Sec. 102. Carbon Fee Rebate Program

591 words·~3 min read·/bill/114/s/2399/is/section-102

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In this section: The term eligible dividend recipient includes— a citizen of the United States; a lawful permanent resident of the United States; an individual whom the President may designate as meeting the requirements for deferred action described in the Department of Homeland Security memorandum entitled Exercising Prosecutorial Discretion with Respect to Individuals Who Came to the United States As Children (dated June 15, 2012); an individual whom the President may designate as meeting the requirements for deferred action described in the Department of Homeland Security memorandum entitled Exercising Prosecutorial Discretion with Respect to Individuals Who Came to the United States As Children and with Respect to Certain Individuals Who Are the Parents of U.S.

Citizens or Permanent Residents (dated November 20, 2014); an asylee; a refugee; and any other individual designated by the President. The term Fund means the Carbon Fee Rebate Fund established by subsection (c)(1). There is established an office within the Department of the Treasury, to be known as the Office of Climate Dividend , which shall administer the distribution of carbon fee rebates under subsection (d). There is established in the Treasury a fund, to be known as the Carbon Fee Rebate Fund .

For each fiscal year, there shall be deposited in the Fund, amounts collected from fees imposed under section 196 of the Clean Air Act. Amounts deposited in the Fund shall be available without appropriation for the purposes described in subsection (d). On a quarterly basis, the Secretary of the Treasury shall remit from the Fund to each eligible dividend recipient a carbon fee dividend, which, except as provided in paragraph (3), shall be in an amount equal to— the receipts from the fee imposed under section 196 of the Clean Air Act for the preceding quarter, divided by the number of eligible dividend recipients on the last day of the preceding quarter.

The Secretary of the Treasury shall promulgate regulations governing the dispersal of funds under paragraph (1), including— procedures for the identification and maintenance of an accurate list of eligible dividend recipients; the disbursement of funds to individuals under the age of 18 years; and the use of electronic means for transfers of funds, to the maximum extent practicable. The amount of the carbon fee dividend for any eligible dividend recipient under paragraph

(1)(determined without regard to this paragraph) shall be reduced by the amount determined under subparagraph (B). The amount determined under this subparagraph is the amount which bears the same ratio to the amount which would be paid under paragraph

(1)as— the excess of— the eligible individual's adjusted gross income for the most recent taxable year, over the $100,000, bears to the phaseout range. For purposes of subparagraph (B), the phaseout range is— in the case of an eligible taxpayer who filed a joint return, $10,000, in the case of an eligible taxpayer who filed as a head of household, $8,000, and in the case of any other eligible taxpayer, $5,000. In the case of any calendar year beginning after 2017, the $100,000 amount in subparagraph (B)(i)(II) shall be increased by an amount equal to— such dollar amount, multiplied by the cost-of-living adjustment determined under section 1(f)(3) of the Internal Revenue Code of 1986, by substituting 2016 for 1992 in subparagraph

(B)thereof. The amount of any increase under clause

(i)shall be rounded to the nearest multiple of $5,000. Any term used in this paragraph which is also used in the Internal Revenue Code of 1986 shall have the meaning given such term under such Code.