Sec. 701. Creation of Off Fossil Fuels Fund

217 words·~1 min read·/bill/115/hr/3671/ih/section-701

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Off Fossil Fuels Fund In the Department of the Treasury, there shall be created the OFF Fossil Fuels Fund . Section 952 of the Internal Revenue Code of 1986 is amended by adding at the end the following: Notwithstanding any other provision of this subpart, the term subpart F income means, in the case of any controlled foreign corporation, the income of such corporation derived from any foreign country. Rules similar to the rules under the last sentence of subsection

(a)and subsection

(d)shall apply to this subsection. . The amendment made by this subsection shall apply to taxable years of foreign corporations beginning after the date of the enactment of this Act, and to taxable years of United States shareholders with or within which such taxable years of a foreign corporation’s end. Congress shall appoint a Federal council of 12 representatives from American Indian, Alaska Native Tribes, Native Hawaiian Organizations, Native Organizations and Indigenous communities, low-income communities, people of color, immigrants, environmental justice organizations and networks and those who are disproportionately burdened by pollution, to determine the most effective ways to appropriate funds to support the provisions of titles I, II, III, and IV of this Act. The makeup of this council must be fully representative of each of the groups listed in paragraph (1).