The "America's Clean Future Fund Act" aims to significantly reduce greenhouse gas emissions by establishing a comprehensive carbon fee system and directing the generated revenue towards climate initiatives, economic transition, and direct financial relief. It creates the Climate Change Finance Corporation (C2FC), an independent agency tasked with financing clean energy deployment, climate-resilient infrastructure, and decarbonization research. The C2FC prioritizes projects benefiting communities disproportionately affected by climate change, industrial pollution, or economic reliance on carbon-intensive industries, with goals to achieve net greenhouse gas emission reductions of 45% by 2030 and 100% by 2050, based on 2018 levels.

A central provision is the imposition of a carbon fee on covered fuels (crude oil, natural gas, coal) and noncovered fuel emissions, starting at $75 per metric ton of carbon dioxide equivalent (CO2-e) in 2027. This fee will increase by $10 annually, adjusted for inflation, with potential further increases if cumulative emissions targets are missed. Conversely, the annual increase can cease if significant emission reduction targets are met, ensuring the fee adapts to climate progress.

The bill establishes the America's Clean Future Fund, a Treasury trust fund, to receive the carbon fee revenues. A substantial portion of these funds is allocated to provide quarterly carbon fee rebates to eligible individuals, designed to offset the economic impact of the fee. These rebates are phased out for higher-income households, ensuring support is directed to those who need it most.

The fund also supports agricultural decarbonization transition payments, assisting eligible producers in adopting climate-smart practices that reduce greenhouse gas emissions. This program focuses on measurable, reportable, and verifiable actions, with considerations for early adopters and traditionally underserved producers. Additionally, the bill provides transition assistance for impacted communities through grants for economic and workforce development, climate change resiliency, and environmental remediation projects.

These grants target communities affected by carbon-intensive industries, extreme weather events, or historical pollution, supporting job creation, worker retraining, and infrastructure improvements. The bill also includes border adjustments, imposing equivalency fees on carbon-intensive imports and providing refunds for exports, to maintain competitiveness and encourage global emissions reductions. Furthermore, it allows for refunds for qualified carbon oxide captured, sequestered, or utilized, excluding enhanced oil or natural gas recovery, and mandates "Buy America" and prevailing wage requirements for funded projects.

Finally, the legislation requires the EPA to commission studies by the National Academy of Sciences to evaluate the effectiveness of the carbon fees in meeting emissions reduction goals. It also directs the Council on Environmental Quality to establish targets and strategies for enhancing natural carbon sequestration by land and water, promoting ecosystem protection and resilience benefits.