II
119THCONGRESS
1
STSESSION S. 25
To impose an assessment related to fossil fuel emissions, to establish the
Polluters Pay Climate Fund, and for other purposes.
IN THE SENATE OF THE UNITED STATES
JANUARY7, 2025
Mr. V
ANHOLLEN(for himself, Mr. SANDERS, Mr. MERKLEY, Mr. MARKEY,
and Ms. W
ARREN) introduced the following bill; which was read twice and
referred to the Committee on Finance
A BILL
To impose an assessment related to fossil fuel emissions,
to establish the Polluters Pay Climate Fund, and for
other purposes.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Polluters Pay Climate 4
Fund Act of 2025’’. 5
SEC. 2. FINDINGS. 6
Congress finds that— 7
(1) climate change, resulting primarily from the 8
combustion of fossil fuels, is an immediate, grave 9
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threat to the communities, environment, and econ-1
omy of the United States; 2
(2) severe consequences of climate change have 3
already materialized in the United States, including 4
rising sea levels, increasing temperatures, extreme 5
weather events, flooding, heat waves, loss of bio-6
diversity, and other climate change-driven ecosystem 7
threats; 8
(3) the Federal government jointly with States 9
and localities must develop and implement protective 10
measures to counteract the adverse effects of climate 11
change, protect communities, and build resilience to 12
extreme weather; 13
(4) the government response must include pro-14
tections for communities that are most vulnerable to 15
climate change impacts, especially communities of 16
color, low-income communities, and Tribal and In-17
digenous communities that are also more likely to 18
have experienced systemic disinvestment and be 19
overburdened by fossil fuel pollution; 20
(5) the protective measures necessary to re-21
spond to the adverse effects of climate change in the 22
United States will require trillions of dollars of new 23
investment during the decade after the date of en-24
actment of this Act; 25
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(6) climate change related extreme weather 1
events, such as those described in paragraph (2), 2
cost the United States at least $150,000,000,000 3
each year and disproportionately affect underserved 4
and overburdened communities, according to the 5
Fifth National Climate Assessment; 6
(7) the $100,000,000,000 each year that fossil 7
fuel companies are collectively assessed for the Pol-8
luters Pay Climate Fund established in this Act rep-9
resents only a small portion of the total cost to the 10
Federal government to respond to climate change re-11
lated extreme weather events and make needed cli-12
mate change adaptation and resilience investments; 13
(8) peer-reviewed research can now determine 14
with great accuracy the share of carbon dioxide re-15
leased into the atmosphere by the operations and 16
products of specific fossil fuel companies, which is 17
what informs the formulas to determine carbon diox-18
ide emissions that are used in the amendments made 19
by this Act; 20
(9) the fossil fuel industry has been aware of 21
the central role that their product plays in causing 22
climate change since before the year 2000; 23
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(10) the fossil fuel industry must now increase 1
their contribution to government expenditures to 2
protect the Nation from climate disaster; and 3
(11) this Act and assessments under the 4
amendments made by this Act are not intended— 5
(A) to be a determination of fault; or 6
(B) to have any impact on the ability of 7
any person or other government to hold pol-8
luters accountable for harms caused. 9
SEC. 3. TAX RELATING TO CURRENT STOCK OF GREEN-10
HOUSE GAS EMISSIONS. 11
(a) I
NGENERAL.—Chapter 38 of the Internal Rev-12
enue Code of 1986 is amended by adding at the end the 13
following new subchapter: 14
‘‘Subchapter E—Certain Fossil Fuel 15
Emissions 16
‘‘Sec. 4691. Imposition of tax.
‘‘SEC. 4691. IMPOSITION OF TAX.
17
‘‘(a) I
MPOSITION.—Each assessable person shall pay 18
to the Secretary of the Treasury not later than the appli-19
cable payment date a tax in an amount determined under 20
subsection (b). 21
‘‘(b) D
ETERMINATION OFAMOUNT.— 22
‘‘(1) I
N GENERAL.—With respect to each as-23
sessable person, the tax under this section shall be 24
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equal to an amount that bears the same ratio to 1
$1,000,000,000,000 as— 2
‘‘(A) the assessable person’s applicable 3
share of covered carbon dioxide emissions taken 4
into account under this section, bears to 5
‘‘(B) the aggregate applicable shares of 6
covered carbon dioxide emissions of all assess-7
able persons taken into account under this sec-8
tion. 9
‘‘(2) D
ETERMINATION OF APPLICABLE 10
SHARE.— 11
‘‘(A) I
N GENERAL.—The applicable share 12
of covered carbon dioxide emissions taken into 13
account under this section for any assessable 14
person shall be the excess (if any) of— 15
‘‘(i) the covered carbon dioxide emis-16
sions attributable to such person (deter-17
mined in metric tons), as determined by 18
the Secretary based on product-related car-19
bon dioxide emissions of such person, over 20
‘‘(ii) 1,000,000,000 metric tons. 21
‘‘(B) A
DJUSTMENT.—The Secretary may 22
adjust the amount determined under subpara-23
graph (A)(i) with respect to an assessable per-24
son who is described in subsection (c)(2)(B)(ii) 25
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(or who is a successor in interest to a person 1
described in such subsection) if such person es-2
tablishes to the satisfaction of the Secretary 3
that a portion of such amount was— 4
‘‘(i) attributable to the extraction of 5
crude oil by another assessable person who 6
is described in subsection (c)(2)(B)(i) (or a 7
successor in interest to a person described 8
in such subsection), and 9
‘‘(ii) taken into account in deter-10
mining such amount for such other assess-11
able person. 12
‘‘(c) A
SSESSABLEPERSON.—For purposes of this 13
section— 14
‘‘(1) I
N GENERAL.—The term ‘assessable per-15
son’ means— 16
‘‘(A) any person that is described in para-17
graph (2), or 18
‘‘(B) any successor in interest to a person 19
described in paragraph (2). 20
‘‘(2) P
ERSON DESCRIBED .—A person is de-21
scribed in this paragraph if such person— 22
‘‘(A) is a United States person or is en-23
gaged in a trade or business within the United 24
States during the period beginning on the date 25
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of the enactment of this Act and ending on De-1
cember 31, 2025, 2
‘‘(B) during any part of the covered pe-3
riod, was engaged in the trade or business of— 4
‘‘(i) extracting any fossil fuel, or 5
‘‘(ii) refining any crude oil, and 6
‘‘(C) is determined by the Secretary to be 7
responsible for more than 1,000,000,000 metric 8
tons of covered carbon dioxide emissions. 9
‘‘(3) C
ONTROLLED GROUPS .— 10
‘‘(A) I
N GENERAL.—For purposes of this 11
subsection, all persons treated as a single em-12
ployer under subsection (a) or (b) of section 52 13
or subsection (m) or (o) of section 414 shall be 14
treated as a single assessable person. 15
‘‘(B) I
NCLUSION OF FOREIGN CORPORA -16
TIONS.—For purposes of subparagraph (A), in 17
applying subsections (a) and (b) of section 52 18
to this section, section 1563 shall be applied 19
without regard to subsection (b)(2)(C) thereof. 20
‘‘(4) J
OINT AND SEVERAL LIABILITY .—If more 21
than one person is liable for payment of the tax 22
under subsection (a) with respect to a single assess-23
able person by reason of the application of para-24
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graph (3), all such persons shall be jointly and sev-1
erally liable for payment of such tax. 2
‘‘(d) O
THERDEFINITIONS ANDRULES.—For pur-3
poses of this section— 4
‘‘(1) A
PPLICABLE PAYMENT DATE .—The term 5
‘applicable payment date’ means September 30, 6
2026. 7
‘‘(2) C
OVERED CARBON DIOXIDE EMISSIONS .— 8
The term ‘covered carbon dioxide emissions’ means, 9
with respect to any person, the total quantity of car-10
bon dioxide released into the atmosphere during the 11
covered period by reason such person engaging in 12
the trade or business of extracting fossil fuels or of 13
refining crude oil. 14
‘‘(3) C
OVERED PERIOD.—The term ‘covered pe-15
riod’ means the period that— 16
‘‘(A) began on January 1, 2000, and 17
‘‘(B) ended on December 31, 2023. 18
‘‘(4) F
OSSIL FUEL.—The term ‘fossil fuel’ 19
means coal, crude oil, and fuel gases. 20
‘‘(5) C
OAL.—The term ‘coal’ means anthracite, 21
bituminous, subbituminous, and lignite coal. 22
‘‘(6) C
RUDE OIL.—The term ‘crude oil’ means 23
oil or petroleum of any kind and in any form, includ-24
ing bitumen, oil sands, heavy oil, conventional and 25
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unconventional oil, shale oil, natural gas liquids, con-1
densates, and related fossil fuel liquids. 2
‘‘(7) F
UEL GASES.—The term ‘fuel gases’ 3
means natural gas, associated natural gas, conven-4
tional and unconventional gas, shale gas, and related 5
methane gas production. 6
‘‘(8) D
ETERMINATION OF CARBON DIOXIDE 7
EMISSIONS.—In determining the amount of carbon 8
dioxide emissions with respect to any assessable per-9
son— 10
‘‘(A) an amount equivalent to 942.5 metric 11
tons of carbon dioxide shall be treated as re-12
leased for every 1,000,000 pounds of coal, 13
‘‘(B) an amount equivalent to 432,180 14
metric tons of carbon dioxide shall be treated as 15
released for every 1,000,000 barrels of crude 16
oil, and 17
‘‘(C) an amount equivalent to 54,440 met-18
ric tons of carbon dioxide shall be treated as re-19
leased for every 1,000,000,000 cubic feet of fuel 20
gases. 21
‘‘(e) E
LECTIONTOPAYLIABILITY ININSTALL-22
MENTS.— 23
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‘‘(1) IN GENERAL.—An assessable person may 1
elect to pay the tax under this section in 9 annual 2
installments of the following amounts: 3
‘‘(A) 20 percent of the tax under this sec-4
tion in the case of the first installment. 5
‘‘(B) 10 percent of the tax under this sec-6
tion in each of the following 8 installments. 7
‘‘(2) D
ATE FOR PAYMENT OF INSTALLMENTS .— 8
If an election is made under paragraph (1), the first 9
installment shall be paid on the applicable payment 10
date and each succeeding installment shall be paid 11
on the same date as the applicable payment date for 12
each calendar year following the calendar year with 13
respect to which the preceding installment was 14
made. 15
‘‘(3) A
CCELERATION OF PAYMENT .—If there is 16
an addition to tax for failure to timely pay any in-17
stallment required under this subsection, a liquida-18
tion or sale of substantially all the assets of the as-19
sessable person (including in a title 11 or similar 20
case), a cessation of business by the assessable per-21
son, or any similar circumstance, then the unpaid 22
portion of all remaining installments shall be due on 23
the date of such event (or in the case of a title 11 24
or similar case, the day before the petition is filed). 25
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The preceding sentence shall not apply to the sale 1
of substantially all the assets of an assessable person 2
to a buyer if such buyer enters into an agreement 3
with the Secretary under which such buyer is liable 4
for the remaining installments due under this sub-5
section in the same manner as if such buyer were 6
the assessable person. 7
‘‘(4) P
RORATION OF DEFICIENCY TO INSTALL -8
MENTS.—If an election is made under paragraph (1) 9
to pay the tax under this section in installments and 10
a deficiency has been assessed with respect to such 11
tax, the deficiency shall be prorated to the install-12
ments payable under paragraph (1). The part of the 13
deficiency so prorated to any installment the date 14
for payment of which has not arrived shall be col-15
lected at the same time as, and as a part of, such 16
installment. The part of the deficiency so prorated 17
to any installment the date for payment of which 18
has arrived shall be paid upon notice and demand 19
from the Secretary. This subsection shall not apply 20
if the deficiency is due to negligence, to intentional 21
disregard of rules and regulations, or to fraud with 22
intent to evade tax. 23
‘‘(5) E
LECTION.—Any election under paragraph 24
(1) shall be made not later than the applicable pay-25
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ment date and shall be made in such manner as the 1
Secretary shall provide. 2
‘‘(6) I
NSTALLMENTS NOT TO PREVENT CREDIT 3
OR REFUND OF OVERPAYMENTS OR INCREASE ESTI -4
MATED TAXES.—If an election is made under para-5
graph (1) to pay the tax under this section in in-6
stallments— 7
‘‘(A) no installment of such tax shall— 8
‘‘(i) in the case of a request for credit 9
or refund, be taken into account as a li-10
ability for purposes of determining whether 11
an overpayment exists for purposes of sec-12
tion 6402 before the date on which such 13
installment is due, or 14
‘‘(ii) for purposes of sections 6425, 15
6654, and 6655, be treated as a tax im-16
posed by section 1, section 11, or sub-17
chapter L of chapter 1, and 18
‘‘(B) the first sentence of section 6403 19
shall not apply with respect to any such install-20
ment. 21
‘‘(f) R
EGULATIONS.—Not later than 18 months after 22
the date of enactment of this section, the Secretary shall 23
promulgate such regulations as are necessary to carry out 24
this section.’’. 25
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(b) NODEDUCTION.—Section 275(a) of such Code 1
is amended by adding at the end the following new para-2
graph: 3
‘‘(7) Taxes imposed by subchapter E of chapter 4
38.’’. 5
(c) C
LERICALAMENDMENT.—The table of sub-6
chapters for chapter 38 of such Code is amended by add-7
ing at the end the following new item: 8
‘‘SUBCHAPTER E—CERTAIN FOSSIL FUEL EMISSIONS ’’.
SEC. 4. POLLUTER PAYS CLIMATE CHANGE FUND.
9
(a) E
STABLISHMENT OF FUND.— 10
(1) I
N GENERAL.—Subchapter A of chapter 98 11
of the Internal Revenue Code of 1986 is amended by 12
adding at the end the following new section: 13
‘‘SEC. 9512. POLLUTERS PAY CLIMATE FUND. 14
‘‘(a) E
STABLISHMENT.—There is established in the 15
Treasury of the United States a trust fund, to be known 16
as the ‘Polluters Pay Climate Fund’ (hereinafter in this 17
section referred to as the ‘Fund’), consisting of amounts 18
as are appropriated or credited to such Trust Fund as 19
provided in this section and section 9602(b). 20
‘‘(b) T
RANSFERS.—There are hereby appropriated to 21
the Fund amounts equivalent to the taxes received in the 22
Treasury under section 4691. 23
‘‘(c) E
XPENDITURESFROM THEFUND.—Amounts in 24
the fund shall be available, as provided in appropriations 25
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Acts, for the purpose of making expenditures to carry out 1
the purposes of section 4(b) of the Polluters Pay Climate 2
Fund Act of 2025.’’. 3
(2) C
LERICAL AMENDMENT .—The table of sec-4
tions for subchapter A of chapter 98 of such Code 5
is amended by adding at the end the following new 6
item: 7
‘‘Sec. 9512. Polluters Pay Climate Fund.’’.
(b) EXPENDITURESFROMFUND.— 8
(1) D
EFINITIONS.—In this subsection: 9
(A) A
DMINISTRATOR.—The term ‘‘Admin-10
istrator’’ means the Administrator of the Envi-11
ronmental Protection Agency. 12
(B) E
NVIRONMENTAL JUSTICE COMMU -13
NITY.—The term ‘‘environmental justice com-14
munity’’ means a community with significant 15
representation of communities of color, low-in-16
come communities, or Tribal and Indigenous 17
communities that experiences, or is at risk of 18
experiencing, higher or more adverse human 19
health or environmental effects as compared to 20
other communities. 21
(C) F
UND.—The term ‘‘Fund’’ means the 22
Polluters Pay Climate Change Fund established 23
under section 9512 of the Internal Revenue 24
Code of 1986. 25
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(D) SECRETARY.—The term ‘‘Secretary’’ 1
means the Secretary of the Treasury. 2
(2) U
SE OF FUND AMOUNTS .— 3
(A) G
ENERAL PURPOSES.—The Secretary, 4
in consultation with the Administrator and the 5
heads of other relevant agencies, shall use 6
amounts in the Fund for the purposes of fur-7
thering a comprehensive and equitable Federal 8
response to climate change impacts through in-9
vestments in climate resilience, adaptation, dis-10
aster response, and environmental justice, in-11
cluding— 12
(i) climate-related disaster recovery 13
and mitigation support; 14
(ii) climate change adaptation support 15
through climate and disaster planning as-16
sistance, funding for climate-resilient infra-17
structure, and improved climate and ex-18
treme weather prediction capabilities; 19
(iii) initiatives that increase the cli-20
mate resilience of energy systems through 21
energy efficiency, grid resilience, and dis-22
tributed electricity generation initiatives; 23
(iv) initiatives that increase the cli-24
mate resilience of the food system through 25
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support for climate-resilient farming prac-1
tices; 2
(v) initiatives that increase the cli-3
mate resilience of the transportation sys-4
tem through planning and climate change 5
adaptation support; 6
(vi) initiatives that increase the cli-7
mate resilience of ecosystems through con-8
servation, restoration, and wildfire man-9
agement activities; 10
(vii) support for climate-related public 11
health initiatives, including efforts to ad-12
dress extreme heat; and 13
(viii) initiatives that increase the cli-14
mate resiliency of drinking water and 15
stormwater infrastructure. 16
(B) S
PECIFIED USES.—In carrying out 17
subparagraph (A) each fiscal year and to the 18
greatest extent practicable, the Secretary shall 19
use amounts in the Fund— 20
(i) to provide funding of not less than 21
$15,000,000,000 to the Federal Emer-22
gency Management Agency for response 23
and resilience programs of the Federal 24
Emergency Management Agency to ad-25
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dress climate-related disasters, including 1
hurricanes, flooding, extreme heat, and 2
wildfires, of which not less than 3
$3,000,000,000 shall be used to carry out 4
the Building Resilient Infrastructure and 5
Communities program under section 203 6
of the Robert T. Stafford Disaster Relief 7
and Emergency Assistance Act (42 U.S.C. 8
5133); and 9
(ii) to provide funding of not less than 10
$6,000,000,000 for grants and technical 11
assistance under section 138 of the Clean 12
Air Act (42 U.S.C. 7438), subject to the 13
condition that the Administrator may de-14
termine the appropriate amounts to be 15
used for those grants and that technical 16
assistance. 17
(C) E
NVIRONMENTAL JUSTICE SET 18
ASIDE.—Of the amounts appropriated from the 19
Fund each fiscal year, 40 percent shall be used 20
for investments that benefit environmental jus-21
tice communities. 22
(D) S
ELECTION.—For the purpose of de-23
termining how to award amounts appropriated 24
from the Fund in excess of the amounts re-25
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quired to be used under subparagraph (B), the 1
Secretary, in coordination with the Adminis-2
trator and the heads of other relevant agencies, 3
shall establish selection criteria, which shall give 4
the highest priority to projects or other activi-5
ties that are most impactful in achieving the 6
purposes described in subparagraph (A), as de-7
termined by the Secretary, in coordination with 8
the Administrator and the heads of other rel-9
evant agencies. 10
SEC. 5. AVAILABILITY OF REMEDIES. 11
(a) I
NGENERAL.—Nothing in this Act or the amend-12
ments made by this Act shall be construed to relieve any 13
person from liability at common law or under any State 14
or Federal law. 15
(b) E
FFECT ON CLAIMSRELATED TO CLIMATE 16
C
HANGE.—Nothing in this Act or the amendments made 17
by this Act, the Clean Air Act (42 U.S.C. 7401 et seq.), 18
or Federal common law preempts, displaces, or restricts 19
any right or remedy of any person, State, unit of local 20
government, or Tribal government under any State or 21
local law (including common law) relating to an allegation 22
of— 23
(1) deception concerning the effects of fossil 24
fuel on climate change; 25
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(2) damage or injury resulting from the role of 1
fossil fuel in contributing to climate change; or 2
(3) the failure to avoid damage or injury re-3
lated to climate change, including claims for nui-4
sance, trespass, design defect, negligence, failure to 5
warn, or deceptive or unfair practices and claims for 6
injunctive, declaratory, monetary, or other relief. 7
(c) R
ULE OFCONSTRUCTION.—Nothing in this Act 8
or the amendments made by this Act shall— 9
(1) require the repayment of any funds made 10
available from the Polluter Pays Climate Change 11
Fund established under section 9512 of the Internal 12
Revenue Code of 1986 and used pursuant to section 13
4(b) as a result of any award of damages imposed 14
by a court of law relating to any causes of action or 15
allegations described in subsection (b); or 16
(2) permit the use of any such funds— 17
(A) as evidence in such an action or allega-18
tion; or 19
(B) to offset any award of damages in 20
such an action or allegation. 21
SEC. 6. NON-PREEMPTION OF AUTHORITIES. 22
Nothing in this Act or the amendments made by this 23
Act shall be construed to preempt or supersede any State 24
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or local law, regulation, policy, or program, including laws, 1
regulations, polices, and programs that— 2
(1) limit, set, or enforce standards for green-3
house gas emissions; 4
(2) monitor, report, and keep records of green-5
house gas emissions; 6
(3) provide cost recovery for climate adaptation, 7
mitigation, or resilience; or 8
(4) conduct or support investigations. 9
Æ
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