37Simplified outline of this Part

37 Simplified outline of this Part

This Part provides for units to be issued by the Secretary in respect of vehicles covered by the new vehicle efficiency standard.

Units are issued to a person whose interim emissions value for a year is less than zero. The number of units issued depends on how much that value is less than zero.

Units may also be issued in respect of vehicles covered by the standard in other, limited circumstances.

A person may extinguish some or all of their units to reduce their final emissions value for a year. Alternatively, they may transfer units to another person who may extinguish them to reduce their own final emissions value for a year.

A person extinguishes or transfers units by requesting that the Secretary update the relevant accounts in the registry established under Part 4. The Secretary may refuse such a request in certain circumstances.

A unit is extinguished 3 years after issue, unless it is extinguished earlier.

A unit is the personal property of the person in whose registry account there is an entry for the unit.