S.Amdt. 4850Senate110th Congress (2007-2009)

S.Amdt. 4850

What it does: 33 changes: inserts text, replaces text in 30 places, strikes text in 2 places

What it changes

33 changes to S. 3036

Inserts textReplaces text in 30 placesStrikes text in 2 places

We couldn't match these changes to the text of S. 3036, so they're shown as written.

We couldn't read part of this amendment. That part is shown as written below.

Change 1: Inserts new text on page 31, between lines 9 and 10
InsertsPrinted page
Inserted: (50) Tax relief fund.--The term "Tax Relief Fund" means the fund established by section 581.
Original wording
On page 31, between lines 9 and 10, insert the following:
Change 2: Replaces “(50)” with “(51)”
ReplacesPage 31, line 10Printed page
~~[struck: (50)]~~[inserted: (51)]
Original wording
On page 31, line 10, strike “(50)” and insert “(51)”.
Change 3: Replaces “(51)” with “(52)”
ReplacesPage 31, line 14Printed page
~~[struck: (51)]~~[inserted: (52)]
Original wording
On page 31, line 14, strike “(51)” and insert “(52)”.
Change 4: Strikes page 161, lines 9–12
StrikesPrinted page
Removes page 161, lines 9–12 of the printed bill. See that page
Original wording
On page 161, strike lines 9 through 12.
Change 5: Replaces “Climate Change Worker Training and Assistance” with “Tax Relief Fund”
ReplacesPage 161, lines 15–16Printed page
~~[struck: Climate Change Worker Training and Assistance]~~[inserted: Tax Relief Fund]
Original wording
On page 161, lines 15 and 16, strike “Climate Change Worker Training and Assistance” and insert “Tax Relief Fund”.
Change 6: Replaces “Climate Change Worker Training and Assistance” with “Tax Relief Fund”
ReplacesPage 161, lines 23–24Printed page
~~[struck: Climate Change Worker Training and Assistance]~~[inserted: Tax Relief Fund]
Original wording
On page 161, lines 23 and 24, strike “Climate Change Worker Training and Assistance” and insert “Tax Relief Fund”.
Change 7: Replaces “Climate Change Worker Training and Assistance” with “Tax Relief Fund”
ReplacesPage 163, lines 4–5Printed page
~~[struck: Climate Change Worker Training and Assistance]~~[inserted: Tax Relief Fund]
Original wording
On page 163, lines 4 and 5, strike “Climate Change Worker Training and Assistance” and insert “Tax Relief Fund”.
Change 8: Strikes page 163, line 6 through page 183, line 3
StrikesPrinted page
Removes page 163, line 6 through page 183, line 3 of the printed bill. See that page
Original wording
Beginning on page 163, strike line 6 and all that follows through page 183, line 3.
Change 9: Rewrites page 201, lines 20–23
ReplacesPrinted page
Removes page 201, lines 20–23 of the printed bill. See that page
Inserted: SEC. 581. ESTABLISHMENT OF TAX RELIEF FUND.
Inserted: There is established in the Treasury of the United States a fund, to be known as the "Tax Relief Fund".
Original wording
On page 201, strike lines 20 through 23 and insert the following:
Change 10: Rewrites page 202, lines 3–4
ReplacesPrinted page
Removes page 202, lines 3–4 of the printed bill. See that page
Original wording
On page 202, strike lines 3 and 4 and insert the following:
Change 11: Replaces “Climate Change Consumer Assistance” with “Tax Relief Fund”
ReplacesPage 202, lines 10–11Printed page
~~[struck: Climate Change Consumer Assistance]~~[inserted: Tax Relief Fund]
Original wording
On page 202, lines 10 and 11, strike “Climate Change Consumer Assistance” and insert “Tax Relief Fund”.
Change 12: Replaces “Climate Change Consumer Assistance” with “Tax Relief Fund”
ReplacesPage 204, lines 1–2Printed page
~~[struck: Climate Change Consumer Assistance]~~[inserted: Tax Relief Fund]
Original wording
On page 204, lines 1 and 2, strike “Climate Change Consumer Assistance” and insert “Tax Relief Fund”.
Change 13: Rewrites page 204, lines 3–14
ReplacesPrinted page
Removes page 204, lines 3–14 of the printed bill. See that page
Inserted: SEC. 584. SENSE OF SENATE REGARDING USE OF AMOUNTS IN TAX RELIEF FUND.
Inserted: It is the Sense of the Senate that the Secretary of the Treasury should use amounts deposited in the Tax Relief Fund pursuant to this Act for each calendar year to provide tax relief to consumers in the United States.
Original wording
On page 204, strike lines 3 through 14 and insert the following:
Change 14: Rewrites page 204, line 22 through page 217, line 4
ReplacesPrinted page
Removes page 204, line 22 through page 217, line 4 of the printed bill. See that page
Inserted: SEC. 601. AUCTIONS FOR TAX RELIEF.
Inserted: (a) Auction.--
Inserted: (1) First period.--Not later than 330 days before the beginning of calendar year 2012, the Administrator shall auction 12.75 percent of the quantity of emission allowances established pursuant to section 201(a) for that calendar year.
Inserted: (2) Second period.--Not later than 330 days before the beginning of each of calendar years 2013 through 2025, the Administrator shall auction 13 percent of the quantity of emission allowances established pursuant to section 201(a) for that calendar year.
Inserted: (3) Third period.--Not later than 330 days before the beginning of each of calendar years 2026 through 2050, the Administrator shall auction 13.5 percent of the quantity of emission allowances established pursuant to section 201(a) for that calendar year.
Inserted: (b) Use of Proceeds.--The Administrator shall deposit all proceeds of auctions conducted pursuant to subsection (a) in the Tax Relief Fund for use in accordance with section 584.
Original wording
Beginning on page 204, strike line 22 and all that follows through page 217, line 4, and insert the following:
Change 15: Rewrites page 217, lines 8–16
ReplacesPrinted page
Removes page 217, lines 8–16 of the printed bill. See that page
Inserted: (1) In general.--Not later than 330 days before the beginning of each of calendar years 2012 through 2050, the Administrator shall auction a percentage of the quantity of emission allowances established pursuant to section 201(a) for the applicable calendar year, in accordance with the table contained in paragraph (2).
Original wording
On page 217, strike lines 8 through 16 and insert the following:
Change 16: Replaces “allocate to States described in” with “auction under”
ReplacesPage 217, line 19Printed page
~~[struck: allocate to States described in]~~[inserted: auction under]
Original wording
On page 217, line 19, strike “allocate to States described in” and insert “auction under”.
Change 17: Rewrites page 218, line 1 through page 222, line 4
ReplacesPrinted page
Removes page 218, line 1 through page 222, line 4 of the printed bill. See that page
Inserted: (b) Use of Proceeds.--The Administrator shall deposit all proceeds of auctions conducted pursuant to subsection (a) in the Tax Relief Fund, for use in accordance with section 584.
Original wording
Beginning on page 218, strike line 1 and all that follows through page 222, line 4, and insert the following:
Change 18: Rewrites page 222, line 8 through page 223, line 11
ReplacesPrinted page
Removes page 222, line 8 through page 223, line 11 of the printed bill. See that page
Inserted: SEC. 611. AUCTIONS FOR TAX RELIEF.
Inserted: (a) Auction of Allowances.--In accordance with subsections (b) and (c), for each of calendar years 2012 through 2050, the Administrator shall auction a quantity of the emission allowances established pursuant to section 201(a) for each calendar year.
Inserted: (b) Number; Frequency.--For each calendar year during the period described in subsection (a), the Administrator shall--
Inserted: (1) conduct not fewer than 4 auctions; and
Inserted: (2) schedule the auctions in a manner to ensure that--
Inserted: (A) each auction takes place during the period beginning 330 days before, and ending 60 days before, the beginning of each calendar year; and
Inserted: (B) the interval between each auction is of equal duration.
Inserted: (c) Quantities of Emission Allowances Auctioned.--For each calendar year of the period described in subsection (a), the Administrator shall auction a quantity of emission allowances in accordance with the applicable percentages described in the following table:
Inserted: In the heading of the right column of the table contained on page 223, after line 11, strike "for public transportation".
Original wording
Beginning on page 222, strike line 8 and all that follows through page 223, line 11, and insert the following:
Change 19: Rewrites page 224, line 1 through page 228, line 25
ReplacesPrinted page
Removes page 224, line 1 through page 228, line 25 of the printed bill. See that page
Inserted: (d) Use of Proceeds.--The Administrator shall deposit all proceeds of auctions conducted pursuant to this section, immediately on receipt of those proceeds, in the Tax Relief Fund, for use in accordance with section 584.
Original wording
Beginning on page 224, strike line 1 and all that follows through page 228, line 25, and insert the following:
Change 20: Rewrites page 240, lines 5–17
ReplacesPrinted page
Removes page 240, lines 5–17 of the printed bill. See that page
Inserted: (a) In General.--In accordance with subsection (b), for each of calendar years 2012 through 2050, the Administrator shall--
Inserted: (1) auction 2 percent of the emission allowances established pursuant to section 201(a) for the calendar year; and
Inserted: (2) immediately on completion of an auction, deposit the proceeds of the auction in the Tax Relief Fund, for use in accordance with section 584.
Original wording
On page 240, strike lines 5 through 17 and insert the following:
Change 21: Rewrites page 241, lines 6–21
ReplacesPrinted page
Removes page 241, lines 6–21 of the printed bill. See that page
Inserted: (a) Auction.--
Inserted: (1) In general.--Not later than 330 days before the beginning of each of calendar years 2012 through 2050, the Administrator shall auction a percentage of the quantity of emission allowances established pursuant to section 201(a) for the applicable calendar year, in accordance with paragraph (2).
Inserted: (2) Percentages for auction.--For each of calendar years 2012 through 2050, the Administrator shall auction in accordance with paragraph (1) the percentage of emission allowances specified in the following table:
Inserted: In the heading of the right column of the table contained on page 241, after line 21, strike "State leaders in reducing greenhouse gas emissions and improving energy efficiency" and insert "auction".
Original wording
On page 241, strike lines 6 through 21 and insert the following:
Change 22: Rewrites page 242, line 1 through page 249, line 9
ReplacesPrinted page
Removes page 242, line 1 through page 249, line 9 of the printed bill. See that page
Inserted: (b) Use of Proceeds.--The Administrator shall deposit all proceeds of auctions conducted pursuant to this section, immediately on receipt of those proceeds, in the Tax Relief Fund, for use in accordance with section 584.
Original wording
Beginning on page 242, strike line 1 and all that follows through page 249, line 9, and insert the following:
Change 23: Rewrites page 249, lines 13–24
ReplacesPrinted page
Removes page 249, lines 13–24 of the printed bill. See that page
Inserted: SEC. 621. AUCTIONS.
Inserted: (a) In General.--Not later than 330 days before the beginning of each of calendar years 2012 through 2050, the Administrator shall auction a percentage of the quantity of emission allowances established pursuant to section 201(a) for the applicable calendar year, in accordance with subsection (b).
Inserted: (b) Percentages for Allocation.--For each of calendar years 2012 through 2050, the Administrator shall auction in accordance with subsection (a) the per-In the heading of the right column of the table contained on page 250, after line 2, strike "States and Indian tribes for adaptation activities" and insert "auction".
Original wording
On page 249, strike lines 13 through 24 and insert the following:
Change 24: Rewrites page 250, line 3 through page 267, line 11
ReplacesPrinted page
Removes page 250, line 3 through page 267, line 11 of the printed bill. See that page
Inserted: SEC. 622. USE OF PROCEEDS.
Inserted: The Administrator shall deposit all proceeds of auctions conducted pursuant to this subtitle, immediately on receipt of those proceeds, in the Tax Relief Fund, for use in accordance with section 584.
Original wording
Beginning on page 250, strike line 3 and all that follows through page 267, line 11, and insert the following:
Change 25: Rewrites page 283, line 14 through page 292, line 16
ReplacesPrinted page
Removes page 283, line 14 through page 292, line 16 of the printed bill. See that page
Inserted: SEC. 801. AUCTIONS FOR TAX RELIEF.
Inserted: (a) First Period.--Not later than 330 days before the beginning of each of calendar years 2012 through 2030, the Administrator shall auction 6.25 percent of the emission allowances established pursuant to section 201(a) for that calendar year.
Inserted: (b) Second Period.--Not later than 330 days before the beginning of each of calendar years 2031 through 2050, the Administrator shall auction 3.25 percent of the emission allowances established pursuant to section 201(a) for that calendar year.
Inserted: (c) Use of Proceeds.--The Administrator shall deposit all proceeds of auctions conducted pursuant to this section, immediately on receipt of those proceeds, in the Tax Relief Fund, for use in accordance with section 584.
Original wording
Beginning on page 283, strike line 14 and all that follows through page 292, line 16, and insert the following:
Change 26: Rewrites page 292, line 22 through page 302, line 22
ReplacesPrinted page
Removes page 292, line 22 through page 302, line 22 of the printed bill. See that page
Inserted: SEC. 901. AUCTIONS FOR TAX RELIEF.
Inserted: (a) First Period.--
Inserted: (1) In general.--For each of calendar years 2012 through 2021, the Administrator shall auction 1.75 percent of the quantity of emission allowances established pursuant to section 201(a) for the calendar year, in accordance with paragraph (2).
Inserted: (2) Number; frequency.--For each calendar year during the period described in paragraph (1), the Administrator shall--
Inserted: (A) conduct not fewer than 4 auctions; and
Inserted: (B) schedule the auctions in a manner to ensure that--
Inserted: (i) each auction takes place during the period beginning 330 days before, and ending 60 days before, the beginning of each calendar year; and
Inserted: (ii) the interval between each auction is of equal duration.
Inserted: (b) Second Period.--
Inserted: (1) In general.--For each of calendar years 2022 through 2030, the Administrator shall auction 2 percent of the quantity of emission allowances established pursuant to section 201(a) for the calendar year, in accordance with paragraph (2).
Inserted: (2) Number; frequency.--For each calendar year during the period described in paragraph (1), the Administrator shall--
Inserted: (A) conduct not fewer than 4 auctions; and
Show 11 more inserted paragraphsShow less
Inserted: (B) schedule the auctions in a manner to ensure that--
Inserted: (i) each auction takes place during the period beginning 330 days before, and ending 60 days before, the beginning of each calendar year; and
Inserted: (ii) the interval between each auction is of equal duration.
Inserted: (c) Third Period.--
Inserted: (1) In general.--For each of calendar years 2031 through 2050, the Administrator shall auction 1 percent of the quantity of emission allowances established pursuant to section 201(a) for the calendar year, in accordance with paragraph (2).
Inserted: (2) Number; frequency.--For each calendar year during the period described in paragraph (1), the Administrator shall--
Inserted: (A) conduct not fewer than 4 auctions; and
Inserted: (B) schedule the auctions in a manner to ensure that--
Inserted: (i) each auction takes place during the period beginning 330 days before, and ending 60 days before, the beginning of each calendar year; and
Inserted: (ii) the interval between each auction is of equal duration.
Inserted: (d) Use of Proceeds.--The Administrator shall deposit all proceeds of auctions conducted pursuant to this section, immediately on receipt of those proceeds, in the Tax Relief Fund, for use in accordance with section 584.
Original wording
Beginning on page 292, strike line 22 and all that follows through page 302, line 22, and insert the following:
Change 27: Rewrites page 303, line 2 through page 304, line 7
ReplacesPrinted page
Removes page 303, line 2 through page 304, line 7 of the printed bill. See that page
Inserted: SEC. 911. AUCTIONS FOR TAX RELIEF.
Inserted: (a) In General.--For each of calendar years 2012 through 2050, the Administrator shall auction 0.25 percent of the quantity of emission allowances established pursuant to section 201(a) for the calendar year, in accordance with subsection (b).
Inserted: (b) Number; Frequency.--For each calendar year during the period described in subsection (a), the Administrator shall--
Inserted: (1) conduct not fewer than 4 auctions; and
Inserted: (2) schedule the auctions in a manner to ensure that--
Inserted: (A) each auction takes place during the period beginning 330 days before, and ending 60 days before, the beginning of each calendar year; and
Inserted: (B) the interval between each auction is of equal duration.
Inserted: (c) Use of Proceeds.--The Administrator shall deposit all proceeds of auctions conducted pursuant to this section, immediately on receipt of those proceeds, in the Tax Relief Fund, for use in accordance with section 584.
Original wording
Beginning on page 303, strike line 2 and all that follows through page 304, line 7, and insert the following:
Change 28: Rewrites page 304, line 9 through page 307, line 19
ReplacesPrinted page
Removes page 304, line 9 through page 307, line 19 of the printed bill. See that page
Inserted: Subtitle A--Auctions for Tax Relief SEC. 1001. AUCTIONS FOR TAX RELIEF.
Inserted: (a) In General.--Not later than 120 days after the date of enactment of this Act, and annually thereafter through 2022, the Administrator shall auction 1 percent of the quantity of emission allowances established pursuant to section 201(a) for the calendar year that occurs 3 years after the calendar year during which the auction is conducted.
Inserted: (b) Use of Proceeds.--The Administrator shall deposit all proceeds of auctions conducted pursuant to this section, immediately on receipt of those proceeds, in the Tax Relief Fund, for use in accordance with section 584.
Inserted: SEC. 1002. ADDITIONAL AUCTIONS.
Inserted: (a) In General.--Not later than 2 years after the date of enactment of this Act, the Administrator shall auction In the heading of the right column of the table contained on page 307, after line 22, strike "allocation to Bonus Allowance Account" and insert "auction".
Original wording
Beginning on page 304, strike line 9 and all that follows through page 307, line 19, and insert the following:
Change 29: Rewrites page 308, line 1 through page 318, line 4
ReplacesPrinted page
Removes page 308, line 1 through page 318, line 4 of the printed bill. See that page
Inserted: (b) Use of Proceeds.--The Administrator shall deposit all proceeds of auctions conducted pursuant to this section, immediately on receipt of those proceeds, in the Tax Relief Fund, for use in accordance with section 584.
Original wording
Beginning on page 308, strike line 1 and all that follows through page 318, line 4, and insert the following:
Change 30: Rewrites page 330, line 8 through page 332, line 9
ReplacesPrinted page
Removes page 330, line 8 through page 332, line 9 of the printed bill. See that page
Inserted: SEC. 1101. AUCTIONS FOR TAX RELIEF.
Inserted: (a) In General.--Not later than 2 years after the date of enactment of this Act, the Administrator shall auction 0.5 percent of the quantity of emission allowances established pursuant to section 201(a) for calendar years 2012 through 2017.
Inserted: (b) Use of Proceeds.--The Administrator shall deposit all proceeds of auctions conducted pursuant to this section, immediately on receipt of those proceeds, in the Tax Relief Fund, for use in accordance with section 584.
Original wording
Beginning on page 330, strike line 8 and all that follows through page 332, line 9, and insert the following:
Change 31: Rewrites page 332, line 12 through page 338, line 5
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Removes page 332, line 12 through page 338, line 5 of the printed bill. See that page
Inserted: SEC. 1111. AUCTIONS.
Inserted: (a) In General.--For each of calendar years 2012 through 2050, the Administrator shall auction 1 percent of the quantity of emission allowances established pursuant to section 201(a) for the calendar year, in accordance with subsection (b).
Inserted: (b) Number; Frequency.--For each calendar year during the period described in subsection (a), the Administrator shall--
Inserted: (1) conduct not fewer than 4 auctions; and
Inserted: (2) schedule the auctions in a manner to ensure that--
Inserted: (A) each auction takes place during the period beginning 330 days before, and ending 60 days before, the beginning of each calendar year; and
Inserted: (B) the interval between each auction is of equal duration.
Inserted: (c) Use of Proceeds.--The Administrator shall deposit all proceeds of auctions conducted pursuant to this section, immediately on receipt of those proceeds, in the Tax Relief Fund, for use in accordance with section 584.
Original wording
Beginning on page 332, strike line 12 and all that follows through page 338, line 5, and insert the following:
Change 32: Rewrites page 338, line 7 through page 340, line 21
ReplacesPrinted page
Removes page 338, line 7 through page 340, line 21 of the printed bill. See that page
Inserted: SEC. 1121. AUCTIONS FOR TAX RELIEF.
Inserted: (a) Auctions.--
Inserted: (1) First period.--Not later than 330 days before the beginning of each of calendar years 2012 and 2013, the Administrator shall auction 1 percent of the emission allowances established pursuant to section 201(a) for that calendar year.
Inserted: (2) Second period.--Not later than 330 days before the beginning of each of calendar years 2014 through 2017, the Administrator shall auction 0.75 percent of the emission allowances established pursuant to section 201(a) for that calendar year.
Inserted: (3) Third period.--Not later than 330 days before the beginning of each of calendar years 2018 through 2030, the Administrator shall auction 1 percent of the emission allowances established pursuant to section 201(a) for that calendar year.
Inserted: (b) Use of Proceeds.--The Administrator shall deposit all proceeds of auctions conducted pursuant to this section, immediately on receipt of those proceeds, in the Tax Relief Fund, for use in accordance with section 584.
Original wording
Beginning on page 338, strike line 7 and all that follows through page 340, line 21, and insert the following:
Change 33: Rewrites page 426, line 1 through page 442, line 2
ReplacesPrinted page
Removes page 426, line 1 through page 442, line 2 of the printed bill. See that page
Inserted: SEC. 1312. AUCTIONS FOR TAX RELIEF.
Inserted: (a) Auctions.--For each of calendar years 2012 through 2050, the Administrator shall auction a quantity of allowances described in subsection (b) established pursuant to section 201(a) for that calendar year.
Inserted: (b) Quantity of Allowances.--The quantity of allowances referred to in subsection (a) is, with respect to each applicable calendar year--
Inserted: (1) 1 percent of the quantity of emission allowances established for that calendar year; and (2) of the quantity of offset allowances established for that calendar year--
Inserted: (A) the number of offset allowances that the Administrator determines to be appropriate; but
Inserted: (B) in no case more than 10 percent of the quantity of emission allowances established for that calendar year.
Inserted: (c) Use of Proceeds.--The Administrator shall deposit all proceeds of auctions conducted pursuant to this section, immediately on receipt of those proceeds, in the Tax Relief Fund, for use in accordance with section 584.
Inserted: SEC. 1313. ADDITIONAL AUCTIONS.
Inserted: (a) Auctions.--
Inserted: (1) In general.--For each of calendar years 2012 through 2017, the Administrator shall auction 0.5 percent of the emission allowances established pursuant to section 201(a) for the calendar year, in accordance with paragraph (2).
Inserted: (2) Number; frequency.--For each calendar year during the period described in paragraph (1), the Administrator shall--
Inserted: (A) conduct not fewer than 4 auctions; and
Show 4 more inserted paragraphsShow less
Inserted: (B) schedule the auctions in a manner to ensure that--
Inserted: (i) each auction takes place during the period beginning 330 days before, and ending 60 days before, the beginning of each calendar year; and
Inserted: (ii) the interval between each auction is of equal duration.
Inserted: (b) Use of Proceeds.--The Administrator shall deposit all proceeds of auctions conducted pursuant to this section, immediately on receipt of those proceeds, in the Tax Relief Fund, for use in accordance with section 584.
Original wording
Beginning on page 426, strike line 1 and all that follows through page 442, line 2, and insert the following:

Shown as written

In the heading of the right column of the table contained on page 162, after line 17, strike “Climate Change Worker Training and Assistance” and insert “Tax Relief Fund”. (b) and (c) and in addition to other auctions conducted pursuant to this Act, to raise funds for deposit in the Tax Relief Fund, for each of calendar

In the heading of the right column of the table contained on page 203, after line 2, strike “Climate Change Consumer Assistance” and insert “Tax Relief Fund”.

In the heading of the right column of the table contained on page 217, after line 21, strike “allocation among States relying heavily on manufacturing and on coal” and insert “auction”.

Read automatically from the Congressional Record. Check the original before relying on it.

As printed

SA 4850. Mr. BAUCUS submitted an amendment intended to be proposed by him to the bill S. 3036, to direct the Administrator of the Environmental Protection Agency to establish a program to decrease emissions of greenhouse gases, and for other purposes; which was ordered to lie on the table; as follows:

On page 31, between lines 9 and 10, insert the following:

(50) Tax relief fund.--The term “Tax Relief Fund” means the fund established by section 581.

On page 31, line 10, strike “(50)” and insert “(51)”.

On page 31, line 14, strike “(51)” and insert “(52)”.

On page 161, strike lines 9 through 12.

On page 161, lines 15 and 16, strike “Climate Change Worker Training and Assistance” and insert “Tax Relief Fund”.

On page 161, lines 23 and 24, strike “Climate Change Worker Training and Assistance” and insert “Tax Relief Fund”.

In the heading of the right column of the table contained on page 162, after line 17, strike “Climate Change Worker Training and Assistance” and insert “Tax Relief Fund”.

On page 163, lines 4 and 5, strike “Climate Change Worker Training and Assistance” and insert “Tax Relief Fund”.

Beginning on page 163, strike line 6 and all that follows through page 183, line 3.

On page 201, strike lines 20 through 23 and insert the following:

SEC. 581. ESTABLISHMENT OF TAX RELIEF FUND.

There is established in the Treasury of the United States a fund, to be known as the “Tax Relief Fund”.

On page 202, strike lines 3 and 4 and insert the following: (b) and (c) and in addition to other auctions conducted pursuant to this Act, to raise funds for deposit in the Tax Relief Fund, for each of calendar

On page 202, lines 10 and 11, strike “Climate Change Consumer Assistance” and insert “Tax Relief Fund”.

In the heading of the right column of the table contained on page 203, after line 2, strike “Climate Change Consumer Assistance” and insert “Tax Relief Fund”.

On page 204, lines 1 and 2, strike “Climate Change Consumer Assistance” and insert “Tax Relief Fund”.

On page 204, strike lines 3 through 14 and insert the following:

SEC. 584. SENSE OF SENATE REGARDING USE OF AMOUNTS IN TAX RELIEF FUND.

It is the Sense of the Senate that the Secretary of the Treasury should use amounts deposited in the Tax Relief Fund pursuant to this Act for each calendar year to provide tax relief to consumers in the United States.

Beginning on page 204, strike line 22 and all that follows through page 217, line 4, and insert the following:

SEC. 601. AUCTIONS FOR TAX RELIEF.

(a) Auction.--

(1) First period.--Not later than 330 days before the beginning of calendar year 2012, the Administrator shall auction 12.75 percent of the quantity of emission allowances established pursuant to section 201(a) for that calendar year.

(2) Second period.--Not later than 330 days before the beginning of each of calendar years 2013 through 2025, the Administrator shall auction 13 percent of the quantity of emission allowances established pursuant to section 201(a) for that calendar year.

(3) Third period.--Not later than 330 days before the beginning of each of calendar years 2026 through 2050, the Administrator shall auction 13.5 percent of the quantity of emission allowances established pursuant to section 201(a) for that calendar year.

(b) Use of Proceeds.--The Administrator shall deposit all proceeds of auctions conducted pursuant to subsection (a) in the Tax Relief Fund for use in accordance with section 584.

On page 217, strike lines 8 through 16 and insert the following:

(1) In general.--Not later than 330 days before the beginning of each of calendar years 2012 through 2050, the Administrator shall auction a percentage of the quantity of emission allowances established pursuant to section 201(a) for the applicable calendar year, in accordance with the table contained in paragraph (2).

On page 217, line 19, strike “allocate to States described in” and insert “auction under”.

In the heading of the right column of the table contained on page 217, after line 21, strike “allocation among States relying heavily on manufacturing and on coal” and insert “auction”.

Beginning on page 218, strike line 1 and all that follows through page 222, line 4, and insert the following:

(b) Use of Proceeds.--The Administrator shall deposit all proceeds of auctions conducted pursuant to subsection (a) in the Tax Relief Fund, for use in accordance with section 584.

Beginning on page 222, strike line 8 and all that follows through page 223, line 11, and insert the following:

SEC. 611. AUCTIONS FOR TAX RELIEF.

(a) Auction of Allowances.--In accordance with subsections (b) and (c), for each of calendar years 2012 through 2050, the Administrator shall auction a quantity of the emission allowances established pursuant to section 201(a) for each calendar year.

(b) Number; Frequency.--For each calendar year during the period described in subsection (a), the Administrator shall--

(1) conduct not fewer than 4 auctions; and

(2) schedule the auctions in a manner to ensure that--

(A) each auction takes place during the period beginning 330 days before, and ending 60 days before, the beginning of each calendar year; and

(B) the interval between each auction is of equal duration.

(c) Quantities of Emission Allowances Auctioned.--For each calendar year of the period described in subsection (a), the Administrator shall auction a quantity of emission allowances in accordance with the applicable percentages described in the following table:

In the heading of the right column of the table contained on page 223, after line 11, strike “for public transportation”.

Beginning on page 224, strike line 1 and all that follows through page 228, line 25, and insert the following:

(d) Use of Proceeds.--The Administrator shall deposit all proceeds of auctions conducted pursuant to this section, immediately on receipt of those proceeds, in the Tax Relief Fund, for use in accordance with section 584.

On page 240, strike lines 5 through 17 and insert the following:

(a) In General.--In accordance with subsection (b), for each of calendar years 2012 through 2050, the Administrator shall--

(1) auction 2 percent of the emission allowances established pursuant to section 201(a) for the calendar year; and

(2) immediately on completion of an auction, deposit the proceeds of the auction in the Tax Relief Fund, for use in accordance with section 584.

On page 241, strike lines 6 through 21 and insert the following:

(a) Auction.--

(2) Percentages for auction.--For each of calendar years 2012 through 2050, the Administrator shall auction in accordance with paragraph (1) the percentage of emission allowances specified in the following table:

In the heading of the right column of the table contained on page 241, after line 21, strike “State leaders in reducing greenhouse gas emissions and improving energy efficiency” and insert “auction”.

Beginning on page 242, strike line 1 and all that follows through page 249, line 9, and insert the following:

(b) Use of Proceeds.--The Administrator shall deposit all proceeds of auctions conducted pursuant to this section, immediately on receipt of those proceeds, in the Tax Relief Fund, for use in accordance with section 584.

On page 249, strike lines 13 through 24 and insert the following:

SEC. 621. AUCTIONS.

(a) In General.--Not later than 330 days before the beginning of each of calendar years 2012 through 2050, the Administrator shall auction a percentage of the quantity of emission allowances established pursuant to section 201(a) for the applicable calendar year, in accordance with subsection (b).

(b) Percentages for Allocation.--For each of calendar years 2012 through 2050, the Administrator shall auction in accordance with subsection (a) the per-

In the heading of the right column of the table contained on page 250, after line 2, strike “States and Indian tribes for adaptation activities” and insert “auction”.

Beginning on page 250, strike line 3 and all that follows through page 267, line 11, and insert the following:

SEC. 622. USE OF PROCEEDS.

The Administrator shall deposit all proceeds of auctions conducted pursuant to this subtitle, immediately on receipt of those proceeds, in the Tax Relief Fund, for use in accordance with section 584.

Beginning on page 283, strike line 14 and all that follows through page 292, line 16, and insert the following:

SEC. 801. AUCTIONS FOR TAX RELIEF.

(a) First Period.--Not later than 330 days before the beginning of each of calendar years 2012 through 2030, the Administrator shall auction 6.25 percent of the emission allowances established pursuant to section 201(a) for that calendar year.

(b) Second Period.--Not later than 330 days before the beginning of each of calendar years 2031 through 2050, the Administrator shall auction 3.25 percent of the emission allowances established pursuant to section 201(a) for that calendar year.

(c) Use of Proceeds.--The Administrator shall deposit all proceeds of auctions conducted pursuant to this section, immediately on receipt of those proceeds, in the Tax Relief Fund, for use in accordance with section 584.

Beginning on page 292, strike line 22 and all that follows through page 302, line 22, and insert the following:

SEC. 901. AUCTIONS FOR TAX RELIEF.

(a) First Period.--

(1) In general.--For each of calendar years 2012 through 2021, the Administrator shall auction 1.75 percent of the quantity of emission allowances established pursuant to section 201(a) for the calendar year, in accordance with paragraph (2).

(2) Number; frequency.--For each calendar year during the period described in paragraph (1), the Administrator shall--

(A) conduct not fewer than 4 auctions; and

(B) schedule the auctions in a manner to ensure that--

(i) each auction takes place during the period beginning 330 days before, and ending 60 days before, the beginning of each calendar year; and

(ii) the interval between each auction is of equal duration.

(b) Second Period.--

(1) In general.--For each of calendar years 2022 through 2030, the Administrator shall auction 2 percent of the quantity of emission allowances established pursuant to section 201(a) for the calendar year, in accordance with paragraph (2).

(2) Number; frequency.--For each calendar year during the period described in paragraph (1), the Administrator shall--

(A) conduct not fewer than 4 auctions; and

(B) schedule the auctions in a manner to ensure that--

(i) each auction takes place during the period beginning 330 days before, and ending 60 days before, the beginning of each calendar year; and

(ii) the interval between each auction is of equal duration.

(1) In general.--For each of calendar years 2031 through 2050, the Administrator shall auction 1 percent of the quantity of emission allowances established pursuant to section 201(a) for the calendar year, in accordance with paragraph (2).

(2) Number; frequency.--For each calendar year during the period described in paragraph (1), the Administrator shall--

(A) conduct not fewer than 4 auctions; and

(B) schedule the auctions in a manner to ensure that--

(i) each auction takes place during the period beginning 330 days before, and ending 60 days before, the beginning of each calendar year; and

(ii) the interval between each auction is of equal duration.

Beginning on page 303, strike line 2 and all that follows through page 304, line 7, and insert the following:

SEC. 911. AUCTIONS FOR TAX RELIEF.

(a) In General.--For each of calendar years 2012 through 2050, the Administrator shall auction 0.25 percent of the quantity of emission allowances established pursuant to section 201(a) for the calendar year, in accordance with subsection (b).

(b) Number; Frequency.--For each calendar year during the period described in subsection (a), the Administrator shall--

(1) conduct not fewer than 4 auctions; and

(2) schedule the auctions in a manner to ensure that--

(A) each auction takes place during the period beginning 330 days before, and ending 60 days before, the beginning of each calendar year; and

(B) the interval between each auction is of equal duration.

Beginning on page 304, strike line 9 and all that follows through page 307, line 19, and insert the following:

Subtitle A--Auctions for Tax Relief SEC. 1001. AUCTIONS FOR TAX RELIEF.

(a) In General.--Not later than 120 days after the date of enactment of this Act, and annually thereafter through 2022, the Administrator shall auction 1 percent of the quantity of emission allowances established pursuant to section 201(a) for the calendar year that occurs 3 years after the calendar year during which the auction is conducted.

SEC. 1002. ADDITIONAL AUCTIONS.

(a) In General.--Not later than 2 years after the date of enactment of this Act, the Administrator shall auction

In the heading of the right column of the table contained on page 307, after line 22, strike “allocation to Bonus Allowance Account” and insert “auction”.

Beginning on page 308, strike line 1 and all that follows through page 318, line 4, and insert the following:

Beginning on page 330, strike line 8 and all that follows through page 332, line 9, and insert the following:

SEC. 1101. AUCTIONS FOR TAX RELIEF.

(a) In General.--Not later than 2 years after the date of enactment of this Act, the Administrator shall auction 0.5 percent of the quantity of emission allowances established pursuant to section 201(a) for calendar years 2012 through 2017.

Beginning on page 332, strike line 12 and all that follows through page 338, line 5, and insert the following:

SEC. 1111. AUCTIONS.

(a) In General.--For each of calendar years 2012 through 2050, the Administrator shall auction 1 percent of the quantity of emission allowances established pursuant to section 201(a) for the calendar year, in accordance with subsection (b).

(b) Number; Frequency.--For each calendar year during the period described in subsection (a), the Administrator shall--

(1) conduct not fewer than 4 auctions; and

(2) schedule the auctions in a manner to ensure that--

(A) each auction takes place during the period beginning 330 days before, and ending 60 days before, the beginning of each calendar year; and

(B) the interval between each auction is of equal duration.

Beginning on page 338, strike line 7 and all that follows through page 340, line 21, and insert the following:

SEC. 1121. AUCTIONS FOR TAX RELIEF.

(a) Auctions.--

(1) First period.--Not later than 330 days before the beginning of each of calendar years 2012 and 2013, the Administrator shall auction 1 percent of the emission allowances established pursuant to section 201(a) for that calendar year.

(2) Second period.--Not later than 330 days before the beginning of each of calendar years 2014 through 2017, the Administrator shall auction 0.75 percent of the emission allowances established pursuant to section 201(a) for that calendar year.

(3) Third period.--Not later than 330 days before the beginning of each of calendar years 2018 through 2030, the Administrator shall auction 1 percent of the emission allowances established pursuant to section 201(a) for that calendar year.

Beginning on page 426, strike line 1 and all that follows through page 442, line 2, and insert the following:

SEC. 1312. AUCTIONS FOR TAX RELIEF.

(a) Auctions.--For each of calendar years 2012 through 2050, the Administrator shall auction a quantity of allowances described in subsection (b) established pursuant to section 201(a) for that calendar year.

(b) Quantity of Allowances.--The quantity of allowances referred to in subsection (a) is, with respect to each applicable calendar year--

(1) 1 percent of the quantity of emission allowances established for that calendar year; and (2) of the quantity of offset allowances established for that calendar year--

(A) the number of offset allowances that the Administrator determines to be appropriate; but

(B) in no case more than 10 percent of the quantity of emission allowances established for that calendar year.

SEC. 1313. ADDITIONAL AUCTIONS.

(a) Auctions.--

(1) In general.--For each of calendar years 2012 through 2017, the Administrator shall auction 0.5 percent of the emission allowances established pursuant to section 201(a) for the calendar year, in accordance with paragraph (2).

(2) Number; frequency.--For each calendar year during the period described in paragraph (1), the Administrator shall--

(A) conduct not fewer than 4 auctions; and

(B) schedule the auctions in a manner to ensure that--

(i) each auction takes place during the period beginning 330 days before, and ending 60 days before, the beginning of each calendar year; and

(ii) the interval between each auction is of equal duration.

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Senate amendment submitted

June 4, 2008