This legislation delays the legal effect of any requirement, restriction, or limitation under the Clean Air Act (CAA) relating to greenhouse gases for a two-year period; excludes agricultural emissions from regulation; and extends the Advanced Energy Project Credit (§48(c) of the Internal Revenue Code), authorizing $5 billion for clean energy technology manufacturing tax credits.
Section 504. Suspension of Stationary Source Greenhouse Gas Regulations
During a two-year period beginning on the date of enactment, any requirement, restriction or limitation under the CAA relating to GHGs shall not be legally effective for any source other than a new motor vehicle or engine.
The prohibition does not apply to:
any action relating to the preparation of a report or the enforcement of a reporting requirement, or
any action relating to the provision of technical support at the request of a state.
Light-Duty Vehicle GHG Emission Standards and CAFE rule (for 2012-2016) (75 Fed. Reg. 25324), and Proposed Fuel Efficiency Standards for Medium and Heavy-Duty Engines and Vehicles rule (for 2014-2018) (75 Fed. Reg. 74152) remain in effect.
Section 505. Greenhouse Gas Emissions Standards
Emissions of GHGs that are subject to regulation under title III of the CAA solely on the basis of the effect of the gases on global climate change shall be excluded if the emissions are from a variety of agricultural sources or changes in land use.
Section 506. Energy Security
The Advanced Energy Project Credit (§48(c) of the Internal Revenue Code) is extended in consultation with the Secretary of Energy to provide tax credits for qualifying advanced energy project sponsors. $5 billion is allocated for 2011 for project credits and direct payments, up to $1.5 billion of which may be allocated to qualified applications pending under original program.
» Cosponsors: Brown (D-OH)