Additional tax credits for qualifying supercritical advanced coal projects

(a)

30 percent credit percentage

Paragraph (3) of section 48A(a) of the Internal Revenue Code of 1986 is amended by inserting or (iv) after (iii). (b)

Supercritical advanced coal-Based generation technology project defined

Subsection (c) of section 48A of such Code is amended by adding at the end the following:

(8)The term supercritical advanced coal-based generation technology project means a qualifying advanced coal-based generation technology project which includes a coal-fired boiler that— (A)in lieu of the requirements under subsection (f)(1)(A)(ii), reaches an electricity generating efficiency of at least 36 percent, and (B)operates at a minimum pressure of 3,200 pounds per square inch.

(c)

Application period for certification

Subparagraph (A) of section 48A(d)(2) of such Code is amended by striking and at the end of clause (i), by striking the period at the end of clause (ii) and inserting , and, and by adding at the end the following:

(iii)for an allocation from the dollar amount specified in paragraph (3)(B)(iv) during the 3-year period beginning at earlier of the termination of the period described in clause (ii) or the date prescribed by the Secretary.

(d)

Aggregate credits

(1)

In general

Subparagraph (A) of section 48A(d)(3) of such Code is amended by striking $2,550,000,000 and inserting $3,800,000,000. (2)

Supercritical advanced coal-based generation technology projects

Subparagraph (B) of section 48A(d)(3)(B) is amended by striking and at the end of clause (ii), by striking the period at the end of clause (iii) and inserting , and, and by adding at the end the following:

(iv)$1,250,000,000 for supercritical advanced coal-based generation technology projects the application for which is submitted during the period described in paragraph (2)(A)(iii).

(e)

Carbon dioxide sequester

Subparagraph (G) of section 48A(e)(1) of such Code is amended by striking subsection (d)(2)(A)(ii) and inserting clause (ii) or (iii) of subsection (d)(2)(A). (f)

Effective date

The amendments made by this section shall apply to periods after the date of the enactment of this Act under rules similar to the rules of section 48(m) of the Internal Revenue Code of 1986 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990).