US HB3761 | 2017-2018 | 115th Congress
Status
Spectrum: Slight Partisan Bill (Republican 36-14-1)
Status: Introduced on September 13 2017 - 25% progression, died in committee
Action: 2017-09-13 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on September 13 2017 - 25% progression, died in committee
Action: 2017-09-13 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Carbon Capture 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 or direct air capture facilities to qualify for the credit if construction begins before 2024; allow qualified projects to claim the credit for 15 years, beginning on the date the equipment was originally placed in service; increase the credit amounts for certain projects placed in service upon or after the enactment of this bill; expand the purposes for which captured CO2 may be used; modify the requirements for the amount of CO2 that must be captured; 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; 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; and allow certain facilities that were placed in service after 2015 and have not previously claimed the credit to be treated as placed in service on the date of the enactment of this bill.
Title
Carbon Capture Act
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2017-09-13 | House | Referred to the House Committee on Ways and Means. |
| 2017-09-13 | House | Introduced in House |
Same As/Similar To
SB1535 (Related) 2017-07-12 - Read twice and referred to the Committee on Finance.
HB1892 (Related) 2018-02-09 - Became Public Law No: 115-123. (TXT | PDF)
SB2256 (Related) 2017-12-20 - Read twice and referred to the Committee on Finance.
HB1892 (Related) 2018-02-09 - Became Public Law No: 115-123. (TXT | PDF)
SB2256 (Related) 2017-12-20 - Read twice and referred to the Committee on Finance.
Subjects
Air quality
Climate change and greenhouse gases
Environmental technology
Income tax credits
Industrial facilities
Oil and gas
Taxation
Climate change and greenhouse gases
Environmental technology
Income tax credits
Industrial facilities
Oil and gas
Taxation
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/115th-congress/house-bill/3761/all-info |
| Text | https://www.congress.gov/115/bills/hr3761/BILLS-115hr3761ih.pdf |
