3.0.0 3345 2019-11-15T21:57:51Z 2019-11-15T21:57:51Z Senate S S 2008-07-26 110 ssfi00 Finance Committee Senate Standing Referred to 2008-07-26T18:01:53Z 2008-07-26 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7533-7537) IntroReferral 2008-07-26 Sponsor introductory remarks on measure. (CR S7531-7533) IntroReferral B00100 9 Library of Congress 2008-07-26 Introduced in Senate IntroReferral 10000 9 Library of Congress R000361 Sen. Rockefeller, John D., IV [D-WV] JAY ROCKEFELLER D WV N Energy Air pollution control Alternative energy sources Aquifers Bonds Carbon cycle Carbon dioxide Climate change and greenhouse gases Coal Commerce Economics and Public Finance Energy prices Energy transportation Environmental Protection Environmental technology Executive reorganization Finance and Financial Sector Geology Government Operations and Politics Government corporations Government lending Income tax Industrial buildings Interstate compacts Investment tax credit Methane Pipelines Public Lands and Natural Resources Science, Technology, Communications Tax credits Taxation Transportation and Public Works Water Resources Development Energy 00 2008-07-26 Introduced in Senate 2009-02-05T20:41:29Z Future Fuels Act of 2008 - Amends the Energy Policy Act of 2005 to establish the Future Fuels Corporation as a government corporation. Requires the Corporation, beginning in FY2009, to expend funds transferred by the Secretary of Energy to: (1) promote and deploy coal and coal cofired polygeneration technologies; (2) reduce the carbon footprint of coal consumption and the production of coal-based byproducts; and (3) conduct widespread carbon sequestration research, development, and deployment activities.

Requires the Secretary to: (1) implement a 10-year carbon capture and storage (currently, sequestration) research, development, and demonstration program; (2) establish a program to achieve the goal of annually sequestering at least 1,000,000 tons of carbon dioxide by January 1, 2015; (3) verify, analyze, and report on the results of assessments conducted by other federal agencies or states relating to geological storage capacity and the potential for carbon injection rates; (4) submit to congressional committees recommendations on regulatory and advisory mechanisms for the determination of best technologies, the identification and evaluation of strategies for carbon capture and storage technologies, the selection and operation of carbon dioxide sequestration sites, and the transfer of liability for the sites to the United States; (5) develop model interstate compacts to govern the transportation, injection, and storage of carbon dioxide; and (6) conduct geological sequestration demonstration projects involving operations in a variety of geological settings. Authorizes appropriations of such programs for FY2009-FY2014.

Authorizes the Secretary of Energy to enter into standby loan agreements for no more than 10 qualifying coal-to-liquid (CTL) projects, at least one of which may be a qualifying CTL project primarily designed to produce pipeline-quality natural gas from domestic coal. Defines a "qualifying CTL project" to include specified commercial-scale projects that convert coal to industrial feedstocks or liquid or gaseous fuels for transportation or other uses or projects conducted at facilities that convert petroleum refinery waste products into gaseous transportation fuels.

Amends the Internal Revenue Code to: (1) establish a coal-based transportation fuel pipeline tax credit; (2) apply the credit for producing fuel from a nonconventional source to the capture or extraction of coalmine methane gas; (3) modify the qualifying advanced coal project credit; (4) establish a credit for investment in a clean coal energy bond; and (5) establish a new tax credit for carbon dioxide sequestration.

]]> Future Fuels Act of 2008 Short Titles as Introduced Future Fuels Act of 2008 Display Title Future Fuels Act of 2008 Official Title as Introduced A bill to promote the capture and sequestration of carbon dioxide, to promote the use of energy produced from coal, and for other purposes. Introduced in Senate 2008-07-26T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s3345is/xml/BILLS-110s3345is.xml 2008-07-26 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7533-7537) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.