H.R. 1794, a bill To Provide Incentives to Reduce Dependence on Foreign Oil
Introduced by Dan Lungren [R-CA]
Lungren doesn't have much of a history of leadership in this area, so it is interesting that the Sacramento suburb rep decided to introduce this bill. Energy issues are very salient to his constituency (along with many, many others of course), and this bill clearly frames the matter in terms of energy security - as opposed to climate issues.
That said, the bill is fairly broad in scope. It calls for a tax credit for any facility (electrical generation) that pratcies climate neutral combustion. 'Clean coal' is directly alluded to, as the bill mentions that climate neutral combustion includes combustion in which CO2 is recaptured and used to extract hydrocarbon energy from below ground.
Largely, the bill seeks to extend Internal Revenue Code of 1986, which interestingly provided clean energy credits. Carbon neutrality is emphasized, and the bill further proposes to extend tax credits for solar energy.
Also, examine these sections:
The bill is calling for direct monetary incentives for improved gas mileage($1bn is significant even to a major auto company), and a "reward" for creating an advanced lithium battery - similar to what John McCain proposed during his 2008 presidential campaign. The effectiveness of such a strategy is debatable; aside from the limited supply of lithium, production of a commercially viable battery doesn't really require a reward incentive.
Finally, the bill offers to treat any property used to produce biofuels (ethanol and methanol, specifically) as not chargeable to a capital account.