[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2940 Introduced in Senate (IS)]

113th CONGRESS
  2d Session
                                S. 2940

 To provide for carbon dioxide and other greenhouse gas emission fees.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           November 19, 2014

 Mr. Whitehouse (for himself and Mr. Schatz) introduced the following 
  bill; which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To provide for carbon dioxide and other greenhouse gas emission fees.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``American Opportunity Carbon Fee 
Act''.

SEC. 2. CARBON DIOXIDE AND OTHER GREENHOUSE GAS EMISSION FEES.

    (a) In General.--Chapter 38 of the Internal Revenue Code of 1986 is 
amended by adding at the end thereof the following new subchapter:

 ``Subchapter E--Carbon Dioxide and Other Greenhouse Gas Emission Fees

``Sec. 4691. Fee for carbon dioxide emissions.
``Sec. 4692. Fee for non-carbon dioxide greenhouse gas emissions.
``Sec. 4693. Escaped methane.
``Sec. 4694. Border adjustments.
``Sec. 4695. Definitions and other rules.

``SEC. 4691. FEE FOR CARBON DIOXIDE EMISSIONS.

    ``(a) In General.--
            ``(1) Fossil fuel products producing carbon emissions.--
                    ``(A) In general.--There is hereby imposed a fee in 
                an amount equal to the applicable amount at the rate 
                specified in subparagraph (B) on--
                            ``(i) coal--
                                    ``(I) removed from any mine in the 
                                United States, or
                                    ``(II) entered into the United 
                                States for consumption, use, or 
                                warehousing,
                            ``(ii) petroleum products--
                                    ``(I) removed from any refinery,
                                    ``(II) removed from any terminal, 
                                or
                                    ``(III) entered into the United 
                                States for consumption, use, or 
                                warehousing, and
                            ``(iii) natural gas--
                                    ``(I) entered into any processor, 
                                or
                                    ``(II) entered into the United 
                                States for consumption, use, or 
                                warehousing.
                    ``(B) Rate.--The rate specified in this 
                subparagraph with respect to any product described in 
                subparagraph (A) is an amount equal to the applicable 
                amount per ton of carbon dioxide that would be emitted 
                through the combustion of such product (as determined 
                by the Secretary, in consultation with the Secretary of 
                Energy and the Administrator of the Environmental 
                Protection Agency).
            ``(2) Emissions attributable to other substances.--There is 
        hereby imposed a fee in an amount equal to the applicable 
        amount per ton of carbon dioxide emitted--
                    ``(A) from any facility which--
                            ``(i) is required to report emissions, or 
                        to which emissions are attributed, under 
                        subpart A of part 98 of title 40, Code of 
                        Federal Regulations, as in effect on the date 
                        of the enactment of the American Opportunity 
                        Carbon Fee Act, and
                            ``(ii) emits not less than 25,000 tons of 
                        carbon dioxide emissions during the previous 
                        calendar year, and
                    ``(B) by reason of the combustion or processing of 
                any product other than coal, petroleum products, and 
                natural gas.
    ``(b) Applicable Amount.--
            ``(1) In general.--For purposes of this part, the 
        applicable amount is--
                    ``(A) for calendar year 2015, $42,
                    ``(B) for any calendar year following a year which 
                is not a national emissions target attainment year, the 
                sum of--
                            ``(i) the product of the amount in effect 
                        under this subparagraph for the preceding 
                        calendar year and 102 percent, and
                            ``(ii) the inflation adjustment amount 
                        determined under paragraph (2), and
                    ``(C) for any calendar year following a year which 
                is a national emissions target attainment year, the sum 
                of--
                            ``(i) the amount in effect under this 
                        subparagraph for the preceding calendar year, 
                        and
                            ``(ii) the inflation adjustment amount 
                        determined under paragraph (2).
            ``(2) Inflation adjustment amount.--
                    ``(A) In general.--The inflation adjustment amount 
                for any calendar year shall be an amount (not less than 
                zero) equal to the product of--
                            ``(i) the amount determined under paragraph 
                        (1)(B)(i) or (1)(C)(i), as applicable, for such 
                        year, and
                            ``(ii) the percentage by which the CPI for 
                        the preceding calendar year exceeds the CPI for 
                        the second preceding calendar year.
                    ``(B) CPI.--Rules similar to the rules of 
                paragraphs (4) and (5) of section 1(f) shall apply for 
                purposes of this paragraph.
            ``(3) Rounding.--The applicable amount under this 
        subsection shall be rounded up to the next whole dollar amount.
            ``(4) National emissions target attainment year.--For 
        purposes of paragraph (1), a calendar year is a national 
        emissions target attainment year if the level of greenhouse gas 
        emissions in the United States for the calendar year does not 
        exceed 20 percent of the level of greenhouse gas emissions in 
        the United States for calendar year 2005 as determined by the 
        Secretary in consultation with the Administrator of the 
        Environmental Protection Agency.
    ``(c) Refunds for Capturing Carbon Dioxide and Production of 
Certain Goods.--
            ``(1) Carbon dioxide capture, utilization, and storage.--
                    ``(A) In general.--In the case of a person who--
                            ``(i) uses any coal, petroleum product, or 
                        natural gas for which a fee has been imposed 
                        under subsection (a)(1) in a manner which 
                        results in the emission of qualified carbon 
                        dioxide,
                            ``(ii) captures the resulting emitted 
                        qualified carbon dioxide at a qualified 
                        facility, and
                            ``(iii)(I) disposes of such qualified 
                        carbon dioxide in secure storage, or
                            ``(II) utilizes such qualified carbon 
                        dioxide in a manner provided in subparagraph 
                        (D),
                there shall be allowed a refund, in the same manner as 
                if it were an overpayment of the fee imposed by such 
                subsection, to such person in amount determined under 
                subparagraph (B).
                    ``(B) Amount of refund.--The amount of the refund 
                under this subparagraph is an amount equal to the 
                product of--
                            ``(i) the applicable amount under 
                        subsection (b) for the calendar year in which 
                        such qualified carbon dioxide was captured and 
                        disposed or utilized, and
                            ``(ii) the adjusted tons of qualified 
                        carbon dioxide captured and disposed or 
                        utilized.
                    ``(C) Adjusted total tons.--For purposes of 
                subparagraph (B), the adjusted tons of qualified carbon 
                dioxide captured and disposed or utilized shall be the 
                total tons of qualified carbon dioxide captured and 
                disposed or utilized reduced by the amount of any 
                anticipated leakage of carbon dioxide into the 
                atmosphere due to imperfect storage technology or 
                otherwise, as determined by the Secretary in 
                consultation with the Administrator of the 
                Environmental Protection Agency.
                    ``(D) Requirements.--
                            ``(i) In general.--Any refund under 
                        subparagraph (A) shall apply only with respect 
                        to qualified carbon dioxide that has been 
                        captured and disposed or utilized within the 
                        United States.
                            ``(ii) Disposal and secure storage.--
                                    ``(I) Secure storage.--The 
                                Secretary, in consultation with the 
                                Administrator of the Environmental 
                                Protection Agency and the Secretary of 
                                Energy, shall establish regulations 
                                similar to the regulations under 
                                section 45Q(d)(2) for determining 
                                adequate security measures for the 
                                secure storage of qualified carbon 
                                dioxide for purposes of subparagraph 
                                (A)(iii)(I).
                                    ``(II) Recapture.--The Secretary 
                                shall, by regulations, provide for 
                                recapturing the benefit of any refund 
                                made under subparagraph (A) with 
                                respect to any qualified carbon dioxide 
                                which is disposed in secure storage and 
                                ceases to be stored in a manner 
                                consistent with the requirements of 
                                this section.
                            ``(iii) Utilization.--The Secretary, in 
                        consultation with the Administrator of the 
                        Environmental Protection Agency, shall 
                        establish regulations providing for the 
                        appropriate methods and manners for the 
                        utilization of qualified carbon dioxide under 
                        subparagraph (A)(iii)(II), including the 
                        utilization of captured carbon dioxide for 
                        enhanced oil or gas recovery and the production 
                        of substances such as plastics, biofuels, and 
                        chemicals. Such regulations shall provide for 
                        the minimization of the escape or further 
                        emission of the qualified carbon dioxide into 
                        the atmosphere.
                    ``(E) Qualified carbon dioxide; qualified 
                facility.--For purposes of this paragraph--
                            ``(i) Qualified carbon dioxide.--The term 
                        `qualified carbon dioxide' has the same meaning 
                        given that term under section 45Q(b).
                            ``(ii) Qualified facility.--The term 
                        `qualified facility' has the same meaning given 
                        that term under section 45Q(c), determined 
                        without regard to paragraph (3) thereof.
            ``(2) Manufacture of certain goods.--In the case of a 
        person who uses any coal, petroleum product, or natural gas for 
        which a fee has been imposed under subsection (a)(1) as an 
        input for a manufactured good that encapsulates carbon dioxide 
        in a manner such that it does not result in the direct emission 
        of carbon dioxide in the manufacturing or subsequent use of 
        such good, a refund shall be allowed to such person in the same 
        manner as if it were an overpayment of the fee imposed by such 
        section in an amount that is equal to the product of--
                    ``(A) an amount equal to the applicable amount 
                under subsection (b) for the calendar year in which 
                such product was used, and
                    ``(B) the total tons of carbon dioxide that would 
                have otherwise been emitted through the combustion of 
                such product.
            ``(3) Exports.--In the case of a person who exports any 
        coal, petroleum product, or natural gas from the United States 
        for which a fee has been imposed under subsection (a)(1), a 
        refund shall be allowed to such person in the same manner as if 
        it were an overpayment of the fee imposed by such section in an 
        amount that is equal to the fee previously imposed under such 
        section with respect to such product.

``SEC. 4692. FEE FOR NON-CARBON DIOXIDE GREENHOUSE GAS EMISSIONS.

    ``(a) In General.--There is hereby imposed a fee in an amount 
determined under subsection (b) on the emission (including attributed 
emissions) of any greenhouse gas other than carbon dioxide from any 
greenhouse gas emissions source.
    ``(b) Amount of Fee.--The amount of fee imposed by subsection (a) 
shall be equal to the applicable amount determined under section 
4691(b) per ton of carbon dioxide equivalent emitted by the greenhouse 
gas emissions source.
    ``(c) Greenhouse Gas Emissions Source.--The term `greenhouse gas 
emissions source' means any facility which--
            ``(1) is required to report emissions (or which would be 
        required to report emissions notwithstanding any other 
        provision of law prohibiting the implementation of or use of 
        funds for such requirements), or to which emissions are 
        attributed, under part 98 of title 40, Code of Federal 
        Regulations, as in effect on the date of the enactment of the 
        American Opportunity Carbon Fee Act, and
            ``(2) emits during the previous calendar year greenhouse 
        gases (not including carbon dioxide) at a rate equal to the 
        carbon dioxide equivalent of not less than 25,000 tons.
    ``(d) Special Rules.--For purposes of determining emissions under 
subsections (a) and (c)(2), there shall not be taken into account--
            ``(1) the emission of fluorinated greenhouse gases other 
        than nitrogen trifluoride from any facility that is included 
        under--
                    ``(A) the electrical transmission and distribution 
                equipment use source category under subpart DD of part 
                98 of title 40, Code of Federal Regulations, as in 
                effect on the date of the enactment of the American 
                Opportunity Carbon Fee Act,
                    ``(B) the electronics manufacturing source category 
                under subpart I of such part, as in effect on the date 
                of the enactment of the American Opportunity Carbon Fee 
                Act,
                    ``(C) in the case of a facility that transforms or 
                destroys such gases, the industrial gas supplier source 
                category under subpart OO of such part, as in effect on 
                the date of the enactment of the American Opportunity 
                Carbon Fee Act, or
                    ``(D) the electrical equipment manufacturing or 
                refurbishment category under subpart SS of such part, 
                as in effect on the date of the enactment of the 
                American Opportunity Carbon Fee Act, or
            ``(2) the emission of trifluoride from any facility that is 
        included under--
                    ``(A) the industrial gas supplier source category 
                under subpart OO of part 98 of title 40, Code of 
                Federal Regulations, as in effect on the date of the 
                enactment of the American Opportunity Carbon Fee Act, 
                or
                    ``(B) the source category for importers and 
                exporters of fluorinated greenhouse gases contained in 
                pre-charged equipment or closed-cell foams under 
                subpart QQ of such part, as in effect on the date of 
                the enactment of the American Opportunity Carbon Fee 
                Act.

``SEC. 4693. ESCAPED METHANE.

    ``(a) Reporting Program.--
            ``(1) In general.--Not later than January 1, 2016, the 
        Secretary of the Treasury, in consultation with the 
        Administrator of the Environmental Protection Agency and the 
        Administrator of the Energy Information Administration, shall 
        establish and implement a program to provide for the collection 
        of data on methane emissions by major non-natural sources, 
        including methane emissions attributable to the extraction and 
        distribution of coal, petroleum products, and natural gas.
            ``(2) Annual report.--Not later than 12 months after the 
        date that the Secretary implements the program described in 
        paragraph (1), and annually thereafter, the Secretary shall 
        issue a report, to be made available to the public and the 
        appropriate Committees of Congress, on methane emissions, 
        including--
                    ``(A) identification of all major non-natural 
                source categories of methane emissions,
                    ``(B) the total amount, expressed in tons of carbon 
                dioxide equivalent, of--
                            ``(i) methane emissions attributable to the 
                        extraction and distribution of coal within the 
                        United States during the preceding calendar 
                        year,
                            ``(ii) methane emissions attributable to 
                        the extraction and distribution of petroleum 
                        products within the United States during the 
                        preceding calendar year, and
                            ``(iii) methane emissions attributable to 
                        the extraction and distribution of natural gas 
                        within the United States during the preceding 
                        calendar year, and
                    ``(C) the total amount, expressed in tons of carbon 
                dioxide equivalent, of--
                            ``(i) greenhouse gas emissions attributable 
                        to the extraction, distribution, and combustion 
                        of coal within the United States during the 
                        preceding calendar year,
                            ``(ii) greenhouse gas emissions 
                        attributable to the extraction, distribution, 
                        and combustion of petroleum products within the 
                        United States during the preceding calendar 
                        year, and
                            ``(iii) greenhouse gas emissions 
                        attributable to the extraction, distribution, 
                        and combustion of natural gas within the United 
                        States during the preceding calendar year.
    ``(b) Supplementary Fee for Escaped Methane.--
            ``(1) Coal.--In the case of any calendar year beginning 
        after 2016, the fee imposed under section 4691(a)(1) with 
        respect to coal shall be increased by the amount determined by 
        the Secretary (in consultation with the Administrator of the 
        Environmental Protection Agency) necessary to ensure that the 
        total fees collected under such section with respect to coal 
        are equal to the total amount of such fees that would be 
        collected on coal if the fee imposed under section 4691(a)(1) 
        applied to the carbon-dioxide equivalent of methane emissions 
        reported under subsection (a)(2)(B)(i).
            ``(2) Petroleum products.--In the case of any calendar year 
        beginning after 2016, the fee imposed under section 4691(a)(1) 
        with respect to petroleum products shall be increased by the 
        amount determined by the Secretary (in consultation with the 
        Administrator of the Environmental Protection Agency) necessary 
        to ensure that the total fees collected under such section with 
        respect to petroleum products are equal to the total amount of 
        such fees that would be collected on petroleum products if the 
        fee imposed under section 4691(a)(1) applied to the carbon-
        dioxide equivalent of methane emissions reported under 
        subsection (a)(2)(B)(ii).
            ``(3) Natural gas.--In the case of any calendar year 
        beginning after 2016, the fee imposed under section 4691(a)(1) 
        with respect to natural gas shall be increased by the amount 
        determined by the Secretary (in consultation with the 
        Administrator of the Environmental Protection Agency) necessary 
        to ensure that the total fees collected under such section with 
        respect to natural gas are equal to the total amount of such 
        fees that would be collected on natural gas if the fee imposed 
        under section 4691(a)(1) applied to the carbon-dioxide 
        equivalent of methane emissions reported under subsection 
        (a)(2)(B)(iii).

``SEC. 4694. BORDER ADJUSTMENTS.

    ``(a) Exports.--
            ``(1) In general.--In the case of any good exported from 
        the United States that--
                    ``(A) is manufactured using as an input--
                            ``(i) any coal, petroleum product, or 
                        natural gas that is subject to a fee under 
                        section 4691(a)(1) or 4693(b), or
                            ``(ii) any product manufactured in a 
                        facility that is subject to a fee under section 
                        4691(a)(2) or 4692(a), and
                    ``(B) as a result of such fee, has been determined 
                by the Secretary to be placed at a competitive 
                disadvantage in foreign markets against similar goods 
                that are manufactured using inputs not subject to 
                equivalent greenhouse gas or carbon content taxes or 
                fees,
        the Secretary may provide an equivalency refund to the person 
        exporting such good in an amount determined under paragraph 
        (2).
            ``(2) Equivalency refund.--For any good identified by the 
        Secretary under paragraph (1), the amount determined under this 
        paragraph shall be equal to the difference between--
                    ``(A) the amount of the cost of such good 
                attributable to any fees imposed under this subchapter 
                on inputs used in the manufacturing of such good (as 
                determined under regulations established by the 
                Secretary), and
                    ``(B) the amount, if any, of the cost of such good 
                which would be attributable to comparable greenhouse 
                gas or carbon content taxes or fees imposed by the 
                foreign nation or substantial governmental unit to 
                which such good is exported if the inputs used in the 
                manufacturing of such good were subject to such taxes 
                or fees (as determined under regulations established by 
                the Secretary).
    ``(b) Imports.--
            ``(1) In general.--In the case of any good imported into 
        the United States--
                    ``(A) that is manufactured using as an input--
                            ``(i) any coal, petroleum product, or 
                        natural gas that is not subject to a fee under 
                        section 4691(a)(1) or 4693(b), or
                            ``(ii) any product manufactured in a 
                        facility that is not subject to a fee under 
                        section 4691(a)(2) or 4692(a), and
                    ``(B) is placed at a competitive disadvantage 
                compared to similar goods in the domestic market which 
                are manufactured using inputs subject to such a fee, as 
                determined under regulations established by the 
                Secretary,
        the Secretary may impose an equivalency fee on the person 
        importing such good in an amount determined under paragraph 
        (2).
            ``(2) Equivalency fee.--For any good identified by the 
        Secretary under paragraph (1), the amount determined under this 
        paragraph shall be equal to the difference between--
                    ``(A) the amount of the cost of such good which 
                would be attributable to any fees imposed under this 
                subchapter on inputs used in the manufacturing of such 
                good if the inputs used in manufacturing such good were 
                subject to such fees (as determined under regulations 
                established by the Secretary), and
                    ``(B) the amount, if any, of the cost of such good 
                which is attributable to comparable greenhouse gas or 
                carbon content taxes or fees imposed by the foreign 
                nation or substantial governmental unit from which such 
                good is imported (as determined under regulations 
                established by the Secretary).
    ``(c) Regulatory Authority.--The Secretary shall consult with the 
Administrator of the Environmental Protection Agency and the Secretary 
of Energy in establishing rules and regulations implementing the 
purposes of this section.

``SEC. 4695. DEFINITIONS AND OTHER RULES.

    ``(a) Definitions.--For purposes of this subchapter:
            ``(1) Carbon dioxide equivalent.--
                    ``(A) In general.--Except as provided under 
                subparagraph (B), the term `carbon dioxide equivalent' 
                means, with respect to a greenhouse gas, the quantity 
                of such gas that has a global warming potential 
                equivalent to 1 metric ton of carbon dioxide, as 
                determined pursuant to table A-1 of subpart A of part 
                98 of title 40, Code of Federal Regulations, as in 
                effect on the date of the enactment of the American 
                Opportunity Carbon Fee Act.
                    ``(B) Exception for hydrofluorocarbons.--In the 
                case of hydrofluorocarbons emitted from any facility 
                that is included under--
                            ``(i) the industrial gas supplier source 
                        category under subpart OO of part 98 of title 
                        40, Code of Federal Regulations, or
                            ``(ii) the source category for importers 
                        and exporters of fluorinated greenhouse gases 
                        contained in pre-charged equipment or closed-
                        cell foams under subpart QQ of such part,
                the term `carbon dioxide equivalent' means 10 percent 
                of the quantity of such hydrofluorocarbons that has a 
                global warming potential equivalent to 1 metric ton of 
                carbon dioxide, as determined pursuant to table A-1 of 
                subpart A of such part, as in effect on the date of the 
                enactment of the American Opportunity Carbon Fee Act.
            ``(2) Greenhouse gas.--The term `greenhouse gas' has the 
        meaning given such term under section 211(o)(1)(G) of the Clean 
        Air Act, as in effect on the date of the enactment of the 
        American Opportunity Carbon Fee Act.
            ``(3) Coal.--The term `coal' has the same meaning given 
        such term under section 48A(c)(4).
            ``(4) Petroleum product.--The term `petroleum product' has 
        the same meaning given such product under section 4612(a)(3).
            ``(5) Ton.--
                    ``(A) In general.--The term `ton' means 1,000 
                kilograms. In the case of any greenhouse gas which is a 
                gas, the term `ton' means the amount of such gas in 
                cubic meters which is the equivalent of 1,000 kilograms 
                on a molecular weight basis.
                    ``(B) Fractional part of ton.--In the case of a 
                fraction of a ton, any fee imposed by this subchapter 
                on such fraction shall be the same fraction of the 
                amount of such fee imposed on a whole ton.
            ``(6) United states.--The term `United States' has the 
        meaning given such term by section 4612(a)(4).
    ``(b) Other Rules.--
            ``(1) Assessment and collection.--Subject to subsection 
        (d), payment of the fee imposed by sections 4691, 4692, and 
        4693 shall be assessed and collected in the same manner as 
        taxes under this subtitle.
            ``(2) Regulations.--The Secretary shall prescribe such 
        regulations as may be necessary to carry out the provisions of 
        this subchapter.''.
    (b) Clerical Amendment.--The table of subchapters for chapter 38 of 
the Internal Revenue Code of 1986 is amended by adding at the end the 
following new item:

   ``subchapter e--carbon dioxide and other greenhouse gas emission 
                                fees''.

    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2014.

SEC. 3. AMERICAN OPPORTUNITY FUND.

    (a) Establishment of Fund.--Subchapter A of chapter 98 of the 
Internal Revenue Code of 1986 is amended by adding at the end thereof 
the following new section:

``SEC. 9512. AMERICAN OPPORTUNITY FUND.

    ``(a) Creation of Fund.--There is established in the Treasury of 
the United States a trust fund to be known as the `American Opportunity 
Fund', consisting of such amounts as may be appropriated or credited to 
the American Opportunity Fund as provided in this section or section 
9602(b).
    ``(b) Transfers to Fund.--There is hereby credited to the American 
Opportunity Fund an amount equal to the budgetary effects for the 
American Opportunity Carbon Fee Act determined pursuant to section 4 of 
the Statutory Pay-As-You-Go Act of 2010 (determined without regard to 
section 5 of the American Opportunity Carbon Fee Act).
    ``(c) Expenditures From Fund.--
            ``(1) In general.--Subject to paragraph (2), amounts in the 
        American Opportunity Fund shall be made available for the 
        following uses to assist American families and businesses:
                    ``(A) Providing economic assistance to low-income 
                households or households in regions with 
                disproportionately high energy costs.
                    ``(B) Transfers to the general fund of the Treasury 
                to offset tax cuts.
                    ``(C) Transfers to the Federal Old-Age and 
                Survivors Trust Fund and the Federal Disability 
                Insurance Trust Fund established under section 201 of 
                the Social Security Act (42 U.S.C. 401) to provide 
                supplemental funding for increases in Social Security 
                benefits.
                    ``(D) Providing tuition assistance for higher 
                education or alleviating Federal student loan debt.
                    ``(E) Investing in improvements to the 
                infrastructure of the United States.
                    ``(F) Providing dividends directly to individuals 
                and families.
                    ``(G) Providing transition assistance to workers 
                and businesses in energy intensive and fossil fuel 
                industries.
                    ``(H) Investing in mitigation and adaptation 
                measures that promote national security, protect public 
                health, conserve natural resources, or fulfill 
                international climate commitments made by the United 
                Nations Framework Convention on Climate Change.
                    ``(I) Reducing the debt of the United States.
            ``(2) Limitation.--No amount may be made available from the 
        American Opportunity Fund to create any new government agency 
        or to fund government operations beyond what is necessary to 
        carry out the uses provided in paragraph (1).''.
    (b) Clerical Amendment.--The table of sections for subchapter A of 
chapter 98 of such Code is amended by adding at the end thereof the 
following new item:

``Sec. 9512. American Opportunity Fund.''.

SEC. 4. PUBLIC DISCLOSURE OF REVENUES AND EXPENDITURES.

    (a) Establishment of Website.--The Secretary of the Treasury, or 
the Secretary's designee, shall establish a website for purposes of 
making the disclosures described in subsection (b).
    (b) Disclosures.--The Secretary shall make publicly available, on 
an ongoing basis and as frequently as possible, the following 
information:
            (1) The amount and sources of revenue attributable to this 
        Act and the amendments made by this Act.
            (2) The amount, programs, and purposes for which 
        expenditures are made from the American Opportunity Fund.

SEC. 5. BUDGETARY PROVISIONS.

    (a) Budgetary Effects of This Act.--
            (1) Paygo scorecard.--The budgetary effects of this Act and 
        the amendments made by this Act shall not be entered on either 
        PAYGO scorecard maintained pursuant to section 4(d) of the 
        Statutory Pay-As-You-Go Act of 2010 (2 U.S.C. 933(d)).
            (2) Senate paygo scorecard.--The budgetary effects of this 
        Act and the amendments made by this Act shall not be entered on 
        any PAYGO scorecard maintained for purposes of section 201 of 
        S. Con. Res. 21 (110th Congress).
    (b) Exclusion From Determination of Breach.--Section 251(a) of the 
Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 
901(a)) is amended by adding at the end the following:
            ``(8) American opportunity fund.--In determining whether 
        there has been a breach during a fiscal year, the Office of 
        Management and Budget shall not include amounts appropriated 
        from the American Opportunity Fund during the fiscal year as 
        discretionary appropriations if the Director of the Office of 
        Management and Budget determines that amounts are appropriated 
        to assist American families and businesses in a manner 
        described in section 9512(c) of the Internal Revenue Code of 
        1986.''.
    (c) PAYGO Legislation.--Section 4 of the Statutory Pay-As-You-Go 
Act of 2010 (2 U.S.C. 933) is amended by adding at the end the 
following:
    ``(h) Offset From American Opportunity Fund.--In determining the 
budgetary effects of a PAYGO Act, CBO or OMB, as applicable, shall 
treat any amounts transferred from the American Opportunity Fund to the 
General Fund of the Treasury under the PAYGO Act as a savings if the 
Director of CBO or the Director of OMB, as applicable, determines that 
the amounts are transferred to assist American families and businesses 
in a manner described in section 9512(c) of the Internal Revenue Code 
of 1986.''.

SEC. 6. SEVERABILITY.

    If any provision of this Act or amendment made by this Act, or the 
application of a provision or amendment to any person or circumstance, 
is held to be unconstitutional, the remainder of this Act and 
amendments made by this Act, and the application of the provisions and 
amendment to any person or circumstance, shall not be affected by the 
holding.
                                 <all>