Interstate Transmission Act - Amends the Federal Power Act to direct the Federal Energy Regulatory Commission (FERC) to establish, by rule, incentive-based, performance-based, participant-funded, and cost-based rate treatments for the transmission of electric energy in interstate commerce by public utilities.
Grants FERC jurisdiction over an Electric Reliability Organization (ERO) certified by FERC, regional entities, and all users, owners, and operators of the bulk-power system, for purposes of approving reliability standards and enforcing compliance with this Act.
Prescribes guidelines for ERO certification and reliability standards.
Urges the President to negotiate international agreements with the governments of Canada and Mexico to provide for: (1) effective compliance with reliability standards; and (2) the effectiveness of the ERO in the United States and Canada or Mexico.
Instructs FERC to establish a regional advisory body on the petition of at least two-thirds of the States within a region that have more than one-half of their electric load served within the region.
Exempts Hawaii and Alaska from application of electric reliability standards under this Act.
Repeals the requirement for FERC prior authorization of the disposition of public utility facilities.
Prescribes FERC preferences for the formation of a transmission organization.
Prescribes guidelines for the designation as a national interest electric transmission corridor of any geographic area experiencing or likely to experience electric energy transmission capacity constraints or congestion that adversely affects consumers.
Grants FERC permitting authority for the construction or modification of electric transmission facilities in a national interest electric transmission corridor.
Grants the consent of Congress to three or more contiguous States to enter into an interstate compact establishing regional transmission siting agencies to facilitate siting of future electric energy transmission facilities within such States and to carry out the electric energy transmission siting responsibilities of such States.
Amends the Internal Revenue Code to treat electric transmission property as 15-year property for depreciation income tax deduction purposes under the accelerated cost recovery system.