(a) Establishment

(b) Board of directors

(c) Working groups

(d) Investment plan

(e) Investment tools

(f) Program review and report

Not later than 2 years after the date of enactment of this Act, and every 2 years thereafter, the Board shall—

(g) Initial capitalization

There is appropriated to carry out this section (including for administrative costs of the C2FC), out of any funds in the Treasury not otherwise appropriated, $7,500,000,000 for each of fiscal years 2026 and 2027, to remain available until expended.

(a) In general

Chapter 38 of subtitle D of the Internal Revenue Code of 1986 is amended by adding at the end the following new subchapter:

E Carbon fee

4691. Definitions

For purposes of this subchapter—

(1) Administrator

The term Administrator means the Administrator of the Environmental Protection Agency.

(2) Carbon dioxide equivalent or CO₂-e

The term carbon dioxide equivalent or CO₂-e means the number of metric tons of carbon dioxide emissions with the same global warming potential over a 100-year period as one metric ton of another greenhouse gas.

(3) Carbon-Intensive product

The term carbon-intensive product means—

(A)

iron, steel, steel mill products (including pipe and tube), aluminum, cement, glass (including flat, container, and specialty glass and fiberglass), pulp, paper, chemicals, or industrial ceramics, and

(B)

any manufactured product which the Secretary, in consultation with the Administrator, the Secretary of Commerce, and the Secretary of Energy, determines is energy-intensive and trade-exposed (with the exception of any covered fuel).

(4) Covered entity

The term covered entity means—

(A)

in the case of crude oil—

(i)

any operator of a United States refinery (as described in subsection (d)(1) of section 4611), and

(ii)

any person entering such product into the United States for consumption, use, or warehousing (as described in subsection (d)(2) of such section),

(B)

in the case of coal—

(i)

any producer subject to the tax under section 4121, and

(ii)

any importer of coal into the United States,

(C)

in the case of natural gas—

(i)

any entity which produces natural gas (as defined in section 613A(e)(2)) from a well located in the United States, and

(ii)

any importer of natural gas into the United States,

(D)

in the case of any noncovered fuel emissions, the entity which is the source of such emissions, provided that the total amount of carbon dioxide or methane emitted by such entity for the preceding year (as determined using the methodology required under section 4692(e)(4)) was not less than 25,000 metric tons, and

(E)

any entity or class of entities which, as determined by the Secretary, is transporting, selling, or otherwise using a covered fuel in a manner which emits a greenhouse gas into the atmosphere and which has not been covered by the carbon fee, the fee on noncovered fuel emissions, or the carbon border fee adjustment.

(5) Covered fuel

The term covered fuel means crude oil, natural gas, coal, or any other product derived from crude oil, natural gas, or coal which shall be used so as to emit greenhouse gases to the atmosphere.

(6) Greenhouse gas

The term greenhouse gas—

(A)

has the meaning given such term in section 901 of the Energy Independence and Security Act of 2007 (42 U.S.C. 17321), as in effect on the date of the enactment of the America's Clean Future Fund Act, and

(B)

includes any other gases identified by rule of the Administrator.

(7) Greenhouse gas content

The term greenhouse gas content means the amount of greenhouse gases, expressed in metric tons of CO₂-e, which would be emitted to the atmosphere by the use of a covered fuel.

(8) Noncovered fuel emission

The term noncovered fuel emission means any carbon dioxide or methane emitted as a result of the production, processing, transport, or use of any product or material within the energy or industrial sectors—

(A)

including any fugitive or process emissions associated with the production, processing, or transport of a covered fuel, and

(B)

excluding any emissions from the combustion or use of a covered fuel.

(9) Qualified carbon oxide

The term qualified carbon oxide has the meaning given the term in section 45Q(c).

(10) United States

The term United States shall be treated as including each possession of the United States (including the Commonwealth of Puerto Rico and the Commonwealth of the Northern Mariana Islands).

4692. Carbon fee

(a) Definitions

In this section:

(1) Applicable period

The term applicable period means, with respect to any determination made by the Secretary under subsection (e)(3) for any calendar year, the period—

(A)

beginning on January 1, 2027, and

(B)

ending on December 31 of the preceding calendar year.

(2) Cumulative emissions

The term cumulative emissions means an amount equal to the sum of any greenhouse gas emissions resulting from the use of covered fuels and any noncovered fuel emissions for all years during the applicable period.

(3) Cumulative emissions target

The term cumulative emissions target means an amount equal to the sum of the emissions targets for all years during the applicable period.

(4) Emissions target

The term emissions target means the target for greenhouse gas emissions during a calendar year as determined under subsection (e)(1).

(b) Carbon fee

During any calendar year that begins after December 31, 2026, there is imposed a carbon fee on any covered entity’s use, sale, or transfer of any covered fuel.

(c) Amount of the carbon fee

The carbon fee imposed by this section is an amount equal to—

(1)

the greenhouse gas content of the covered fuel, multiplied by

(2)

the carbon fee rate, as determined under subsection (d).

(d) Carbon fee rate

The carbon fee rate shall be determined in accordance with the following:

(1) In general

The carbon fee rate, with respect to any use, sale, or transfer during a calendar year, shall be—

(A)

in the case of calendar year 2027, $75, and

(B)

except as provided in paragraphs (2) and (3), in the case of any calendar year after 2027, the amount equal to the sum of—

(i)

the amount under subparagraph (A), plus—

(ii)

(I)

in the case of calendar year 2028, $10, and

(II)

in the case of any calendar year after 2028, the amount in effect under this clause for the preceding calendar year, plus $10.

(2) Inflation adjustment

(A) In general

In the case of any calendar year after 2027, the amount determined under paragraph (1)(B) shall be increased by an amount equal to—

(i)

that dollar amount, multiplied by

(ii)

the cost-of-living adjustment determined under section 1(f)(3) for that calendar year, determined by substituting 2026 for 2016 in subparagraph (A)(ii) thereof.

(B) Rounding

If any increase determined under subparagraph (A) is not a multiple of $1, such increase shall be rounded up to the next whole dollar amount.

(3) Adjustment of carbon fee rate

(A) Increase in rate following missed cumulative emissions target

In the case of any calendar year following a determination by the Secretary pursuant to subsection (e)(3) that the cumulative emissions for the preceding calendar year exceeded the cumulative emissions target for such year, paragraph (1)(B)(ii)(II) shall be applied—

(i)

in the case of calendar years 2029 through 2030, by substituting $15 for $10,

(ii)

in the case of calendar years 2031 through 2040, by substituting $20 for $10, and

(iii)

in the case of any calendar year beginning after 2040, by substituting $25 for $10.

(B) Cessation of rate increase following achievement of cumulative emissions target

In the case of any year following a determination by the Secretary pursuant to subsection (e)(3) that—

(i)

the average annual emissions of greenhouse gases from covered entities over the preceding 3-year period are not more than 10 percent of the greenhouse gas emissions during the year 2018, and

(ii)

the cumulative emissions did not exceed the cumulative emissions target,

paragraph (1)(B)(ii)(II) shall be applied by substituting $0 for $10.

(C) Methodology

With respect to any year, the annual greenhouse gas emissions and cumulative emissions described in subparagraph (A) or (B) shall be determined using the methodology required under subsection (e)(4).

(e) Emissions targets

(1) In general

(A) Reference year

For purposes of subsection (d), the emissions target for any year shall be the amount of greenhouse gas emissions that is equal to—

(i)

for calendar years 2027 and 2028, the applicable percentage of the total amount of greenhouse gas emissions from the use of any covered fuel during calendar year 2018, and

(ii)

for calendar year 2029 and each calendar year thereafter, the applicable percentage of the total amount of greenhouse gas emissions from the use of any covered fuel and noncovered fuel emissions during calendar year 2018.

(B) Methodology

For purposes of subparagraph (A), with respect to determining the total amount of greenhouse gas emissions from the use of any covered fuel and noncovered fuel emissions during calendar year 2018, the Administrator shall use such methods as are determined appropriate, provided that such methods are, to the greatest extent practicable, comparable to the methods established under paragraph (4).

(2) Applicable percentage

(A) 2027 through 2035

In the case of calendar years 2027 through 2035, the applicable percentage shall be determined as follows:

Year	Applicable percentage
2027	63 percent
2028	60 percent
2029	57 percent
2030	55 percent
2031	52 percent
2032	49 percent
2033	46 percent
2034	43 percent
2035	40 percent

(B) 2036 through 2050

In the case of calendar years 2036 through 2050, the applicable percentage shall be equal to—

(i)

the applicable percentage for the preceding year, minus

(ii)

2 percentage points.

(C) After 2050

In the case of any calendar year beginning after 2050, the applicable percentage shall be equal to 10 percent.

(3) Emissions reporting and determinations

(A) Reporting

Not later than September 30, 2027, and annually thereafter, the Administrator, in consultation with the Secretary, shall make available to the public a report on—

(i)

the cumulative emissions with respect to the preceding calendar year, and

(ii)

any other relevant information, as determined appropriate by the Administrator.

(B) Determinations

Not later than September 30, 2029, and annually thereafter, the Administrator, in consultation with the Secretary and as part of the report described in subparagraph (A), shall determine whether cumulative emissions with respect to the preceding calendar year exceeded the cumulative emissions target with respect to such year.

(4) Emissions accounting methodology

(A) In general

Not later than January 1, 2027, the Administrator shall prescribe rules for greenhouse gas accounting for covered entities for purposes of this subchapter, which shall—

(i)

to the greatest extent practicable, employ existing data collection methodologies and greenhouse gas accounting practices, including such methodologies and practices developed by the National Laboratories (as defined in section 2 of the Energy Policy Act of 2005 (42 U.S.C. 15801)),

(ii)

ensure that the method of accounting—

(I)

applies to—

(aa)

all greenhouse gas emissions from covered fuels and all noncovered fuel emissions, and

(bb)

all covered entities,

(II)

excludes—

(aa)

any greenhouse gas emissions which are not described item (aa) of subclause (I), and

(bb)

any entities which are not described in item (bb) of such subclause, and

(III)

appropriately accounts for—

(aa)

qualified carbon oxide which is captured and disposed or used in a manner described in section 4694, and

(bb)

nonemitting uses of covered fuels, as described in subsection (f),

(iii)

subject to such penalties as are determined appropriate by the Administrator, require any covered entity to report, not later than April 1 of each calendar year—

(I)

the total greenhouse gas content of any covered fuels used, sold, or transferred by such covered entity during the preceding calendar year, and

(II)

the total noncovered fuel emissions of the covered entity during the preceding calendar year, and

(iv)

require any information reported pursuant to clause (iii) to be verified by a third-party entity that, subject to such process as is determined appropriate by the Administrator, has been certified by the Administrator with respect to the qualifications, independence, and reliability of such entity.

(B) Greenhouse Gas Reporting Program

For purposes of establishing the rules described in subparagraph (A), the Administrator may elect to modify the activities of the Greenhouse Gas Reporting Program established under part 98 of title 40, Code of Federal Regulations, as in effect on January 1, 2025, to satisfy the requirements described in clauses (i) through (iv) of such subparagraph.

(5) Revisions

With respect to any determination made by the Administrator as to the amount of greenhouse gas emissions for any calendar year (including calendar year 2018), any subsequent revision by the Administrator with respect to such amount shall apply for purposes of the fee imposed under subsection (b) for any calendar years beginning after such revision.

(f) Exemption and refund

The Secretary shall prescribe such rules as are necessary to ensure the carbon fee imposed by this section is not imposed with respect to any nonemitting use, or any sale or transfer for a nonemitting use, including rules providing for the refund of any carbon fee paid under this section with respect to any such use, sale, or transfer.

(g) Administrative authority

The Secretary, in consultation with the Administrator, shall prescribe such regulations, and other guidance, to assess and collect the carbon fee imposed by this section, including—

(1)

the identification of covered entities that are liable for payment of a fee under this section or section 4693,

(2)

as may be necessary or convenient, rules for distinguishing between different types of covered entities,

(3)

as may be necessary or convenient, rules for distinguishing between the greenhouse gas emissions of a covered entity and the greenhouse gas emissions that are attributed to the covered entity but not directly emitted by the covered entity,

(4)

requirements for the quarterly payment of such fees, and

(5)

rules to ensure that the carbon fee under this section, the fee on noncovered fuel emissions under section 4693, or the carbon border fee adjustment is not imposed on an emission from covered fuel or noncovered fuel emission more than once.

4693. Fee on noncovered fuel emissions

(a) In general

During any calendar year that begins after December 31, 2028, there is imposed a fee on a covered entity for any noncovered fuel emissions which occur during the calendar year.

(b) Amount

The fee to be paid under subsection (a) by the covered entity which is the source of the emissions described in that subsection shall be an amount equal to—

(1)

the total amount, in metric tons of CO₂-e, of emitted greenhouse gases, multiplied by

(2)

an amount equal to the carbon fee rate in effect under section 4692(d) for the calendar year of such emission.

(c) Administrative authority

The Secretary, in consultation with the Administrator, shall prescribe such regulations, and other guidance, to assess and collect the carbon fee imposed by this section, including regulations describing the requirements for the quarterly payment of such fees.

4694. Refunds for carbon capture, sequestration, and utilization

(a) In general

(1) Capture, sequestration, and use

The Secretary, in consultation with the Administrator and the Secretary of Energy, shall prescribe regulations for providing payments to any person which captures qualified carbon oxide which is—

(A)

disposed of by such person in secure geological storage, as described in section 45Q(f)(2), or

(B)

used in a manner which has been approved by the Secretary pursuant to subsection (c).

(2) Election

If the person described in paragraph (1) makes an election under this paragraph in such time and manner as the Secretary may prescribe by regulations, the credit under this section—

(A)

shall be allowable to the person that owns the facility described in subsection (b)(1), and

(B)

shall not be allowable to the person described in paragraph (1).

(b) Payments for carbon capture

(1) In general

In the case of any facility for which carbon capture equipment has been placed in service, the Secretary shall make payments in the same manner as if such payment was a refund of an overpayment of the fee imposed by section 4692 or 4693.

(2) Amount of payment

The payment determined under this subsection shall be an amount equal to—

(A)

the metric tons of qualified carbon oxide captured and disposed of, used, or utilized in a manner consistent with subsection (a), multiplied by

(B)

(i)

the carbon fee rate during the year in which the carbon fee was imposed by section 4692 on the covered fuel to which such carbon oxide relates, or

(ii)

in the case of a direct air capture facility (as defined in section 45Q(e)(1)), the carbon fee rate during the year in which the qualified carbon oxide was captured and disposed of, used, or utilized.

(c) Approved uses of qualified carbon oxide

(1) In general

Subject to paragraph (2), the Secretary, in consultation with Administrator and the Secretary of Energy, shall, through regulation or other public guidance, determine which uses of qualified carbon oxide are eligible for payments under this section, which may include—

(A)

utilization in a manner described in clause (i) or (ii) of section 45Q(f)(5)(A), or

(B)

any other use which ensures minimal leakage or escape of such carbon oxide.

(2) Exclusion for enhanced oil or natural gas recovery

The sale or use of qualified carbon oxide as a tertiary injectant in a qualified enhanced oil or natural gas recovery project (as defined in section 45Q(e)(4)) shall not be eligible for payments under this section.

(d) Exception

In the case of any facility which is owned by an entity that is determined to be—

(1)

in violation of any applicable air or water quality regulations, or

(2)

with respect to any environmental justice community (as defined in section 2(d)(1)(D) of the America's Clean Future Fund Act), creating health or environmental harm to such community,

such facility shall not be eligible for any payment under this section during the period of such violation.

4695. Border adjustments

(a) In general

The fees imposed by, and refunds allowed under, this section shall be referred to as ‘the carbon border fee adjustment’.

(b) Exports

(1) Carbon-intensive products

In the case of any carbon-intensive product which is exported from the United States, the Secretary shall pay to the person exporting such product a refund equal to the amount of the cost of such product attributable to any fees imposed under this subchapter related to the manufacturing of such product (as determined under regulations established by the Secretary).

(2) Covered fuels

In the case of any covered fuel which is exported from the United States, the Secretary shall pay to the person exporting such fuel a refund equal to the amount of the cost of such fuel attributable to any fees imposed under this subchapter related to the use, sale, or transfer of such fuel.

(c) Imports

(1) Carbon-intensive products

(A) Imposition of equivalency fee

In the case of any carbon-intensive product imported into the United States, there is imposed an equivalency fee on the person importing such product in an amount equal to the cost of such product that would be attributable to any fees imposed under this subchapter related to the manufacturing of such product if any inputs or processes used in manufacturing such product were subject to such fees (as determined under regulations established by the Secretary).

(B) Reduction in fee

The amount of the equivalency fee under subparagraph (A) shall be reduced by the amount, if any, of any fees imposed on the carbon-intensive product by the foreign nation or governmental units from which such product was imported.

(2) Covered fuels

(A) In general

In the case of any covered fuel imported into the United States, there is imposed an equivalency fee on the person importing such fuel in an amount equal to the amount of any fees that would be imposed under this subchapter related to the use, sale, or transfer of such fuel.

(B) Reduction in fee

The amount of the fee under subparagraph (A) shall be reduced by the amount, if any, of any fees imposed on the covered fuel by the foreign nation or governmental units from which the fuel was imported.

(d) Treatment of alternative policies as fees

Under regulations established by the Secretary, foreign policies that have substantially the same effect in reducing emissions of greenhouse gases as fees shall be treated as fees for purposes of subsections (b) and (c).

(e) Regulatory authority

(1) In general

The Secretary shall consult with the Administrator, the Secretary of Commerce, and the Secretary of Energy in establishing rules and regulations implementing the purposes of this section.

(2) Treaties

The Secretary, in consultation with the Secretary of State, may adjust the applicable amounts of the refunds and equivalency fees under this section in a manner that is consistent with any obligations of the United States under an international agreement.

(b) Effective date

The amendment made by this section shall apply to periods beginning after December 31, 2026.

(a) In general

Subchapter A of chapter 98 of the Internal Revenue Code of 1986 is amended by adding at the end the following:

9512. America's Clean Future Fund

(a) Establishment and funding

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).

(b) Transfers to America's Clean Future Fund

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—

(1)

any amounts refunded or paid under sections 4692(d), 4694, and 4695(b), and

(2)

for each of the first 14 fiscal years beginning after September 30, 2027, an amount equal to the quotient of—

(A)

$100,000,000,000, and

(B)

14.

(c) Expenditures

For each fiscal year, amounts in the Trust Fund shall be apportioned as follows:

(1) Carbon fee rebate and agricultural decarbonization transition payments

(A) Carbon fee rebate

For the purposes described in section 5 of the America's Clean Future Fund Act and any expenses necessary to administer such section—

(i)

for each of the first 10 fiscal years beginning after September 30, 2027, an amount equal to—

(I)

75 percent of those amounts, minus

(II)

the amount determined under subparagraph (B) for such fiscal year, and

(ii)

for any fiscal year beginning after the period described in clause (i), the applicable percentage of such amounts.

(B) Agricultural decarbonization transition payments

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, 2027, an amount equal to 7 percent of the amount determined annually under subparagraph (A)(i)(I).

(C) Applicable percentage

For purposes of subparagraph (A)(ii), the applicable percentage shall be equal to—

(i)

for the first fiscal year beginning after the period described in subparagraph (A)(i), 76 percent,

(ii)

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

(iii)

for any fiscal year subsequent to the period described in clause (ii), 80 percent.

(2) Climate Change Finance Corporation

(A) In general

For the purposes described in section 2 of the America's Clean Future Fund Act (including any expenses necessary to administer such section), the applicable percentage of such amounts.

(B) Applicable percentage

For purposes of this paragraph, the applicable percentage shall be equal to—

(i)

for each of the first 10 fiscal years beginning after the period described in subsection (e) of such section, 15 percent,

(ii)

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

(iii)

for any fiscal year subsequent to the period described in clause (ii), 20 percent.

(3) Transition assistance for impacted communities

(A) In general

For the purposes described in section 7 of the America's Clean Future Fund Act (including any expenses necessary to administer such section), the applicable percentage of such amounts.

(B) Applicable percentage

For purposes of this paragraph, the applicable percentage shall be equal to—

(i)

for each of the first 10 fiscal years beginning after September 30, 2027, 10 percent,

(ii)

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

(iii)

for any fiscal year subsequent to the period described in clause (ii), 0 percent.

(b) Clerical amendment

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:

(a) Eligible individual

(b) Rebates

Subject to subsections (c)(2) and (k), from amounts in the America's Clean Future Fund established by section 9512(c)(1)(A) of the Internal Revenue Code of 1986 that are available in any year, the Secretary shall, for each calendar quarter beginning after September 30, 2027, make carbon fee rebate payments to each eligible individual, to be known as America's Clean Future Fund Stimulus payments (referred to in this section as carbon fee rebate payments).

(c) Pro-Rata share

(d) Phaseout

(e) Fee treatment of payments

Amounts paid under this section shall not be includible in gross income for purposes of Federal income taxes.

(f) Federal programs and Federal assisted programs

The carbon fee rebate payment received by any eligible individual shall not be taken into account as income and shall not be taken into account as resources for purposes of determining the eligibility of such individual or any other individual for benefits or assistance, or the amount or extent of benefits or assistance, under any Federal program or under any State or local program financed in whole or in part with Federal funds.

(g) Disclosure of return information

Section 6103(l) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

(23) Disclosure of return information relating to carbon fee rebate payments

(A) Department of Treasury

Return information with respect to any taxpayer shall, without written request, be open to inspection by or disclosure to officers and employees of the Department of the Treasury whose official duties require such inspection or disclosure for purposes of administering section 5 of the America's Clean Future Fund Act.

(B) Restriction on disclosure

Information disclosed under this paragraph shall be disclosed only for purposes of, and to the extent necessary in, carrying out such section.

(h) Regulations

The Secretary shall prescribe such regulations, and other guidance, as may be necessary to carry out the purposes of this section, including—

(i) Public awareness campaign

The Secretary shall conduct a public awareness campaign, in coordination with the Commissioner of Social Security, the heads of other relevant Federal agencies, and Indian Tribes (as defined in section 4 of the Indian Self-Determination and Education Assistance Act (25 U.S.C. 5304)), to provide information to the public regarding the availability of carbon fee rebate payments under this section.

(j) Initial appropriation

For purposes of subsection (c)(2), there is appropriated, out of any funds in the Treasury not otherwise appropriated, to remain available until expended—

(k) Termination

This section shall not apply to any calendar quarter beginning after—

(a) Purposes

The purposes of this section are—

(b) Definitions

In this section:

(c) Establishment of program

(d) Collection of data and reporting

(e) Regulations

Not later than July 1, 2026, the Secretary shall promulgate regulations to carry out this section, including—

(a) Definitions

In this section:

(b) Grants

The Secretary, in coordination with the Secretary of Labor, shall provide grants to eligible entities to assist in the transition to a low- or zero-greenhouse gas emitting economy.

(c) Eligible entities

An entity eligible to receive a grant under this section is a labor organization, an institution of higher education, a unit of State or local government, an Indian Tribe, an economic development organization, a nonprofit organization, community-based organization, or intermediary, or a State board or local board that serves or is located in a community that—

(d) Use of funds

An eligible entity that receives a grant under this section shall use the grant for—

(e) Requirements

(f) Coordination

An eligible entity that receives a grant under this section is encouraged to collaborate or partner with other eligible entities and impacted communities in planning and carrying out activities with that grant.

(g) Report

Not later than 3 years after the date on which the Secretary establishes the grant program under this section, the Secretary and the Secretary of Labor shall submit to Congress a report on the effectiveness of the grant program, including—

(h) Funding

(a) In general

Not later than January 1, 2029, the Administrator of the Environmental Protection Agency (referred to in this section as the Administrator) shall seek to enter into an agreement with the National Academy of Sciences under which the National Academy of Sciences shall carry out a study not less frequently than once every 5 years to evaluate the effectiveness of the fees established under sections 4692 and 4693 of the Internal Revenue Code of 1986 in achieving the following goals:

(b) Requirements

In executing the agreement under subsection (a), the Administrator shall ensure that, in carrying out a study under that subsection, the National Academy of Sciences—

(a) In general

The Chair of the Council on Environmental Quality, in consultation with the Secretaries of Agriculture, Commerce, and the Interior, the Chief of Engineers, and the Administrator of the Environmental Protection Agency, shall—

(b) Report

As soon as practicable after the date of enactment of this Act, the Chair of the Council on Environmental Quality shall submit to Congress a report describing—