S.601 - ACCTION Act of 2015114th Congress (2015-2016)
|Sponsor:||Sen. Heitkamp, Heidi [D-ND] (Introduced 02/26/2015)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 02/26/2015 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.601 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in Senate (02/26/2015)
Advanced Clean Coal Technology Investment in Our Nation Act of 2015 or the ACCTION Act of 2015
This bill amends the Energy Policy Act of 2005 to require the Department of Energy (DOE) to implement a program to demonstrate the integration of systems for the capture, transportation, and injection of carbon dioxide from industrial sources for long-term geological storage or enhanced oil recovery at a commercial scale.
The types of activities that must be undertaken under the existing coal and related technologies program are expanded. DOE may carry out a Transformational Coal Technology Program.
DOE must establish an advisory committee to report on the carbon capture and sequestration program and the coal and related technologies program.
Projects under the Innovative Technology Loan Guarantee Program are eligible to receive other forms of federal assistance. Within two years, DOE has to give final approval to applications for loan guarantees and make loans for advanced fossil energy technology projects under the Program.
DOE must take steps to streamline and expedite review of federal authorizations for clean coal generating projects.
This bill amends the Internal Revenue Code to: (1) allow accelerated amortization of any mechanical or electronic system which is installed on a coal-fired electric generation unit and which reduces carbon dioxide emissions by specified means; (2) allow a new credit for investment in carbon dioxide capture, transport, and storage property; and (3) create a clean energy coal bond.
This bill establishes the Enhanced Recovery Program, a variable price support program, to accelerate the construction and operation of advanced coal-fueled projects that capture carbon dioxide emissions and sell or use the carbon dioxide for enhanced recovery.