S. 685 · 117th Congress
America's Clean Future Fund Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
DurbinSponsorNo cosponsors.
This bill establishes requirements and incentives to reduce greenhouse gas emissions and assist industries, communities, and workers transition to a low-carbon economy, including by establishing (1) the Climate Change Finance Corporation (C2FC); (2) the America's Clean Future Fund; and (3) a carbon fee on the use, sale, or transfer of certain fuels by…
What it does: CRS summary · Introduced in Senate · Mar 10, 2021
America's Clean Future Fund Act
This bill establishes requirements and incentives to reduce greenhouse gas emissions and assist industries, communities, and workers transition to a low-carbon economy, including by establishing (1) the Climate Change Finance Corporation (C2FC); (2) the America's Clean Future Fund; and (3) a carbon fee on the use, sale, or transfer of certain fuels by covered entities.
The bill provides appropriations to the C2FC, an independent agency, which must finance clean energy and climate change resiliency activities in order to meet the goal of eliminating greenhouse gas emissions by 2050.
The bill also provides appropriations for the America's Clean Future Fund. Amounts in the fund may be used for the C2FC, stimulus payments (i.e., tax rebates) to individuals whose gross incomes do not exceed specified thresholds, decarbonization transition payments to the agricultural sector, and grants to help certain communities and workers transition to a low-carbon economy.
Revenues generated from the carbon fee must also be deposited into the America's Clean Future Fund. Beginning in 2023, covered entities (e.g., entities that use, sell, or transfer fossil fuels) must pay a carbon fee of $25 per metric ton of carbon dioxide or carbon dioxide equivalent. The fee increases by $10 each year, multiplied by the cost-of-living adjustment. The fees further increase if the entities miss cumulative greenhouse gas emission targets established by the bill. Refund payments may be provided for carbon capture, sequestration, and utilization.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: America's Clean Future Fund Act
Latest action (Mar 10, 2021): Read twice and referred to the Committee on Finance. (text: CR S1461-1469)
Policy area: Environmental Protection · Origin: Senate · Introduced: Mar 10, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.