Rev. Proc. 92-91: Air Emission Allowances

The purpose of the Act is to reduce the impact of acid rain through a program of annual allocations of sulfur dioxide emission allowances ("allowances") to certain fossil-fuel-powered combustion devices ("units"), such as boilers, owned by electricity generating companies ("utilities"). The program will be administered by the Environmental Protection Agency (the "EPA") with enforcement beginning in 1995. The Act also provides that other facilities emitting sulfur dioxide ("non-utility facilities") may elect to participate in the program by "opting in" under section 410 of the Act, 42 U.S.C. section 7651i. Persons other than utilities or non-utility facilities may also acquire, hold, and transfer allowances pursuant to section 403(b) of the Act, 42 U.S.C. section 7651b(b).