S.3591 - Carbon Capture and Sequestration Deployment Act of 2010111th Congress (2009-2010)
|Sponsor:||Sen. Rockefeller, John D., IV [D-WV] (Introduced 07/14/2010)|
|Committees:||Senate - Finance|
|Latest Action:||07/14/2010 Read twice and referred to the Committee on Finance.|
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Summary: S.3591 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in Senate (07/14/2010)
Carbon Capture and Sequestration Deployment Act of 2010 - Requires the Secretary of Energy (DOE) to establish a cooperative industry-government research and development program, in addition to and in cooperation with the Office of Fossil Energy's carbon capture and sequestration research and development program, to demonstrate novel and innovative technologies to: (1) capture or prevent carbon dioxide emissions from carbon-based fuels; (2) enable the beneficial use of carbon dioxide; or (3) enable the long-term storage of carbon dioxide.
Requires DOE to conduct an annual assessment of existing federal programs supporting technology preventing the emission of, capturing, transporting, permanently storing, or sequestering, or putting to beneficial use carbon dioxide.
Amends the Energy Policy Act of 2005 to authorize $20 billion for loan guarantees for: (1) the construction of new commercial scale electric generation units, or industrial facility units, that are eligible units utilizing carbon capture and sequestration technology; (2) the retrofit of eligible units providing for carbon capture and sequestration; and (3) the construction of pipelines to transport carbon dioxide to sequestration sites or to sites where such carbon dioxide will be used for hydrocarbon recovery.
Amends the Internal Revenue Code to: (1) expand the tax credit for carbon dioxide sequestration to include carbon dioxide that is disposed of in secure geologic storage or converted to a stable form to enable permanent sequestration; (2) allow a 30% increase in the qualifying advanced coal project tax credit for the incremental cost for carbon capture and sequestration systems; (3) allow an increase in the carbon dioxide sequestration tax credit for the use of new or retrofit electric utility or industrial units to provide for carbon capture and sequestration in secure geologic storage; and (4) allow issuers of qualified carbon sequestration bonds income and excise tax credits for payments of interest with respect to such bonds. Directs the Secretary to establish a program for the certification of new or retrofit electric or industrial units utilizing carbon capture and sequestration technology eligible to apply for the carbon dioxide sequestration credit.
Carbon Capture and Sequestration Early and Effective Deployment Fund Act of 2010 or the CC SEED FUND ACT - Requires the Secretary to establish: (1) a special funding program to support projects to accelerate the commercial availability of carbon capture and sequestration technologies; and (2) a Carbon Capture and Sequestration Program Partnership Council to advise the Secretary on such program.
Requires the Secretary to (1) collect an assessment on electric utilities for all fossil fuel-based electricity sold that reflects the relative carbon dioxide emission rates of different fossil fuel-based electricity; and (2) promulgate regulations to determine the level and type of fossil fuel-based electricity delivered by each electric utility. Sets forth provisions concerning the recovery of costs associated with complying with such requirements.
Amends the Clean Air Act to require a covered unit (an electric utility generating unit that derives 50% of its annual heat input from coal, petroleum coke, or any combination of such fuels) the owner or operator of which has received a preconstruction approval or permit under such Act on or after this Act's enactment and before January 1, 2020, to achieve by a specified compliance date an emission limit for carbon dioxide that reflects a 50% reduction from the carbon content of the fuel used by the unit.
Requires DOE to act as the lead agency for coordinating federal authorizations and related environmental reviews with respect to a project that is eligible to receive a financial incentive under this Act.
Carbon Storage Stewardship Act - Sets forth provisions concerning the responsibility for monitoring and remediating certified post-closure storage facilities that provide long-term geologic storage and sequestration of carbon dioxide. Established the Carbon Storage Stewardship Trust Fund in the Treasury for the National Carbon Storage Stewardship Program that reimburses agencies and makes payments for costs with respect to such facilities. Establishes the Carbon Storage Stewardship Board as an independent agency to advance the widespread deployment of carbon capture and storage technologies by providing for the long-term stewardship of closed storage sites and to administer such Program. Establishes within DOE an Office of Public Claims to adjudicate claims filed with the Board related to carbon dioxide injected at facilities. Requires the Secretary to competitively select 10 carbon capture and geological sequestration projects as first mover projects that shall be indemnified from liabilities arising from the injection of carbon dioxide into storage facilities.