{"@context":"https://schema.org","@type":"Legislation","name":"America's Clean Future Fund Act","description":"

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.

","legislationIdentifier":"S 685","legislationType":"Bill","legislationLegalForce":"NotInForce","legislationJurisdiction":"USA","author":[{"@type":"Person","name":"Richard J. Durbin","url":"https://legisdaily.com/mp/richardj-durbin-us"}],"about":{"@type":"Thing","name":"Environmental Protection"},"keywords":"Administrative law and regulatory procedures, Agricultural conservation and pollution, Agricultural practices and innovations, Air quality, Alternative and renewable resources, Appropriations, Atmospheric science and weather, Buy American requirements, Climate change and greenhouse gases, Coal, Community life and organization, Congressional oversight, Ecology, Economic performance and conditions, Employment and training programs, Energy efficiency and conservation, Environmental assessment, monitoring, research, Environmental Protection Agency (EPA), Environmental regulatory procedures, Executive agency funding and structure, Farmland, Floods and storm protection, Forests, forestry, trees, Government lending and loan guarantees, Government studies and investigations, Hybrid, electric, and advanced technology vehicles, Inflation and prices, Land use and conservation, Livestock, Marine and coastal resources, fisheries, Metals, Mining, Minority and disadvantaged businesses, Oil and gas, Poverty and welfare assistance, Public contracts and procurement, Sales and excise taxes, User charges and fees, Water quality, Wetlands","dateModified":"2025-04-07T00:00:00.000Z","url":"https://legisdaily.com/bill/USA-117-S-685"}

Richard J. Durbin

Finance Committee

Richard J. Durbin

Finance Committee