National Electricity and Environmental Technology Act

National Electricity and Environmental Technology Act - Title I: Accelerated Technology Research and Development Program for Advanced Clean Coal Technology for Coal-Based Electricity Generating Facilities - Subtitle A: National Coal-Based Technology Development and Applications Program - Directs the Secretary of Energy to: (1) identify technology costs and associated performance goals that would permit continued cost-competitive use of coal for electricity generation, for chemical feedstocks, and for transportation fuel for designated time periods; and (2) implement research and development programs that include demonstration and commercial application of coal-based technologies. Authorizes appropriations.

Subtitle B: Plant Technology Applications - Directs the Secretary to: (1) conduct a program of research, development, demonstration, and commercial application to develop economically and environmentally acceptable advanced technologies for utilization within current electricity generation facilities using coal as the primary feedstock; (2) transmit a detailed plan to Congress; and (3) solicit proposals for demonstrations designed to achieve such technical milestones. Authorizes the Secretary to use certain non-obligated funds.

Title II: Credit for Emission Reductions and Efficiency Improvements in Existing Coal-Based Electricity Generation Facilities - Amends the Internal Revenue Code to: (1) allow a tax credit for investment in a qualifying clean coal technology unit; and (2) set forth the formula for determining a tax credit for production from such a unit.

Title III: Incentives for Early Commercial Applications of Advanced Clean Coal Technologies - Sets forth: (1) a tax credit for investment in a qualifying advanced clean coal technology facility; and (2) a formula for determining a tax credit for production from such a facility.

Exempts the installation of a qualifying system of continuous emission control from new source review requirements under the Clean Air Act. Grants a ten-year exemption from any new or increased emission control requirements for the specific pollutant controlled by such a system to any existing coal-based electricity generating unit on which it has been installed, if the system meets or exceeds the specified standard of performance for new stationary sources.

Directs the Secretary of the Treasury to establish a financial risk pool for a limited time to offset the modification costs resulting from the failure of qualifying advanced clean coal technology to achieve its design performance.

Title IV: Treatment of Certain Tax-Exempt Entities - Amends the Internal Revenue Code relating to excessive credits to cite conditions under which credits for emission reductions and efficiency improvements in existing coal-based generating facilities may be treated as refundable credits.

Entitles the Tennessee Valley Authority to aggregate certain clean coal technology credits and apply them as a credit against certain annual statutory payment obligations.