Carbon Capture Tax Credit Parity: Equal Incentives for CO2 Utilization.
This law modifies the federal tax credit (Section 45Q) available to companies that capture carbon dioxide (CO2). The changes ensure that the credit amount is consistent, regardless of whether the CO2 is stored securely underground, used in enhanced oil or gas recovery, or utilized in manufacturing products. This aims to boost industrial investment in carbon capture and storage technologies starting in 2025.
Key points
Establishes equal tax credit rules for carbon capture, regardless of how the CO2 is used (storage, enhanced oil/gas recovery, or utilization in products).
Adjusts the base dollar amount of the tax credit for carbon sequestration projects, effective for tax years beginning after December 31, 2024.
Encourages broader adoption of carbon capture technology across various industries by standardizing the financial incentives.
Status:
Expired
Record your position for audit.
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens
(explained here).
Start recording it now.