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Tax Credits for Investing in Next-Generation Carbon Dioxide Removal Technologies.

This bill establishes significant new tax credits for companies investing in technologies that actively remove carbon dioxide from the atmosphere. The goal is to accelerate the development of these technologies in the US by offering up to $250 per metric ton of CO2 removed. Citizens benefit indirectly through potential climate mitigation and the creation of new jobs in the green technology sector, subsidized by federal funds.
Key points
A new tax credit (or direct payment option) is created for projects that permanently remove carbon dioxide from the atmosphere.
The subsidy ranges from $110 to $250 per metric ton of CO2 removed, subject to inflation adjustments starting in 2026.
The credit supports a wide range of technologies, provided they meet strict environmental safety standards and demonstrate secure storage for at least 1,000 years.
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Additional Information
Print number: 118_S_5369
Sponsor: Sen. Bennet, Michael F. [D-CO]
Process start date: 2024-11-21
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Carbon Dioxide Removal Investment Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_5369.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-11-21.

What are the main provisions?

Key points include:

  • A new tax credit (or direct payment option) is created for projects that permanently remove carbon dioxide from the atmosphere.
  • The subsidy ranges from $110 to $250 per metric ton of CO2 removed, subject to inflation adjustments starting in 2026.
  • The credit supports a wide range of technologies, provided they meet strict environmental safety standards and demonstrate secure storage for at least 1,000 years.
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. Bennet, Michael F. [D-CO].

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 2025-12-30.

CATEGORIES

Taxes Environment Economy