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Letter to the Honorable John F. Kerry 1 (July 2010)

handle is hein.congrec/cbo8877 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Douglas W. Elmendorf, Director U. S. Congress Washington, DC 20515 July 7, 2010 Honorable John F. Kerry United States Senate Washington, DC 20510 Dear Senator: As you requested, the Congressional Budget Office (CBO) and the staff of the Joint Committee on Taxation (JCT) have reviewed the discussion draft of the American Power Act, as released on May 12, 2010, with certain technical corrections and other changes subsequently provided to CBO by your staff. Included in those changes is a reduction in the size of the universal refund (section 3206) by amounts necessary to cover the cost of the low-income refund (section 3204). American Power Act The American Power Act would make a number of changes in energy and environmental policies largely aimed at reducing emissions of gases that contribute to global warming. The bill would limit or cap the quantity of certain greenhouse gases (GHGs) emitted from facilities that generate electricity and from other industrial activities beginning in 2013 or for certain entities by 2016. The Environmental Protection Agency (EPA) would establish two separate regulatory initiatives known as cap-and-trade programs-one covering emissions of most types of GHGs and one covering hydrofluorocarbons (HFCs). EPA would issue allowances to emit those gases under the cap-and-trade programs. Some allowances issued by EPA would be auctioned by the federal government, and the remainder would be distributed to various recipients- including states, federal agencies, natural gas distributors, and local distribution companies-at no charge. A portion of an entity's compliance obligation under the GHG cap-and trade program could be met by purchasing domestic or international offsets in lieu of purchasing an allowance. Such offset credits could be generated by domestic or

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