paragraph (2) shall be applied and the applicable amount for the first such calendar year shall be the dollar amount in effect for the calendar year preceding the beginning of such period. (ii) Exception Clause (i) shall not apply to a calendar year if, respect to that calendar year, a determination described in subparagraph (A) applies to that calendar year. (c) Emissions reductions benchmarks For purposes of this section— (1) In general The emissions reduction benchmarks are as follows: (A) 30 percent below the emissions benchmark by 2025. (B) 40 percent below the emissions benchmark by 2030. (C) 50 percent below the emissions benchmark by 2035. (D) 70 percent below the emissions benchmark by 2045. (E) 80 percent below the emissions benchmark by 2050. (2) Emissions benchmark The emissions benchmark is the 2005 level of life-cycle emissions from the taxable carbon substances, as determined by the Administrator. (3) Reports (A) Emissions reductions target report Not later than 2 years after the date of enactment of the Consumers Rebate to ban Emissions and Boost AlTernative Energy Act , and every 2 years thereafter, the Administrator shall issue an emissions reduction benchmarks report. The report shall include, in detail, the emission reductions resulting from the imposition of tax under this section and the expected trajectory of emissions reductions. (B) 5-year report The Administrator shall, after consultation with other appropriate Federal and State agencies and non-Federal stakeholders, issue a report every 5 years on the effects of the carbon tax established under this subtitle, including energy market conditions, impacts to consumers, impacts to the environment, actual emission reductions, and reliability and resiliency of the electric grid. (d) By whom paid The tax imposed by subsection (a) shall be paid by the producer, miner, or importer of the taxable carbon substance. (e) Regulations Not later than 2 years after the date of enactment of the Consumers Rebate to ban Emissions and Boost AlTernative