S. 1535 · 115th Congress
FUTURE Act
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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HeitkampSponsor24 cosponsors · 17 D, 6 R, 1 I
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Blunt
SB
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Brown
JB
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Barrasso
MB
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Bennet
CB
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Booker
TC
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Cochran
SC
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Capito
BC
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Casey
CC
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Coons
RD
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Durbin
JD
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Donnelly
TD
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Duckworth
AF
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Franken
LG
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Graham
AK
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Klobuchar
AK
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King
TK
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Kaine
JM
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Manchin
RP
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Portman
GP
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Peters
BS
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Schatz
JT
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Tester
SW
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Whitehouse
MW
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Warner24 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Furthering carbon capture, Utilization, Technology, Underground storage, and Reduced Emissions Act or the FUTURE Act
What it does: CRS summary · Introduced in Senate · Jul 12, 2017
Furthering carbon capture, Utilization, Technology, Underground storage, and Reduced Emissions Act or the FUTURE Act
This bill amends the Internal Revenue Code to extend and modify the tax credit for carbon dioxide sequestration. The bill modifies the credit to apply it to carbon oxide sequestration. (Carbon oxide refers to any of the three oxides of carbon: carbon dioxide, carbon monoxide, and carbon suboxide.)
The bill also:
- allows certain new industrial or direct air capture facilities to qualify for the credit if construction begins before January 1, 2024;
- allows qualified projects to claim the credit for 12 years, beginning on the date the equipment was originally placed in service;
- increases the separate credit amounts, with respect to projects placed in service upon or after the enactment of this bill, that apply to captured carbon oxide 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;
- expands the purposes for which captured carbon oxide may be used;
- establishes separate carbon oxide capture thresholds for electricity generating facilities, direct air capture facilities, and facilities used for other purposes;
- specifies that the 75 million metric ton cap on the carbon dioxide that may qualify for the credit applies to carbon oxide and only to projects placed in service before the enactment of this bill; and
- allows the credit to be transferred from the entity that owns and uses the capture equipment to the entity that disposes of or uses the carbon oxide.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: FUTURE Act
Also known as: Furthering carbon capture, Utilization, Technology, Underground storage, and Reduced Emissions Act
Latest action (Jul 12, 2017): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jul 12, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.