Credit for Voluntary Reduction Act

[AI summary unavailable — showing source text] Credit for Voluntary Reductions Act - Authorizes the President to enter into legally binding early action agreements with any person under which the United States agrees to provide greenhouse gas reduction credit usable beginning in the compliance period (during which a domestic greenhouse gas regulatory statute is in effect) if such person reduces greenhouse gas emissions or sequesters carbon before the end of the credit period. Defines the credit period as: (1) the period of January 1, 1999, through the earlier of the day before the compliance period begins or the end of the ninth calendar year beginning after enactment of this Act; or (2) a different period determined under extension or adjustment provisions of this Act . (Sec. 5) Requires a participant to receive greenhouse gas reduction credit under such an agreement if such participant takes an action that: (1) reduces such emissions or sequesters carbon before the end of the credit period; and (2) will result in an addition to the U.S. quantified emission limitation for the compliance period under any applicable international agreement. Authorizes agreements to entitle a participant to receive credit for a reduction or seque…