John Kerry and Joe Lieberman detailed their much-touted climate bill, now called the American Power Act, this week. For the full report, head over to John Kerry’s website to read the whole shebang.

Here’s the skinny:

Offshore Drilling:States would be allowed to opt out of offshore drilling up to 75 miles from their coast.

Transportation: $6 billion yearly to improve the effectiveness of highways and systems of mass transit. This includes money for the Highway Trust Fund, $2 billion for state and local projects that reduce oil consumption and greenhouse gas emissions.

Greenhouse Gas Emissions: Emissions would be cut by 17 percent below 2005 levels by 2020 and by more than 80 percent by 2050.

Carbon Emission Bill: The bill would set a price on carbon, setting floor and ceiling rates that would range from $12 per ton of carbon emissions to $25 per ton. Restrictions would take effect in 2013 for power plants and transportation fuels and in 2016 for manufacturers.

Energy Rebates For Consumers: 60% of emissions revenues would be sent back to consumers in the form of energy bill refunds and tax cuts.

Nuclear Power:Increasing funding for nuclear loan guarantees to $54 billion.

International: The bill stipulates that, in the event that no global agreement on climate change is reached, an international reserve allowance program would be implemented. This would require that imports from other countries that have not taken action on limiting emissions pay a comparable amount at the border in order to avoid carbon leakage.

Farming and Agriculture: Farms, and most small and medium-sized businesses, would be exempt from carbon limits. Instead, the bill would create a “multi-billion dollar revenue stream for the agricultural sector through a domestic offset program that provides incentives for farmers to reduce emissions on their land.”