American Energy Innovation Act - Amends the Internal Revenue Code to provide incentives for energy production and conservation, including by: (1) allowing accelerated depreciation of cellulosic biomass ethanol plant property, coal-to-liquid plant property, dedicated ethanol distribution lines, solar and fuel cell property, smart electric meters, and certain clean coal power plants; (2) making permanent tax credits for increasing research activities, nonbusiness energy property, gas produced from biomass, and synthetic fuels produced from coal; (3) allowing new tax credits for pollution abatement equipment, the manufacture of natural gas-powered vehicles, nuclear power manufacturing and construction projects, and carbon dioxide capture from industrial sources; (4) extending the income tax credits for the production of electricity from renewable resources, for energy efficient home expenditures, and for the conversion of motor vehicles to natural gas powered vehicles; (5) extending the excise tax credit for alternative fuels and alternative fuel vehicles; (6) extending the tax deduction for energy efficient commercial buildings; and (7) increasing the tax credit for carbon dioxide sequestration.
Establishes: (1) a pilot project for leasing federal lands for the development of commercial photovoltaic and concentrating solar power energy systems; (2) an Alternative Fuel Vehicle Innovation Prize; (3) the Office of the Federal Oil and Gas Permit Coordinator; and (4) the Deficit Reduction Trust Fund into which Outer Continental Shelf (OCS) receipts derived from leases of tracts available as a result of this Act shall be deposited.
Amends the Clean Air Act to: (1) exclude from the meaning of "air pollutant" carbon dioxide, water vapor, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons, and sulfur hexafluoride; and (2) revise the renewable fuel standard.
Repeals: (1) the authorization to withdraw or reissue the "Interagency Cooperation under the Endangered Species Act" rule and the "Endangered and Threatened Wildlife and Plants: Special Rule for Polar Bear"; (2) specified energy efficiency standards for lamps; (3) the prohibition against oil and gas leasing in certain areas of Gulf of Mexico and oil and gas production in the Arctic National Wildlife Refuge; (4) the limitation on using funds for implementing a commercial leasing program for oil shale resources on public land; and (5) the Oil Shale, Tar Sands, and Other Strategic Unconventional Fuels Act of 2005.
Requires the Secretary of the Interior to: (1) establish the Alaska Offshore Continental Shelf Coordination Office; and (2) assess the capacity of a storage formation that can retain carbon dioxide.
Revises the Coal-to-Liquid Fuel Program. Sets forth provisions concerning loans for the construction of coal-to-liquid facilities and technology.
Requires the Secretary of Energy (DOE) to: (1) conduct a natural gas vehicle research, development, and demonstration program; and (2) audit coal-fired electric generation facilities.
Provides for: (1) oil and gas leasing in the OCS, the Atlantic Planning Area, the Pacific Planning Area, the Alaska Planning Area, the Gulf of Mexico Planning Area, and the Coastal Plain; (2) the leasing of oil shale resources; and (3) the treatment of revenues received through oil shale or tar sand leases.
Authorizes the Secretary of the Interior to designate certain Coastal Plain lands, including the Sadlerochit Spring area, as Special Areas requiring special management and regulatory protection.
Requires the DOE Secretary to implement a Nuclear Power 2010 Program and establish a National Nuclear Energy Council. Authorizes the DOE Secretary to use amounts in the Waste Fund to make grants or contracts with private sector entities for the recycling of spent nuclear fuel.
Requires the Administrator of the Environmental Protection Agency (EPA) to conduct a research and demonstration program to evaluate the air quality benefits of ultra-clean Fischer-Tropsch transportation fuel.