April 21, 2021
Bill to expand, extend 45Q tax credit introduced in House
Reps. David Schweikert, R-Ariz.; Brad Wenstrup, R-Ohio; and Carol Miller, R-W.V., on April 19 joined House Minority Leader Kevin McCarthy, R-Calif., in announcing a bill to improve and extend the 45Q tax credit for carbon capture and sequestration (CCS).
The bill, H.R. 2633, was introduced April 16 and referred to the House Committee on Ways and Means.
The bill aims to make the 45Q tax credit permanent. It would also increase the value of the credit from $35 to $50 per ton for carbon sequestered as part of enhanced oil and gas recovery. For other sequestered carbon, the value would increase from $50 to $85 per ton.
– Ethanol Producer Magazine, Erin Voegele