This is a short summary of what to expect from the highly anticipated Kerry-Lieberman energy bill, which is called The American Power Act. We obtained this document from Think Progress' The Wonk Room.

The AP has summarized some of the key points to the bill:

The legislation aims to cut emissions of carbon dioxide and other heat-trapping greenhouse gases by 17 percent below 2005 levels by 2020 and more than 80 percent by 2050.

For the first time it would set a price on carbon emissions for large polluters such as coal-fired power plants. Rates initially would range from $12 per ton of carbon emissions to $25 per ton, depending on market prices. Restrictions would not take effect until 2013 for power plants and transportation fuels, and 2016 for manufacturers.

Allowances would be granted to local electricity companies, which would be required to use them to help rate payers. In addition, a separate consumer relief provision would provide rebates to eligible families.

Kerry and Lieberman said the bill would exempt farms and most small and medium-sized businesses, concentrating efforts on the largest polluters.

Read the full AP summary here.

The AP also notes that the bill contains a provision that will allow neighboring states to veto offshore drilling leases.