Sec. 4. America's Clean Future Fund
562 words·~3 min read·
/bill/117/s/685/is/section-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Subchapter A of chapter 98 of the Internal Revenue Code of 1986 is amended by adding at the end the following: 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). 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— any amounts refunded or paid under sections 4692(d), 4694, and 4695(b), and for each of the first 18 fiscal years beginning after September 30, 2023, an amount equal to the quotient of— $100,000,000,000, and 18.
For each fiscal year, amounts in the Trust Fund shall be apportioned as follows: For the purposes described in section 5 of the America's Clean Future Fund Act and any expenses necessary to administer such section— for each of the first 10 fiscal years beginning after September 30, 2023, an amount equal to— 75 percent of those amounts, minus the amount determined under subparagraph
(B)for such fiscal year, and for any fiscal year beginning after the period described in clause (i), the applicable percentage of such amounts. 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, 2023, an amount equal to 7 percent of the amount determined annually under subparagraph (A)(i)(I). For purposes of subparagraph (A)(ii), the applicable percentage shall be equal to— for the first fiscal year beginning after the period described in subparagraph (A)(i), 76 percent, 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 for any fiscal year subsequent to the period described in clause (ii), 80 percent. For the purposes described in section 2 of the America's Clean Future Fund Act , the applicable percentage of such amounts. For purposes of this paragraph, the applicable percentage shall be equal to— for each of the first 10 fiscal years beginning after the period described in subsection
(e)of such section, 15 percent, 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 for any fiscal year subsequent to the period described in clause (ii), 20 percent. For the purposes described in section 7 of the America's Clean Future Fund Act , the applicable percentage of such amounts. For purposes of this paragraph, the applicable percentage shall be equal to— for each of the first 10 fiscal years beginning after September 30, 2023, 10 percent, 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 for any fiscal year subsequent to the period described in clause (ii), 0 percent. . 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. .