measure The term equivalent measure means a tax or other regulatory requirement that imposes a cost on manufacturers of carbon intensive goods located outside the United States approximately equal to the cost imposed by section 4691 on manufacturers of comparable carbon intensive goods located in the United States. (b) Use treated as sale If any person manufactures, produces, or imports any taxable carbon substance and uses such substance, then such person shall be liable for tax under section 4691 in the same manner as if such substance were sold by such person. (c) Special rules for inventory exchanges (1) In general Except as provided in this paragraph, in any case in which a manufacturer, producer, or importer of a taxable carbon substance exchanges such substance as part of an inventory exchange with another person— (A) such exchange shall not be treated as a sale, and (B) such other person shall, for purposes of section 4691, be treated as the manufacturer, producer, or importer of such substance. (2) Registration requirement Paragraph (1) shall not apply to any inventory exchange unless— (A) both parties are registered with the Secretary as manufacturers, producers, or importers of taxable carbon substances, and (B) the person receiving the taxable carbon substance has, at such time as the Secretary may prescribe, notified the manufacturer, producer, or importer of such person’s registration number and the internal revenue district in which such person is registered. (3) Inventory exchange For purposes of this subsection, the term inventory exchange means any exchange in which 2 persons exchange property which is, in the hands of each person, property described in section 1221(a)(1). (d) Regulations The Secretary shall prescribe such regulations as may be necessary to carry out the purposes of this subchapter. . (b) Establishment of Build America Trust Fund Subchapter A of chapter 98 of such Code (relating to trust fund code) is amended by adding at the end the following: 9512. Build America Trust Fund