WELCOME TO THE WORLD OF GOVERNMENT SANCTIONED CARBON TAX
House passes “bailout bill”, with Carbon Tax credits and an entire buffet of pork attached.
See Yahoo News
See who voted yea or nay on the Emergency Economic Pork Stabilization Act of 2008 here:
H R 1424 YEA-AND-NAY
See the Carbon Tax language as of yesterday, no word yet on if it changed today. UPDATE: Final language posted below:
SEC. 117. CARBON AUDIT OF THE TAX CODE.
- (a) Study- The Secretary of the Treasury shall enter into an agreement with the National Academy of Sciences to undertake a comprehensive review of the Internal Revenue Code of 1986 to identify the types of and specific tax provisions that have the largest effects on carbon and other greenhouse gas emissions and to estimate the magnitude of those effects.
- (b) Report- Not later than 2 years after the date of enactment of this Act, the National Academy of Sciences shall submit to Congress a report containing the results of study authorized under this section.
- (c) Authorization of Appropriations- There is authorized to be appropriated to carry out this section $1,500,000 for the period of fiscal years 2009 and 2010.
More….
SEC. 115. TAX CREDIT FOR CARBON DIOXIDE SEQUESTRATION.
- (a) In General- Subpart D of part IV of subchapter A of chapter 1 (relating to business credits) is amended by adding at the end the following new section:
`SEC. 45Q. CREDIT FOR CARBON DIOXIDE SEQUESTRATION.
- `(a) General Rule- For purposes of section 38, the carbon dioxide sequestration credit for any taxable year is an amount equal to the sum of–
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- `(1) $20 per metric ton of qualified carbon dioxide which is–
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- `(A) captured by the taxpayer at a qualified facility, and
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- `(B) disposed of by the taxpayer in secure geological storage, and
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- `(2) $10 per metric ton of qualified carbon dioxide which is–
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- `(A) captured by the taxpayer at a qualified facility, and
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- `(B) used by the taxpayer as a tertiary injectant in a qualified enhanced oil or natural gas recovery project.
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- `(b) Qualified Carbon Dioxide- For purposes of this section–
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- `(1) IN GENERAL- The term `qualified carbon dioxide’ means carbon dioxide captured from an industrial source which–
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- `(A) would otherwise be released into the atmosphere as industrial emission of greenhouse gas, and
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- `(B) is measured at the source of capture and verified at the point of disposal or injection.
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- `(2) RECYCLED CARBON DIOXIDE- The term `qualified carbon dioxide’ includes the initial deposit of captured carbon dioxide used as a tertiary injectant. Such term does not include carbon dioxide that is re-captured, recycled, and re-injected as part of the enhanced oil and natural gas recovery process.
- `(c) Qualified Facility- For purposes of this section, the term `qualified facility’ means any industrial facility–
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- `(1) which is owned by the taxpayer,
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- `(2) at which carbon capture equipment is placed in service, and
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- `(3) which captures not less than 500,000 metric tons of carbon dioxide during the taxable year.
- `(d) Special Rules and Other Definitions- For purposes of this section–
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- `(1) ONLY CARBON DIOXIDE CAPTURED AND DISPOSED OF OR USED WITHIN THE UNITED STATES TAKEN INTO ACCOUNT- The credit under this section shall apply only with respect to qualified carbon dioxide the capture and disposal or use of which is within–
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- `(A) the United States (within the meaning of section 638(1)), or
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- `(B) a possession of the United States (within the meaning of section 638(2)).
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- `(2) SECURE GEOLOGICAL STORAGE- The Secretary, in consultation with the Administrator of the Environmental Protection Agency, shall establish regulations for determining adequate security measures for the geological storage of carbon dioxide under subsection (a)(1)(B) such that the carbon dioxide does not escape into the atmosphere. Such term shall include storage at deep saline formations and unminable coal seems under such conditions as the Secretary may determine under such regulations.
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- `(3) TERTIARY INJECTANT- The term `tertiary injectant’ has the same meaning as when used within section 193(b)(1).
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- `(4) QUALIFIED ENHANCED OIL OR NATURAL GAS RECOVERY PROJECT- The term `qualified enhanced oil or natural gas recovery project’ has the meaning given the term `qualified enhanced oil recovery project’ by section 43(c)(2), by substituting `crude oil or natural gas’ for `crude oil’ in subparagraph (A)(i) thereof.
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- `(5) CREDIT ATTRIBUTABLE TO TAXPAYER- Any credit under this section shall be attributable to the person that captures and physically or contractually ensures the disposal of or the use as a tertiary injectant of the qualified carbon dioxide, except to the extent provided in regulations prescribed by the Secretary.
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- `(6) RECAPTURE- The Secretary shall, by regulations, provide for recapturing the benefit of any credit allowable under subsection (a) with respect to any qualified carbon dioxide which ceases to be captured, disposed of, or used as a tertiary injectant in a manner consistent with the requirements of this section.
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- `(7) INFLATION ADJUSTMENT- In the case of any taxable year beginning in a calendar year after 2009, there shall be substituted for each dollar amount contained in subsection (a) an amount equal to the product of–
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- `(A) such dollar amount, multiplied by
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- `(B) the inflation adjustment factor for such calendar year determined under section 43(b)(3)(B) for such calendar year, determined by substituting `2008′ for `1990′.
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- `(e) Application of Section- The credit under this section shall apply with respect to qualified carbon dioxide before the end of the calendar year in which the Secretary, in consultation with the Administrator of the Environmental Protection Agency, certifies that 75,000,000 metric tons of qualified carbon dioxide have been captured and disposed of or used as a tertiary injectant.’.
- (b) Conforming Amendment- Section 38(b) (relating to general business credit) is amended by striking `plus’ at the end of paragraph (32), by striking the period at the end of paragraph (33) and inserting `, plus’, and by adding at the end of following new paragraph:
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- `(34) the carbon dioxide sequestration credit determined under section 45Q(a).’.
- (c) Clerical Amendment- The table of sections for subpart B of part IV of subchapter A of chapter 1 (relating to other credits) is amended by adding at the end the following new section:
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- `Sec. 45Q. Credit for carbon dioxide sequestration.’.
- (d) Effective Date- The amendments made by this section shall apply to carbon dioxide captured after the date of the enactment of this Act.
SEC. 116. CERTAIN INCOME AND GAINS RELATING TO INDUSTRIAL SOURCE CARBON DIOXIDE TREATED AS QUALIFYING INCOME FOR PUBLICLY TRADED PARTNERSHIPS.
- (a) In General- Subparagraph (E) of section 7704(d)(1) (defining qualifying income) is amended by inserting `or industrial source carbon dioxide’ after `timber)’.
- (b) Effective Date- The amendment made by this section shall take effect on the date of the enactment of this Act, in taxable years ending after such date.
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Great… not only did we, the voters, get screwed with a $700 billion tax bill but now we’re gonna get a carbon tax on top. Time to start a third political party and kick the donkeys and elephants out of Washington, DC.
counters:
Both models (economic and climate) are similar, in that they are models of a non-linear coupled chaotic system.
But as you are an apparent expert in modeling, perhaps you can help me.
I use fluid dynamics/turbulence models in my line of work, and I just cannot get the Laplace simulation to match the empirical. I’ve tried tweaking the fluid rheology, the simulation geometries and the flow rates, but no joy.
I will go in and look at the code if I have to, but I would prefer not to. Any suggestions?
Counters
It’s clear you know nothing at all about financial models. You should really find out about them before you sound off. Yes they are also a series of differential equations, often exceedingly more complex, with proper optimisation techniques, than most climate models – many of which are simplistic junk by comparison. Also they are written by programmers who are streets ahead of most academics in ability, using modern problem-solving languages like Ocaml rather than Fortran. What they both utterly fail on though isn’t the maths or physics, it is the total reliance on ad-hoc assumptions about the underlying mechanisms combined with exceedingly poor validation.
SteveSadlov (13:27:24) :
” Just as the earliest (and perhaps worst) NH winter in a generation gets underway.
Load ammo, cycle action, point firearm at foot, shoot. ”
You left out a couple important steps…
1 – Take off shoes and socks to get a better aim
2 – Cross feet so you can get both with one shot
I’ve had it with this nitwit President in particular and the republicans in general. The ‘pubs had six years in which they could get things done and they blew it. In the process, they showed the Nation they cannot be trusted and that they are the “spendthrift party” more so than the dumbos.
We know the dumbocrats are losers, but many had some faith in the ‘pubs. No longer, I’d rather vote communistic that republican ever again!
Jack Koenig
Independent Voter
Les
You want the simulation to match empirical studies? How old-fashioned – typical engineer. Can you not just show how the huge statistical uncertainties manage to overlap? Or maybe you could keep looking until you find an natural eddy study that fits the model. Or perhaps do the measurements again and adjust the Reynolds number of the fluid by cooling or pressurizing it. After all, it can’t possibly be the input assumptions that are wrong for heavens sake and i’m sure that turbulence model is spot on with the physics.
Oh for the joys of predicting things that can’t be verified for 20 years and nobody dies if you get it wrong.
First, they don’t permit drilling for oil here, even though its presence is known, thus driving up the cost of oil.
Then they require the issuance of lousy mortgage loans in pursuit of some feel-good social agenda.
Now that the chickens have come home to roost, they posture as our ‘saviors” by passing a pork-laden, something-for-everyone ‘rescue’ package that our kids and their kids will be paying throughout the century, at least until the rest of the house of cards collapses.
Just when you think things can’t get any worse, it gets worse.
From Marc Morano, a member of Senator Inhofe’s staff:
“During a week where Americans were focused on perhaps the greatest economic challenges this country has faced in over a generation, House Democrats released a set of principles on October 2nd that outline an aggressive plan to cap greenhouse gas emissions. The plan could be even more economically restrictive than the failed Lieberman-Warner Climate Security Act, which would have cost $6.7 trillion dollars, according to the bill’s own sponsors.”
See the rest of that post:
http://epw.senate.gov/public/index.cfm?FuseAction=Minority.Blogs&ContentRecord_id=c4584465-802a-23ad-46a7-cf9cfff3d7b9
Gentlemen, it’s into the abyss we go!
Will (12:04:44) :
I am making a bumper sticker: Save the Planet, Sequester Al Gore.
That’s a great one, Will. I have made my own also:
SAVE THE PLANET
MORE CO2 = MORE GREEN
Think I’ll make one of yours too
http://www.makestickers.com/ (not my company:)
I only hope the Mayan calendar is correct and we all perish on Dec 31, 2012. At least we only have a little over 4 years to suffer through. There is now no future for anyone. Gov Ahnuld in California has asked the Congress to buy up $7 billion in debt and I am sure every other state will do the same. A point made on radio this morning was that people living in houses with the mortgages that are going to be bought by the government will never have to pay another dime, the government isn’t going to be the bad guy and kick them out. Perhaps all the rest of us who take care of our business as we should are the real fools here. We thought it was a level playing field, we thought that doing the right thing would take us to higher groung, now it turns out that the feel good liberals have had their way, no one is responsible for anything they do. We are the suckers! I just might steal a car tonight.
AE General says:
In a word, no. Here is the report: http://www.nap.edu/catalog.php?record_id=11676 . They did not have as much confidence as Mann et al. in the pre-1600 results but still concluded
Mann et al.’s latest (2008) paper is an attempt to address some of the uncertainties identified in this NAS report.
Tom in Fla – It’s actually 12/22/12, I believe. In any case, that’s not when we perish. It’s when we enter “the next world.” Hopi prophecy is similar. Now, as for what “the next world” is, let’s hope it’s not a wispy remnant of Romans and Gauls, making the final stand in the South of France against the Huns. Of course, in that case, a bullet was dodged, and a mere 800 years later, we’d mostly recovered. This time, the West may lose.
Senator Byrd would would say that there is a, “certain amount of over-reacting going on around here.”
Attaching this particular “stuff” to this particular bill at this particular time is a particularly good thing.
Particular illogical ranting on this particular blog at any particular time is a particularly bad thing. It accomplish nothing and provides AGW’ers opportunity to misdirect the debate.
Speaking of accomplishing — I am able to up my contribution to WUWT to $20.00 / month. Here is one real line in the sand, and all of us who can afford to — should stand with Anthony in moving the debate forward via this blog’s particularly positive outreach and impact..
SteveSadlov,
Thanks on the date correction, 9 less days to suffer. As for passing into the next world, I think that happened today.
Do you remember Black Monday? It was caused by a bunch of computer models getting a sell signal. The smart money knew it was a glich and bought stock at or near the bottom.
Thanks for clarifying that, Joel.
We need an economic assessment of the positive benefits of increased atmospheric CO2. Goodness knows we are spending a great deal looking for negatives. For instance what is the world wide savings on increased food production and reduced water usage due to the increase in CO2?
Do the positive environmental and economic effects of global warming increase in a linear fashion as CO-2 increases, while the warming from additional CO2 decreases logarithmically?
Somewhow, I expect to see a larger than normal amount of congressional oustering goin on this year. The sense I get of this
bailoutlooting is that it is incredibly unpopular amongst the American people, of both political flavors. But I am in Canada.Is this assessment correct?
I fear Bad Science and politicians have won more than just the day.
If I could afford to contribute, I would, but I can not.
We need this site, it’s insight, and the science it covers so well,
we should all contribute what we can.
I try to..
(I’ll never, ever vote for a politician that spouts AGW either.)
So, I will not leave this planet with a guilty conscience,
I have tried my best, and will continue to,
(which ain’t that good, but every little helps)
however much the “greens” try to indoctrinate me otherwise.
Joel: the NAS report I have, is subtly different than what you have:
It can be said with a high level of confidence that global mean surface temperature was higher during the last few decades of the 20th century than during any comparable period during the preceding four centuries. This statement is justified by the consistency of the evidence from a wide variety of geographically diverse proxies.
Less confidence can be placed in large-scale surface temperature reconstructions for the period from A.D. 900 to 1600. Presently available proxy evidence indicates that temperatures at many, but not all, individual locations were higher during the past 25 years than during any period of comparable length since A.D. 900. The uncertainties associated with reconstructing hemispheric mean or global mean temperatures from these data increase substantially backward in time through this period and are not yet fully quantified.
Very little confidence can be assigned to statements concerning the hemispheric mean or global mean surface temperature prior to about A.D. 900 because of sparse data coverage and because the uncertainties associated with proxy data and the methods used to analyze and combine them are larger than during more recent time periods.
I have an Excel spreadsheet that’s better than the link you gave in that it lists who voted ‘YES’ by state and whether they are up for election this year. Can I upload it?
my question is will i get a credit if i cut beans from my diet and quit releasing methane?
Ya know, maybe blaming the Demicans or the Republicrats is not correct. Maybe we need to look past party affiliation to the training and background of those people who are elected to govern. The vast majority of them are lawyers. For many years we’ve elected people whose training is in legal and political matters, figuring these were the people who would write and pass good legislation.
Yet it is becoming clear these people have created laws that have great sounds to them, but dire consequences. The act that created the sub-prime lending fiasco is just one such example albeit a large one. A smaller, every day example of their work is those idiotic safety messages in instruction manuals (most of the pages in fact) for things that have motors, whirling blades, loud noises or sharp stuff.
OK, where do we go from here? Seems to me most of our small towns and municipalities are reasonably well run. That’s where the people elected to mayor, councilman, or what have you are folks like the rest of us. They are housewives, (yea, it’s still a word!) janitors, mechanics, small business people, garbage men and you name it. Regular common sense folk who want to do something for their community. They are not insulated from their constituents, but immersed with them in a common environment. They don’t have layers of staffers feeding them what the staffer wants. The city attorney will give them legal advice, but overall, they have to listen to their neighbors.
You get my drift. Maybe it’s time to elect some of these folks (liberal, center, conservative) to do our business.
“Nuff said!
Mike
The parallels between AGW and Finance are uncanny: surface temperature anomalies look like stock charts, irrational exeburance by the AGW crowd when temperatures were increasing, the whistling by the graveyard as global temperatures fall, the lack of accuracy in their models, etc. I suspect AGW will go the way of CDO’s (collaterelized debt obligations) in the next 2-3 years (i.e., no one will want a piece of it). Bold prediction: AGW will not merit a single question in the televised presidential debates 4 years hence.
Les Johnson says:
Same report…Just a different part of the summary than what I quoted. (Note that I linked to an online version of the entire report.)