S. 3208 would amend the Internal Revenue Code of 1986 to provide tax incentives for clean coal technology.
Detailed Summary
Carbon Reduction Technology Bridge Act of 2008 - Amends the Internal Revenue Code to allow: (1) seven-year amortization of mechanical or electronic systems that are installed on a coal-fired electric generation unit after 2007 and that reduce carbon dioxide emissions; (2) a tax credit for the production of electricity using closed-loop biomass co-fired with coal; (3) a tax credit for investment in qualified clean coal electric generation units; (4) a tax credit for investment in carbon dioxide capture, transport, and storage property which is part of a qualified coal-fired electric generation unit; and (5) a tax credit for investment in clean energy coal bonds.
Status of the Legislation
Latest Major Action: 6/26/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
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