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Changes to Carbon Capture Tax Credits

This act modifies tax credits for capturing and storing carbon dioxide, aiming to ensure equal support for various uses of captured carbon. This could encourage the development of environmental and energy technologies.
Key points
Equal tax credits: Different uses of captured carbon dioxide (e.g., storage, use in oil recovery) will receive the same tax credit treatment.
Increased tax credits: The amount of the tax credit for carbon capture will increase from 2025 and will be adjusted for inflation.
Support for technology: The changes aim to encourage companies to invest in carbon emission reduction technologies, potentially improving air quality and fostering green energy development.
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Status: Introduced
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Additional Information
Print number: 119_S_425
Sponsor: Sen. Barrasso, John [R-WY]
Process start date: 2025-02-05