The “Clean Power Act” (HR.4861), introduced by Representatives Rick Lazio (R-NY) and Sherwood Boehlert (R-NY) on July 13,
addresses the impact of electric utility restructuring on acid rain and greenhouse gas
emissions by providing incentives for utilities to develop renewable energy resources.
If enacted, electricity suppliers would be able to trade nitrogen oxide and carbon dioxide permits across the U.S. Participating facilities would be allowed to emit a ton of NOX for the year, except between May 1 – September 30 – the “ozone period” – when only half a ton would be permitted. One ton of CO2 would be permitted per year. Facilities would be subject to fines and fewer allotments for lack of compliance.
Starting in 2004, renewable resources must contribute to at least three percent of total U.S. electricity generation as tracked by the Energy Information Administration
(Department of Energy). If it falls below this percentage, electricity suppliers would be required to use (tradable) renewable energy credits equal to three percent of the total electric energy sold for that year. In 2010, the credits are scheduled to increase to six percent per year.
On June 13, Senator Bob Smith
(R-NH) introduced Bill S. 2718 to offer tax incentives for use of energy efficient
technology and for lowering energy consumption. Businesses and individuals would be
eligible for tax deductions for energy savings generated from solar water heaters, PV, and efficient equipment such as heat pumps and air conditioning equipment. The deduction
would range from $750 to $3,000 depending on efficiency ratings.
You can search for Legislative Information: http://thomas.loc.gov
Source: Tax News Update, Center for
a Sustainable Economy
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