; table of contents. Sec. 2. Findings. Title I—Greenhouse Gas Emissions Sec. 101. Treatment of greenhouse gas emissions. Title II—Carbon Reduced Payroll Tax Sec. 201. Carbon reduced payroll tax. Title III—Distribution of Revenues From Taxation of Greenhouse Gas Emissions Sec. 301. Establishment of the Carbon Trust Fund. Sec. 302. Appropriations from the Carbon Trust Fund. Title IV—Amendments to Federal Environmental Statutes Sec. 401. Amendments to the Clean Air Act. 2. Findings The Congress finds the following: (1) Climate change threatens global stability and our national economy. (2) Carbon emissions are a significant contributor to these threats and must be addressed. (3) The United States private sector can face these challenges and be a global leader in technology, innovation, and efficiency. (4) A price on carbon levels the economic playing field and spurs adoption of less carbon-intensive practices and technologies. (5) Recycling revenues back to employers and employees will neutralize the potential impacts of a tax. I Greenhouse Gas Emissions 101. Treatment of greenhouse gas emissions (a) In general The Internal Revenue Code of 1986 is amended by adding at the end the following: L Greenhouse Gas Emissions Part 1. Taxation of Greenhouse Gas Emissions Part 2. Tax Adjustments for Imports and Exports of Greenhouse Gas Intensive Products 1 Taxation of Greenhouse Gas Emissions Sec. 9901. Imposition of tax on combusted fossil fuel greenhouse gas emissions. Sec. 9902. Imposition of tax on greenhouse gas emissions from certain industrial processes. Sec. 9903. Imposition of tax on greenhouse gas emissions from certain product uses. Sec. 9904. Calculation of taxable emissions. Sec. 9905. Credit for State payments. Sec. 9906. Penalties for nonpayment. Sec. 9907. Definitions. 9901. Imposition of tax on combusted fossil fuel greenhouse gas emissions (a) In general There is hereby imposed a tax on fossil fuels produced within, or imported into, the United States. (b) Rate of tax (1) Greenhouse gases that would be