Creates a new federal tax on the current stock of greenhouse gas emissions, directs the revenue into a new Polluters Pay Climate Change Fund in the Treasury, and requires that money be spent on climate resilience, adaptation, disaster response, and environmental‑justice programs. The law makes the emission tax non‑deductible, requires minimum annual funding levels for some programs, reserves at least 40% of fund resources for projects benefiting environmental‑justice communities, and instructs the Treasury to work with EPA and other agencies on grant priorities and selection criteria.

Preserves existing legal remedies and state authority: it explicitly does not limit or preempt federal, state, or common‑law claims about fossil fuels and climate harms, does not replace state or local climate laws, and restricts certain uses or recoupment of Fund amounts so they cannot be used to negate liability or recovery under other laws.