Practical Energy Plan Act of 2011

[AI summary unavailable — showing source text] Practical Energy Plan Act of 2011 - Amends the Internal Revenue Code to allow a new tax credit for investment in a qualifying pioneer project. Defines a "qualifying pioneer project" as a project which captures carbon dioxide that is emitted in connection with power generation or industrial production, that is subject to an eligible enhanced oil recovery contract, and that is delivered for use by a qualified carbon dioxide trunkline that has a free flow capacity of not less than 7.5 million metric tons and extends not less than 300 miles. Allows business-related tax credits for: (1) pioneer project carbon dioxide production, and (2) deployment of carbon dioxide that is captured during a 10-year period and delivered by the taxpayer under an eligible enhanced oil recovery contract. Requires the Secretary of the Treasury to make annual projections of the present value of the expected increase in federal revenues from oil production using carbon dioxide from qualifying pioneer projects and to suspend such a project if costs exceed expected increases in revenues. Requires the Secretary of the Interior to submit: (1) a schedule for the issuance of final decisions on applications…