S. 3179 · 114th Congress
Carbon Capture Utilization and Storage Act
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
HeitkampSponsor19 cosponsors · 11 D, 8 R
D
Booker
TK
D
Kaine
BS
D
Schatz
JT
D
Tester
SW
D
Whitehouse
RB
R
Blunt
SC
R
Capito
BC
D
Casey
MM
R
McConnell
AK
D
Klobuchar
JB
R
Barrasso
LM
R
Murkowski
RP
R
Portman
MK
R
Kirk
LG
R
Graham
RD
D
Durbin
SB
D
Brown
AF
D
Franken
MW
D
Warner5 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Internal Revenue Code to extend and modify the tax credit for carbon dioxide (CO2) sequestration. The bill modifies the credit to:
What it does: CRS summary · Introduced in Senate · Jul 13, 2016
Carbon Capture Utilization and Storage Act
This bill amends the Internal Revenue Code to extend and modify the tax credit for carbon dioxide (CO2) sequestration. The bill modifies the credit to:
- allow certain new industrial facilities or equipment to qualify for the credit if construction begins before January 1, 2024;
- allow qualified projects to claim the credit for 12 years, beginning on the date the equipment was originally placed in service;
- increase the separate credit amounts, with respect to projects placed in service upon or after the enactment of this bill, that apply to captured CO2 that is: (1) disposed of in secure geological storage, and (2) used as a tertiary injectant in an enhanced oil or natural gas recovery project and disposed of in secure geological storage;
- expand the purposes for which captured CO2 may be used;
- establish separate CO2 capture thresholds based on whether the facility is an electricity generating facility or used for other purposes;
- specify that the 75 million metric ton cap on the CO2 that may qualify for the credit applies only to projects placed in service before the enactment of this bill; and
- allow the credit to be transferred from the entity that owns and uses the capture equipment to the entity that disposes of or uses the CO2.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Carbon Capture Utilization and Storage Act
Latest action (Jul 13, 2016): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jul 13, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.