Defines as "state-of-the-art" such technology that captures not less than 85% of the total carbon dioxide produced and permanently sequesters it in an approved geological formation in a manner that prevents its later release into the atmosphere. Defines a "comprehensive program" as one adopted by Congress or the Environmental Protection Agency (EPA) that requires immediate and significant reductions in GHGs across the U.S. economy and increases the reductions over time to reduce U.S. GHG emissions to 80% below 1990 levels by 2050.

Prohibits new coal-fired electric generating units that commence construction after the date of introduction of this Act and do not install and operate such state-of-the-art control technology from receiving GHG emission allowances free of charge or at any price less than the market price under any future program to address global warming.