Carbon Capture, Utilization, and Storage Tax Credit Amendments Act of 2021
- Last Action
- 3/25/2021
Actions
- 2021-03-25Read twice and referred to the Committee on Finance.
- 2021-03-25Introduced in Senate
CRS Summary
As of 2021-03-25 (00)
Carbon Capture, Utilization, and Storage Tax Credit Amendments Act of 2021
This bill extends the carbon oxide sequestration tax credit through 2030. It also permits taxpayers to elect to receive a payment in lieu of the tax credits for carbon oxide sequestration and qualifying advanced coal projects.
The bill also makes other modifications to certain carbon sequestration credits, including (1) an allowance of carbon sequestration credits against the base erosion minimum tax, (2) modifications to sequestration requirements for certain qualifying advanced coal project credit equipment, and (3) increasing the sequestration credit value for direct air capture projects.
Cosponsors (19)
- Shelley Capito (R-WV)
- Sheldon Whitehouse (D-RI)
- Kevin Cramer (R-ND)
- Brian Schatz (D-HI)
- John Hoeven (R-ND)
- Joseph Manchin (D-WV)
- John Barrasso (R-WY)
- Christopher Coons (D-DE)
- Charles Grassley (R-IA)
- Ben Luján (D-NM)
- Joni Ernst (R-IA)
- Richard Durbin (D-IL)
- Amy Klobuchar (D-MN)
- John Hickenlooper (D-CO)
- Dianne Feinstein (D-CA)
- Martin Heinrich (D-NM)
- Deb Fischer (R-NE)
- Bob Casey (D-PA)
- Tammy Duckworth (D-IL)
Subjects
- Air quality
- Business investment and capital
- Climate change and greenhouse gases
- Coal
- Electric power generation and transmission
- Environmental technology
- Income tax credits
- Income tax rates
- Oil and gas
- Public utilities and utility rates
- Tax administration and collection, taxpayers
- Tax-exempt organizations
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.