(d)(4)(F)(iii)(II)	the release of any data to the public will only occur only if the data has been transformed into a statistical or aggregate form.
543	72.3 - 72.5	SEC. 6.(e)	REGULATIONS.—Not later than July 1, 2022, the Secretary shall promulgate regulations to carry out this section, including—
544	72.6 - 72.6	SEC. 6.(e)(1)	the amount of a payment under subsection (c), which shall be based on—
546	72.8 - 72.9	SEC. 6.(e)(1)(A)	the quantity of carbon dioxide equivalent emissions reduced; and
547	72.10 - 72.11	SEC. 6.(e)(1)(B)	the considerations described in subsection (c)(3);
548	72.12 - 72.15	SEC. 6.(e)(2)	a methodology that any third-party agents approved under subsection (d)(4)(A)(ii) shall use to provide the services under that subsection, including—
549	72.16 - 72.16	SEC. 6.(e)(2)(A)	an accreditation process; and
550	72.17 - 72.17	SEC. 6.(e)(2)(B)	a conflict of interest policy; and
551	72.18 - 72.21	SEC. 6.(e)(3)	provisions for the ownership and transportability of data, including historical data, generated by an eligible producer for the purpose of determining eligibility for payments under the program.
552	72.22 - 72.23	SEC. 7.	TRANSITION ASSISTANCE FOR IMPACTED COMMUNITIES.
553	72.24 - 72.24	SEC. 7.(a)	DEFINITIONS.—In this section:
554	73.1 - 73.4	SEC. 7.(a)(1)	INDIAN TRIBE.—The term ‘‘Indian Tribe’’ has the meaning given the term in section 4 of the Indian Self-Determination and Education Assistance Act (25 U.S.C. 5304).
555	73.5 - 73.9	SEC. 7.(a)(2)	INDIVIDUAL WITH A BARRIER TO EMPLOYMENT.—The term ‘‘individual with a barrier to employment’’ has the meaning given the term in section 3 of the Workforce Innovation and Opportunity Act (29 U.S.C. 3102).
556	73.10 - 73.13	SEC. 7.(a)(3)	INSTITUTION OF HIGHER EDUCATION.—The term ‘‘institution of higher education’’ has the meaning given the term in section 101 of the Higher Education Act of 1965 (20 U.S.C. 1001).
557	73.14 - 73.17	SEC. 7.(a)(4)	LOCAL BOARD.—The term ‘‘local board’’ has the meaning given the term in section 3 of the Workforce Innovation and Opportunity Act (29 U.S.C. 3102).
558	73.18 - 73.22	SEC. 7.(a)(5)	RECOGNIZED POSTSECONDARY CREDENTIAL.—The term ‘‘recognized postsecondary credential’’ has the meaning given the term in section 3 of the Workforce Innovation and Opportunity Act (29 U.S.C. 3102).
559	73.23 - 74.2	SEC. 7.(a)(6)	SECRETARY.—The term ‘‘Secretary’’ means the Secretary of Commerce, acting through the Assistant Secretary of Commerce for Economic Development.
560	74.3 - 74.3	SEC. 7.(a)(7)	STATE.—The term ‘‘State’’ means—
561	74.4 - 74.4	SEC. 7.(a)(7)(A)	a State;
562	74.5 - 74.5	SEC. 7.(a)(7)(B)	the District of Columbia;
563	74.6 - 74.7	SEC. 7.(a)(7)(C)	the Commonwealth of Puerto Rico; and
564	74.8 - 74.9	SEC. 7.(a)(7)(D)	any other territory or possession of the United States.
565	74.10 - 74.13	SEC. 7.(a)(8)	STATE BOARD.—The term ‘‘State board’’ has the meaning given the term in section 3 of the Workforce Innovation and Opportunity Act (29 U.S.C. 3102).
566	74.14 - 74.17	SEC. 7.(a)(9)	SUPPORTIVE SERVICES.—The term ‘‘supportive services’’ has the meaning given the term in section 3 of the Workforce Innovation and Opportunity Act (29 U.S.C. 3102).
567	74.18 - 74.20	SEC. 7.(b)	GRANTS.—The Secretary, in coordination with the Secretary of Labor, shall provide grants to eligible entities for transition assistance to a low-carbon economy.
568	74.21 - 75.2	SEC. 7.(c)	ELIGIBLE ENTITIES.—An entity eligible to receive a grant under this section is a labor organization, an institution of higher education, a unit of State or local government, an Indian Tribe, an economic development organization, a nonprofit organization, community-based organization, or intermediary, or a State board or local board that serves or is located in a community that—
569	75.3 - 75.6	SEC. 7.(c)(1)	as determined by the Secretary, in coordination with the Secretary of Labor, has been or will be impacted by economic changes in carbon-intensive industries, including job losses;
570	75.7 - 75.12	SEC. 7.(c)(2)	as determined by the Secretary, in consultation with the Administrator of the Federal Emergency Management Agency, has been or is at risk of being impacted by extreme weather events, sea level rise, and natural disasters related to climate change; or
571	75.13 - 75.17	SEC. 7.(c)(3)	as determined by the Secretary, in consultation with the Administrator of the Environmental Protection Agency, has been impacted by harmful residuals from a fossil fuel or carbon-intensive industry.
572	75.18 - 75.19	SEC. 7.(d)	USE OF FUNDS.—An eligible entity that receives a grant under this section shall use the grant for—
573	75.20 - 75.21	SEC. 7.(d)(1)	economic and workforce development activities, such as—
574	75.22 - 75.22	SEC. 7.(d)(1)(A)	job creation;
575	75.23 - 76.2	SEC. 7.(d)(1)(B)	providing reemployment and worker transition assistance, including registered apprenticeships, subsidized employment, job training, transitional jobs, and supportive services, with priority given to—
576	76.3 - 76.4	SEC. 7.(d)(1)(B)(i)	workers impacted by changes in carbon-intensive industries;
577	76.5 - 76.6	SEC. 7.(d)(1)(B)(ii)	individuals with a barrier to employment; and
578	76.7 - 76.8	SEC. 7.(d)(1)(B)(iii)	programs that lead to a recognized postsecondary credential;
579	76.9 - 76.11	SEC. 7.(d)(1)(C)	local and regional investment, including commercial and industrial economic diversification;
580	76.12 - 76.12	SEC. 7.(d)(1)(D)	export promotion; and
581	76.13 - 76.15	SEC. 7.(d)(1)(E)	establishment of a monthly subsidy payment for workers who retire early due to economic changes in carbon-intensive industries;
582	76.16 - 76.16	SEC. 7.(d)(2)	climate change resiliency, such as—
583	76.17 - 76.19	SEC. 7.(d)(2)(A)	building electrical, communications, utility, transportation, and other infrastructure in flood-prone areas above flood zone levels;
584	76.20 - 76.22	SEC. 7.(d)(2)(B)	building flood and stormproofing measures in flood-prone areas and erosionprone areas;
585	76.23 - 77.2	SEC. 7.(d)(2)(C)	increasing the resilience of a surface transportation infrastructure asset to withstand extreme weather events and climate change impacts;
586	77.3 - 77.3	SEC. 7.(d)(2)(D)	improving stormwater infrastructure;
587	77.4 - 77.5	SEC. 7.(d)(2)(E)	increasing the resilience of agriculture to extreme weather;
588	77.6 - 77.6	SEC. 7.(d)(2)(F)	ecological restoration;
589	77.7 - 77.8	SEC. 7.(d)(2)(G)	increasing the resilience of forests to wildfires;
590	77.9 - 77.9	SEC. 7.(d)(2)(H)	increasing coastal resilience; and
591	77.10 - 77.11	SEC. 7.(d)(2)(I)	implementing heat island cooling strategies;
592	77.12 - 77.15	SEC. 7.(d)(3)	environmental cleanup from fossil fuel industry facilities that are abandoned or retired, or closed due to bankruptcy, and residuals from carbon-intensive industries, such as—
593	77.16 - 77.16	SEC. 7.(d)(3)(A)	coal ash and petroleum coke cleanup;
594	77.17 - 77.17	SEC. 7.(d)(3)(B)	mine reclamation;
595	77.18 - 77.20	SEC. 7.(d)(3)(C)	reclamation and plugging of abandoned oil and natural gas wells on private and public land; and
596	77.21 - 77.22	SEC. 7.(d)(3)(D)	remediation of impaired waterways and drinking water resources; or
597	77.23 - 78.2	SEC. 7.(d)(4)	other activities as the Secretary, in coordination with the Secretary of Labor, the Administrator of the Federal Emergency Management Agency, and the Administrator of the Environmental Protection Agency, determines to be appropriate.
598	78.3 - 78.3	SEC. 7.(e)	REQUIREMENTS.—
599	78.4 - 78.9	SEC. 7.(e)(1)	LABOR STANDARDS; NONDISCRIMINATION.—An eligible entity that receives a grant under this section shall use the funds in a manner consistent with sections 181 and 188 of the Workforce Innovation and Opportunity Act (29 U.S.C. 3241, 3248).
600	78.10 - 78.10	SEC. 7.(e)(2)	WAGE RATE REQUIREMENTS.—
601	78.11 - 78.21	SEC. 7.(e)(2)(A)	IN GENERAL.—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 31 of title 40, United States Code (commonly known as the ‘‘DavisBacon Act’’).
602	78.22 - 79.3	SEC. 7.(e)(2)(B)	AUTHORITY.—With respect to the labor standards specified in subparagraph (A), the Secretary of Labor shall have the authority and functions set forth in Reorganization Plan Numbered 14 of 1950 (64 Stat. 1267; 5 U.S.C. App.) and section 3145 of title 40, United States Code.
603	79.4 - 79.4	SEC. 7.(e)(3)	BUY AMERICA REQUIREMENTS.—
604	79.5 - 79.8	SEC. 7.(e)(3)(A)	IN GENERAL.—All iron, steel, and manufactured goods used for projects and activities carried out with a grant under this section shall be produced in the United States.
605	79.9 - 79.11	SEC. 7.(e)(3)(B)	WAIVER.—The Secretary may waive the requirement in subparagraph (A) if the Secretary finds that—
606	79.12 - 79.13	SEC. 7.(e)(3)(B)(i)	enforcing the requirement would be inconsistent with the public interest;
607	79.14 - 79.18	SEC. 7.(e)(3)(B)(ii)	the iron, steel, and manufactured goods produced in the United States are not produced in a sufficient and reasonably available amount or are not of a satisfactory quality; or
608	79.19 - 79.21	SEC. 7.(e)(3)(B)(iii)	enforcing the requirement will increase the overall cost of the project or activity by more than 25 percent.
609	79.22 - 79.25	SEC. 7.(f)	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 grant.
610	80.1 - 80.5	SEC. 7.(g)	REPORT.—Not later than 3 years after the date on which the Secretary establishes the grant program under this section, the Secretary and the Secretary of Labor shall submit to Congress a report on the effectiveness of the grant program, including—
611	80.6 - 80.8	SEC. 7.(g)(1)	the number of individuals that have received reemployment or worker transition assistance under this section;
612	80.9 - 80.11	SEC. 7.(g)(2)	a description of any job creation activities carried out with a grant under this section and the number of jobs created from those activities;
613	80.12 - 80.15	SEC. 7.(g)(3)	the percentage of individuals that have received reemployment or worker transition assistance under this section who are, during the second and fourth quarters after exiting the program—
614	80.16 - 80.16	SEC. 7.(g)(3)(A)	in education or training activities; or
615	80.17 - 80.17	SEC. 7.(g)(3)(B)	employed;
616	80.18 - 80.21	SEC. 7.(g)(4)	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 program;
617	80.22 - 80.23	SEC. 7.(g)(5)	a description of any regional investment activities carried out with a grant under this section;
618	81.1 - 81.3	SEC. 7.(g)(6)	a description of any export promotion activities carried out with a grant under this section, including—
619	81.4 - 81.5	SEC. 7.(g)(6)(A)	a description of the products promoted; and
620	81.6 - 81.7	SEC. 7.(g)(6)(B)	an analysis of any increase in exports as a result of the promotion;
621	81.8 - 81.9	SEC. 7.(g)(7)	a description of any resilience activities carried out with a grant under this section;
622	81.10 - 81.13	SEC. 7.(g)(8)	a description of any cleanup activities from fossil fuel industry facilities or carbon-intensive industries carried out with a grant under this section; and
623	81.14 - 81.17	SEC. 7.(g)(9)	the distribution of funding among geographic and socioeconomic groups, including urban and rural communities, low-income communities, communities of color, and Indian Tribes.
624	81.18 - 81.18	SEC. 7.(h)	FUNDING.—
625	81.19 - 81.23	SEC. 7.(h)(1)	INITIAL FUNDING.—There is appropriated to the Secretary, out of any funds in the Treasury not otherwise appropriated, $5,000,000,000 for each of fiscal years 2022 and 2023 to carry out this section, to remain available until expended.
626	81.24 - 82.3	SEC. 7.(h)(2)	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 9512 of the Internal Revenue Code of 1986 (as added by section 4).
627	82.4 - 82.4	SEC. 8.	STUDY ON CARBON PRICING.
628	82.5 - 82.13	SEC. 8.(a)	IN GENERAL.—Not later than January 1, 2025, the Administrator of the Environmental Protection Agency (referred to in this section as the ‘‘Administrator’’) 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 5 years to evaluate the effectiveness of the fees established under sections 4692 and 4693 of the Internal Revenue Code of 1986 in achieving the following goals:
629	82.14 - 82.15	SEC. 8.(a)(1)	A net reduction of greenhouse gas emissions by 45 percent, based on 2018 levels, by 2030.
630	82.16 - 82.17	SEC. 8.(a)(2)	A net reduction of greenhouse gas emissions by 100 percent, based on 2018 levels, by 2050.
631	82.18 - 82.21	SEC. 8.(b)	REQUIREMENTS.—In executing the agreement under subsection (a), the Administrator shall ensure that, in carrying out a study under that subsection, the National Academy of Sciences—
632	82.22 - 82.22	SEC. 8.(b)(1)	includes an evaluation of—
633	82.23 - 83.2	SEC. 8.(b)(1)(A)	total annual greenhouse gas emissions by the United States, including greenhouse gas emissions not subject to the fees described in that subsection;
634	83.3 - 83.5	SEC. 8.(b)(1)(B)	the historic trends in the total greenhouse gas emissions evaluated under subparagraph (A); and
635	83.6 - 83.10	SEC. 8.(b)(1)(C)	the impacts of the fees established under sections 4692 and 4693 of the Internal Revenue Code of 1986 on changes in the levels of fossil fuel-related localized air pollutants in environmental justice communities;
636	83.11 - 83.13	SEC. 8.(b)(2)	analyzes the extent to which greenhouse gas emissions have been or would be reduced as a result of current and potential future policies, including—
637	83.14 - 83.21	SEC. 8.(b)(2)(A)	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 subsection, with a particular focus on greenhouse gas emissions not subject to the fees described in that subsection;
638	83.22 - 83.25	SEC. 8.(b)(2)(B)	the status of greenhouse gas emissions reductions that result from the fees established under sections 4692 and 4693 of the Internal Revenue Code of 1986;
639	84.1 - 84.4	SEC. 8.(b)(2)(C)	a projection of greenhouse gas emissions reductions that would result if the fees established under those sections were annually increased—
640	84.5 - 84.5	SEC. 8.(b)(2)(C)(i)	at the current price path; and
641	84.6 - 84.6	SEC. 8.(b)(2)(C)(ii)	above the current price path;
642	84.7 - 84.10	SEC. 8.(b)(2)(D)	an analysis of greenhouse gas emissions reductions that result from the policies of States, units of local government, Tribal communities, and the private sector;
643	84.11 - 84.20	SEC. 8.(b)(2)(E)	a projection of greenhouse gas emissions reductions that would result from the promulgation of additional Federal climate policies, including a clean energy standard, increased fuel economy and greenhouse gas emissions standards for motor vehicles, a low-carbon fuel standard, electrification of cars and heavy-duty trucks, and reforestation of not less than 3,000,000 acres of land within the National Forest System; and
644	84.21 - 84.22	SEC. 8.(b)(2)(F)	the status and projections of decarbonization in other major economies; and
645	84.23 - 85.2	SEC. 8.(b)(3)	submits a report to the Administrator, Congress, and the Board of Directors of the Climate Change Finance Corporation describing the results of the study.
646	85.3 - 85.4	SEC. 9.	ESTABLISHMENT OF TARGETS FOR CARBON SEQUESTRATION BY LAND AND WATER.
647	85.5 - 85.9	SEC. 9.(a)	IN GENERAL.—The Chair of the Council on Environmental Quality, in consultation with the Secretaries of Agriculture, Commerce, and the Interior, the Chief of Engineers, and the Administrator of the Environmental Protection Agency, shall—
648	85.10 - 85.13	SEC. 9.(a)(1)	establish a target for carbon sequestration that can reasonably be achieved through enhancing the ability of public and private land and water to function as natural carbon sinks;
649	85.14 - 85.15	SEC. 9.(a)(2)	develop strategies for meeting that target; and
650	85.16 - 85.18	SEC. 9.(a)(3)	develop strategies to expand protections for coastal ecosystems that sequester carbon and provide resiliency benefits, such as—
651	85.19 - 85.19	SEC. 9.(a)(3)(A)	flood protection;
652	85.20 - 85.20	SEC. 9.(a)(3)(B)	soil and beach retention;
653	85.21 - 85.21	SEC. 9.(a)(3)(C)	erosion reduction;
654	85.22 - 85.22	SEC. 9.(a)(3)(D)	biodiversity;
655	85.23 - 85.23	SEC. 9.(a)(3)(E)	water purification; and
656	85.24 - 85.24	SEC. 9.(a)(3)(F)	nutrient cycling.
657	86.1 - 86.4	SEC. 9.(b)	REPORT.—As soon as practicable after the date of enactment of this Act, the Chair of the Council on Environmental Quality shall submit to Congress a report describing—
658	86.5 - 86.6	SEC. 9.(b)(1)	the target and strategies described in paragraphs (1) through (3) of subsection (a); and
659	86.7 - 86.9	SEC. 9.(b)(2)	any additional statutory authorities or authorized funding levels needed to successfully implement those strategies.