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Directs the Secretary to establish a clean coal power commercial applications initiative that will demonstrate commercial applications of advanced coal-based technologies applicable to new or existing power plants, including coproduction plants.
Amends the Internal Revenue Code to establish tax credits for: (1) investment in qualifying clean coal technology; (2) production from a qualifying clean coal technology unit; (3) investment in qualifying advanced clean coal technology facilities; and (4) production from qualifying advanced clean coal technology. Mandates creation of a Federal risk pool for qualifying advanced clean coal technology.
Treats such tax credits as refundable overpayments (excessive credits) with respect to specified organizations and governmental units.
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