A Little Carbon Tax With Your Bailout?

From the bailout bill passed by the Senate last night:

SEC. 116. CERTAIN INCOME AND GAINS RELATING TO INDUSTRIAL SOURCE CARBON DIOXIDE TREATED AS QUALIFYING INCOME FOR PUBLICLY TRADED PARTNERSHIPS.5 (a) IN GENERAL.—Subparagraph (E) of section6 7704(d)(1) (defining qualifying income) is amended by in7serting ‘‘or industrial source carbon dioxide’’ after ‘‘tim8ber)’’.9 (b) EFFECTIVE DATE.—The amendment made by10 this section shall take effect on the date of the enactment11 of this Act, in taxable years ending after such date.12 SEC. 117. CARBON AUDIT OF THE TAX CODE.13 (a) STUDY.—The Secretary of the Treasury shall14 enter into an agreement with the National Academy of15 Sciences to undertake a comprehensive review of the Inter16nal Revenue Code of 1986 to identify the types of and17 specific tax provisions that have the largest effects on car18bon and other greenhouse gas emissions and to estimate19 the magnitude of those effects.20 (b) REPORT.—Not later than 2 years after the date21 of enactment of this Act, the National Academy of22 Sciences shall submit to Congress a report containing the23 results of study authorized under this section.24 (c) AUTHORIZATION OF APPROPRIATIONS.—There is25 authorized to be appropriated to carry out this section26 $1,500,000 for the period of fiscal years 2009 and 2010.

H/T Paul Chesser

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