Sec. 382.212.  EMISSIONS REDUCTION CREDIT.  (a)  In this section, "emissions reduction credit" means an emissions reduction certified by the commission that is:
(1)  created by eliminating future emissions, quantified during or before the period in which emissions reductions are made;
(2)  expressed in tons or partial tons per year;  and
(3)  banked by the commission in accordance with commission rules relating to emissions banking.
(b)  To the extent allowable under federal law, the commission by rule shall authorize:
(1)  the assignment of a percentage of emissions reduction credit to a private, commercial, or business entity that purchases, for accelerated retirement, a qualified vehicle under a low-income vehicle repair assistance, retrofit, and accelerated vehicle retirement program;
(2)  the transferability of an assigned emissions reduction credit;
(3)  the use of emissions reduction credit by the holder of the credit against any state or federal emissions requirements applicable to a facility owned or operated by the holder of the credit;
(4)  the assignment of a percentage of emissions reduction credit, on the retirement of a fleet vehicle, a vehicle owned or leased by a governmental entity, or a commercial vehicle, to the owner or lessor of the vehicle;  and
(5)  other actions relating to the disposition or use of emissions reduction credit that the commission determines will benefit the implementation of low-income vehicle repair assistance, retrofit, and accelerated vehicle retirement programs established under Section 382.209.
Added by Acts 2001, 77th Leg., ch. 1075, Sec. 1, eff. Sept. 1, 2001.