America's Clean Future Fund

(a) In general Subchapter A of chapter 98 of the Internal Revenue Code of 1986 is amended by adding at the end the following: 9512. America's Clean Future Fund (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). (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— (1) any amounts refunded or paid under sections 4692(d), 4694, and 4695(b), and (2) for each of the first 14 fiscal years beginning after September 30, 2027, an amount equal to the quotient of— (A) $100,000,000,000, and (B) 14. (c) Expenditures For each fiscal year, amounts in the Trust Fund shall be apportioned as follows: (1) Carbon fee rebate and agricultural decarbonization transition payments (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— (i) for each of the first 10 fiscal years beginning after September 30, 2027, an amount equal to— (I) 75 percent of those amounts, minus (II) the amount determined under subparagraph (B) for such fiscal year, and (ii) for any fiscal year beginning after the period described in clause (i), the applicable percentage of such amounts. (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, 2027, an amount equal to 7 percent of the amount determined annually under subparagraph (A)(i)(I). (C) Applicable percentage For purposes of subparagraph (A)(ii), the applicable percentage shall be equal to— (i) for the first fiscal year beginning after the period described in subparagraph (A)(i), 76 percent, (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 (iii) for any fiscal year subsequent to the period described in clause (ii), 80 percent. (2) Climate Change Finance Corporation (A) In general For the purposes described in section 2 of the America's Clean Future Fund Act (including any expenses necessary to administer such section), the applicable percentage of such amounts. (B) Applicable percentage For purposes of this paragraph, the applicable percentage shall be equal to— (i) for each of the first 10 fiscal years beginning after the period described in subsection (e) of such section, 15 percent, (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 (iii) for any fiscal year subsequent to the period described in clause (ii), 20 percent. (3) Transition assistance for impacted communities (A) In general For the purposes described in section 7 of the America's Clean Future Fund Act (including any expenses necessary to administer such section), the applicable percentage of such amounts. (B) Applicable percentage For purposes of this paragraph, the applicable percentage shall be equal to— (i) for each of the first 10 fiscal years beginning after September 30, 2027, 10 percent, (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 (iii) for any fiscal year subsequent to the period described in clause (ii), 0 percent.. (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: Sec. 9512. America's Clean Future Fund..