American Energy Opportunity Act of 2014

American Energy Opportunity Act of 2014 - Deems the Draft Proposed Outer Continental Shelf Oil and Gas Leasing Program 2010-2015 issued by the Secretary of the Interior to be approved as a final oil and gas leasing program under the Outer Continental Shelf Lands Act. Deems the Secretary to have issued a final environmental impact statement for the Program under the National Environmental Policy Act of 1969.

Directs the Secretary to:

• conduct a lease sale in each outer Continental Shelf (OCS) planning area for which there is a commercial interest in purchasing federal oil and gas production leases;
• prepare an inventory of U.S. offshore energy resources; and
• promulgate regulations concerning the production of oil or gas resources of the OCS, including regulating the installation of surface facilities, mitigating the impact of such facilities on coastal vistas, and allowing onshore facilities to draw upon such resources that are within 10 miles of shore.

Extends from three geographical miles to nine nautical miles a coastal state's allowable seaward boundary.

Repeals the moratorium on oil and gas leasing in: (1) any area east of the Military Mission Line in the Gulf of Mexico, (2) any area in the Eastern Planning Area that is within 125 miles of the Florida coastline, and (3) specified areas within the Central Planning Area and within 100 miles of the Florida coastline.

Requires the Secretary of the Interior to issue a final leasing plan for the Eastern Gulf of Mexico for all areas where there exists commercial interest in purchasing federal oil and gas leases for production.

Specifies revenue sharing percentages for sums received from leasing offshore pursuant to this Act, including 30% for producing states.

Authorizes the President authority to waive requirements relating to the approval of oil and natural gas activity deemed to be important to national interests.

Amends the Clean Air Act to: (1) revise the definition of "renewable biomass" to include trees, tree residue, and slash and pre-commercial thinnings that are from forestlands on public lands; and (2) require new source review regulations relating to the construction of a new source or the modification of an existing source to provide that routine maintenance and repair do not constitute a modification of an existing source.

Requires the Secretary of Energy (DOE) to:

• implement a grant and loan program for the construction or modernization of coal fired generation units to enable use of technology to reduce greenhouse gases,
• publish a plan to exchange a specified amount of light grade petroleum from the Strategic Petroleum Reserve for heavy grade petroleum plus additional cash bonus bids that reflect the difference in market value; and
• set aside net proceeds from such exchange for the Energy Independence and Security Fund (established by this Act).

Prescribes Energy Independence and Security Fund allocations to the Energy Transformation Acceleration Fund, specified Energy Efficiency and Renewable Energy accounts, the Weatherization Assistance Program, specified Fossil Energy Research and Development accounts, the Basic Energy Sciences account.

Amends the Internal Revenue Code to:

• extend through 2019 tax credits for energy conservation and production, including credits for producing electricity from renewable resources, alternative fuel vehicles and refueling property expenditures, residential energy efficiency and solar energy and fuel cell property expenditures, and biodiesel and renewable diesel used as fuel;
• extend through 2018 the tax deduction for energy efficient commercial buildings;
• increase the limitation on the issuance of new clean renewable energy bonds;
• allow an additional tax deduction for the cost of installing mechanical insulation property;
• extend through 2019 the tax credit for fuel cell motor vehicles, advanced lean burn technology motor vehicles, hybrid motor vehicles, alternative fuel motor vehicles, and plug-in conversions;
• repeal the limitation on the number of hybrid and advanced lean-burn technology vehicles eligible for such credit;
• extend through 2019 the tax credit for plug-in electric drive motor vehicles;
• allow a new tax credit for the purchase of a motor vehicle identified by the Environmental Protection Agency (EPA) as the most efficient vehicle in its class; and
• allow an excise tax credit through 2019 for alternative fuels and fuel mixtures involving compressed or liquefied natural gas or liquefied petroleum gas.

Prescribes requirements for the use of electric drive vehicles and alternative fuel motor vehicles. Requires that at least 10% of the federal fleet be plug-in electric drive vehicles by FY2014, with such percentage increasing by at least 2% (up to 50%) each fiscal year. Directs DOE to: (1) provide grants to assist local governments in the installation of recharging facilities for electric drive vehicles, and (2) guarantee loans for any purchaser of at least 5,000 battery systems that use advanced battery technology.

Includes innovative low-carbon technology projects as projects eligible for loan guarantees made by DOE for innovative technologies.

Requires programs or directives established by this Act concerning increasing diversification and efficiency of transportation and electric systems, but not extensions of tax credits, to be offset with funds in the Carbon Free Reserve.