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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.
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Additional Information
Print number: 118_S_5212
Sponsor: Sen. Barrasso, John [R-WY]
Process start date: 2024-09-25
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Enhanced Energy Recovery Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_5212.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-09-25.

What are the main provisions?

Key points include:

  • 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.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Barrasso, John [R-WY].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Taxes Environment Economy