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America's Clean Future Fund Act

USA117th CongressS-685| Senate 
| Updated: 3/10/2021
Richard J. Durbin

Richard J. Durbin

Democratic Senator

Illinois

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
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Timeline

Bill from Previous Congress

S 116-4484
America's Clean Future Fund Act
Mar 10, 2021
Introduced in Senate
Mar 10, 2021
Read twice and referred to the Committee on Finance. (text: CR S1461-1469)
Apr 13, 2021

Latest Companion Bill Action

HR 117-2451
Referred to the Subcommittee on Water Resources and Environment.
  • Bill from Previous Congress

    S 116-4484
    America's Clean Future Fund Act


  • March 10, 2021
    Introduced in Senate


  • March 10, 2021
    Read twice and referred to the Committee on Finance. (text: CR S1461-1469)


  • April 13, 2021

    Latest Companion Bill Action

    HR 117-2451
    Referred to the Subcommittee on Water Resources and Environment.

Environmental Protection

Related Bills

  • HR 117-2451: America's Clean Future Fund Act
Administrative law and regulatory proceduresAgricultural conservation and pollutionAgricultural practices and innovationsAir qualityAlternative and renewable resourcesAppropriationsAtmospheric science and weatherBuy American requirementsClimate change and greenhouse gasesCoalCommunity life and organizationCongressional oversightEcologyEconomic performance and conditionsEmployment and training programsEnergy efficiency and conservationEnvironmental assessment, monitoring, researchEnvironmental Protection Agency (EPA)Environmental regulatory proceduresExecutive agency funding and structureFarmlandFloods and storm protectionForests, forestry, treesGovernment lending and loan guaranteesGovernment studies and investigationsHybrid, electric, and advanced technology vehiclesInflation and pricesLand use and conservationLivestockMarine and coastal resources, fisheriesMetalsMiningMinority and disadvantaged businessesOil and gasPoverty and welfare assistancePublic contracts and procurementSales and excise taxesUser charges and feesWater qualityWetlands

America's Clean Future Fund Act

USA117th CongressS-685| Senate 
| Updated: 3/10/2021
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

S 116-4484
America's Clean Future Fund Act
Mar 10, 2021
Introduced in Senate
Mar 10, 2021
Read twice and referred to the Committee on Finance. (text: CR S1461-1469)
Apr 13, 2021

Latest Companion Bill Action

HR 117-2451
Referred to the Subcommittee on Water Resources and Environment.
  • Bill from Previous Congress

    S 116-4484
    America's Clean Future Fund Act


  • March 10, 2021
    Introduced in Senate


  • March 10, 2021
    Read twice and referred to the Committee on Finance. (text: CR S1461-1469)


  • April 13, 2021

    Latest Companion Bill Action

    HR 117-2451
    Referred to the Subcommittee on Water Resources and Environment.
Richard J. Durbin

Richard J. Durbin

Democratic Senator

Illinois

Finance Committee

Environmental Protection

Related Bills

  • HR 117-2451: America's Clean Future Fund Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Administrative law and regulatory proceduresAgricultural conservation and pollutionAgricultural practices and innovationsAir qualityAlternative and renewable resourcesAppropriationsAtmospheric science and weatherBuy American requirementsClimate change and greenhouse gasesCoalCommunity life and organizationCongressional oversightEcologyEconomic performance and conditionsEmployment and training programsEnergy efficiency and conservationEnvironmental assessment, monitoring, researchEnvironmental Protection Agency (EPA)Environmental regulatory proceduresExecutive agency funding and structureFarmlandFloods and storm protectionForests, forestry, treesGovernment lending and loan guaranteesGovernment studies and investigationsHybrid, electric, and advanced technology vehiclesInflation and pricesLand use and conservationLivestockMarine and coastal resources, fisheriesMetalsMiningMinority and disadvantaged businessesOil and gasPoverty and welfare assistancePublic contracts and procurementSales and excise taxesUser charges and feesWater qualityWetlands