"Exclusive: Gang-of-10, Part 5, the bill’s full text"
I have uploaded the entire 233-page (!) “Discussion Draft” of the bipartisan bill here. I have blogged on many of the main elements in the summary (see links below). But as you can imagine in a bill this long, a lot of provisions are not in the summary.
Some of the provisions are fluff, like the entire 12-page Title I — “National Commission on Energy Independence.” Just what we need, another commission.
Some provisions are useful clarification. As I hoped, Title II makes clear that the “consumer tax credits for advanced vehicles” is focused on plug-in hybrid electric vehicles (PHEV), see Section 202 (page 17). The tax credit is “$2,500, plus $400 for each kilowatt hour of traction battery capacity in excess of 4 kilowatt hours” with a cap at $7,500. A midsized PHEV might consume 0.3 to 0.4 kilowatt-hours per mile when it runs on electricity (yes, Toyota may well do better than that, but I doubt GM will).
So a PHEV20 (one with a 20-mile range running only on electricity) might have a battery capacity 7 kwh, and get a $3700 tax credit. The Chevy Volt is supposed to be 40-mile electric range and get about $6500.
Her are a few more highlights and lowlights of the draft bill:
- Section 254 (page 114) has a geothermal heat pump tax credit up to $2000 and Section 282 (page 168) has a 2-year accelerated depreciation period (!) for geothermal systems. (For details on this great technology, see “The ‘other’ geothermal grew 33% in 2006.”)
- Title IV, Subtitle B “Coal-to-Liquid” (page 191) is a tad confusing, but it doesn’t look to me like it’s going to jumpstart the industry, since it requires carbon capture and storage and requires lifecycle greenhouse gas emissions from liquid coal to be no greater than that from conventional petroleum — a very high bar to jump (see analysis at “Congress should say NO to coal-to-diesel“).
- Subtitle C “Nuclear Power” (page 203) has a bad provision that says the Secretary of Energy “shall begin construction of a spent fuel recycling research and development facility not later than 1 year after the date of enactment of this Act.” Recycling is of course a euphemism for reprocessing, a terrible idea for many reasons (see “The Nukes of Hazard“).
Finally, Subtitle D “Tax Provisions” (page 218) has a short section on enhanced oil recovery that I think is the worst provision in the bill, which I will make the subject of Part 6.
- Gang-of-10 deal, Part 4: Pick of B.O.S.S. Palin and McCain’s speech make it a must for Dems
- House Dems rolled by GOP on drilling?
- Reid floats votes on 3 drilling plans next week
- Senate Dems push bipartisan drilling bill
- Congressional Dems get smart on pushing “all of the above” energy vote
- Gang-of-10, Part 3: More good stuff, some ugly
- Gang-of-10 Part 2.5: House GOP says drill here, drill now, compromise … later
- The good, the bad and the ugly of the Gang-of-10 drilling deal, Part 2: Something for nothing?
- Since offshore oil is de minimis, why shouldn’t Obama and the Dems make a deal? Part 1