Coal Conversion Incentives Act

Summary

Coal Conversion Incentives Act - Title I: Permanent Increase to 12 Percent in Rate of Investment Tax Credit - Amends the Internal Revenue Code to increase the rate of the investment tax credit from ten percent to 12 percent. Title II: Coal Conversion Incentives - Permits a taxpayer to elect a first-year depreciation deduction allowance of 35 percent of the adjusted basis of qualified air pollution control equipment for use in connection with any major electric powerplant or any major fuel-burning installation. Establishes a 20 percent investment tax credit rate for the use of qualified coal-fueled equipment in any new major electric powerplant or any major fuel-burning installation. Title III: Loans for Certain Coal-fueled Equipment - Authorizes the Administrator of the Federal Energy Administration to make loans to any business for the purchase and installation of qualified coal-fueled equipment. Specifies terms and conditions and limits the aggregate amount of such loans outstanding at any time to $1,500,000,000. Title IV: Miscellaneous Provisions - Amends the Energy Supply and Environmental Coordination Act of 1974 to establish January 1, 1981, and January 1, 1987 as deadlines for the installation of appropriate equipment and for the complete conversion of any major electric powerplant or major fuel-burning installation (currently using another fossil fuel) to coal as its primary source of energy. Authorizes the President: (1) to declare the existence of an energy emergency; (2) to require fossil fuel allocations; (3) to restrict operation hours of schools and businesses; and (4) to relax any Federal air pollution limitations. Limits such an emergency to a 30-day period, with allowance for extensions subject to Congressional oversight. Requires the President to submit annual October reports to Congress stating: (1) the amount of fossil fuels available for consumption in each region of the United States during the subsequent November-February four-month period; and (2) contingency plans for alleviating fossil fuel shortages.

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1 official file

• Introduced in House

  summary · EN · 23 May 1977

  Open at official source

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