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40 C.F.R. § 96.55

Banking.

§ 96.55 Banking.

(a) NOX allowances may be banked for future use or transfer in a compliance account, an overdraft account, or a general account, as follows:

(1) Any NOX allowance that is held in a compliance account, an overdraft account, or a general account will remain in such account unless and until the NOX allowance is deducted or transferred under § 96.31, § 96.54, § 96.56, subpart G of this part, or subpart I of this part.

(2) The Administrator will designate, as a “banked” NOX allowance, any NOX allowance that remains in a compliance account, an overdraft account, or a general account after the Administrator has made all deductions for a given control period from the compliance account or overdraft account pursuant to § 96.54.

(b) Each year starting in 2004, after the Administrator has completed the designation of banked NOX allowances under paragraph (a)(2) of this section and before May 1 of the year, the Administrator will determine the extent to which banked NOX allowances may be used for compliance in the control period for the current year, as follows:

(1) The Administrator will determine the total number of banked NOX allowances held in compliance accounts, overdraft accounts, or general accounts.

(2) If the total number of banked NOX allowances determined, under paragraph (b)(1) of this section, to be held in compliance accounts, overdraft accounts, or general accounts is less than or equal to 10% of the sum of the State trading program budgets for the control period for the States in which NOX Budget units are located, any banked NOX allowance may be deducted for compliance in accordance with § 96.54.

(3) If the total number of banked NOX allowances determined, under paragraph (b)(1) of this section, to be held in compliance accounts, overdraft accounts, or general accounts exceeds 10% of the sum of the State trading program budgets for the control period for the States in which NOX Budget units are located, any banked allowance may be deducted for compliance in accordance with § 96.54, except as follows:

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