What the Climate Change Bill Would Do

John Kerry and Joe Lieberman unveiled their climate change legislation today, and the Huffington Post lays out some key provisions:

• Offshore drilling: In the wake of the Deepwater Horizon disaster, states would be allowed to ban drilling up to 75 miles off their coastline. And 37.5% of revenues are earmarked for shoreline environmental protection.
• Carbon price: Polluters would have to buy carbon emission permits on an open marketplace, with emissions going for between $12 and $25 per ton. "Restrictions would take effect in 2013 for power plants and transportation fuels and in 2016 for manufacturers."

• Nuclear power: The bill expands funding for nuclear power aggressively, providing a 10% tax credit for constructing facilities and raising loan guarantees for power plants to $54 billion.
• Consumer protection: Revenue from selling emissions permits would be funneled back to consumers as energy bill discounts and rebates. Low- and middle-income families would get tax cuts for additional assistance.

Read more highlights here.
(More American Power Act stories.)