Sec. 7. Covered electric generating station cessation mitigation fund
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There is established in the Treasury of the United States a fund, to be known as the Covered Electric Generating Station Cessation Mitigation Fund (referred to in this section as the Mitigation Fund ) consisting of— such amounts as are deposited in the Fund pursuant to this section; and such amounts as may be appropriated to supplement the Fund. Amounts deposited in the Mitigation Fund shall be available to the Secretary of Treasury, in consultation with the Director, to make payments to economically distressed communities in amounts described in subsection
(b)to mitigate the impact from the loss of covered net revenues. Subject to amounts available in the Mitigation Fund, not later than 180 days after the date of enactment of this Act, the Secretary of Treasury shall begin making payments under this section. The Secretary of Treasury may provide assistance, in the form of annual payments, to an economically distressed community representing a portion of the loss of covered net revenues due to the cessation of operations of a covered electric generating station. The amount of an annual payment under this section shall be determined by the Secretary of Treasury. The amount of an annual payment under this section shall be not more than the applicable percentage of the average annual covered net revenues received by the applicable unit of local government or Indian Tribe from the applicable covered electric generation station for the 5-year period that ends with the fiscal year that immediately precedes the last fiscal year in which such covered electric generating station operated, as specified in the following table for an award year: Award Year Applicable Percentage 1 80 percent 2 70 percent 3 60 percent 4 50 percent 5 40 percent 6 30 percent 7 20 percent An economically distressed community— shall be eligible for not more than 1 payment under this section each fiscal year; and may not receive payments under this section for more than 7 fiscal years. The Secretary shall not provide any payment under this section to an economically distressed community until such time as the economically distressed community completes an application including such information in such form as the Secretary may require, including an affidavit that a covered electric generating station located in such community has, on or after January 1, 2010, closed (or is no longer generating electricity), and that such community has been significantly impacted by such closure. The date of submission of an economically distressed community’s application for assistance shall establish the order in which the Secretary of Treasury provides assistance under this section. Not later than 1 year after the date of enactment of this Act, and annually thereafter for each fiscal year during which amounts in the Mitigation Fund are available, an economically distressed community receiving payment under this section shall submit to the Secretary a report that— describes how amounts from the Mitigation Fund support such economically distressed community in— maintaining essential community services in such economically distressed community; and fulfilling the objectives described in any applicable economic development transition plan; and includes any additional information that the Secretary determines appropriate. There are authorized to be appropriated to deposit into the Mitigation Fund and to carry out this section $250,000,000 for fiscal year 2022, to remain available until expended. Not more than 5 percent of the amount appropriated pursuant to paragraph
(1)shall be used for administrative purposes.