A bill to authorize the Department of Energy to develop and implement an accelerated research and development program for advanced clean coal technologies for use in coal-based electricity generating facilities and to amend the Internal Revenue Code of 1986 to provide financial incentives to encourage the retrofitting, repowering, or replacement of coal-based electricity generating facilities to protect the environment and improve efficiency and encourage the early commercial application of advanced clean coal technologies, so as to allow coal to help meet the growing need of the United States for the generation of reliable and affordable electricity.
Prescribes conditions and criteria for the authorization of appropriations for a clean coal power initiative program.
Instructs the Secretary to award competitive, merit-based grants to universities for the establishment of Centers of Excellence for Energy Systems of the Future.
Amends the Internal Revenue Code of 1986 to establish income tax credits for investment in and for production from a qualifying advanced clean coal technology facility.
Prescribes guidelines for the treatment of persons not able to use the entire credit relating to clean coal technology.
Introduced in Senate
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3412-3418)
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