US SB1535 | 2017-2018 | 115th Congress
Status
Spectrum: Slight Partisan Bill (Democrat 18-6-1)
Status: Introduced on July 12 2017 - 25% progression, died in committee
Action: 2017-07-12 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on July 12 2017 - 25% progression, died in committee
Action: 2017-07-12 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
FUTURE Act Furthering carbon capture, Utilization, Technology, Underground storage, and Reduced Emissions 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.
Title
FUTURE Act Furthering carbon capture, Utilization, Technology, Underground storage, and Reduced Emissions Act
Sponsors
Sen. Heidi Heitkamp [D-ND] | Sen. Shelley Capito [R-WV] | Sen. Sheldon Whitehouse [D-RI] | Sen. John Barrasso [R-WY] |
Sen. Tim Kaine [D-VA] | Sen. Lindsey Graham [R-SC] | Sen. Brian Schatz [D-HI] | Sen. Roy Blunt [R-MO] |
Sen. Cory Booker [D-NJ] | Sen. Rob Portman [R-OH] | Sen. Jon Tester [D-MT] | Sen. Thad Cochran [R-MS] |
Sen. Robert Casey [D-PA] | Sen. Amy Klobuchar [D-MN] | Sen. Richard Durbin [D-IL] | Sen. Al Franken [D-MN] |
Sen. Sherrod Brown [D-OH] | Sen. Mark Warner [D-VA] | Sen. Joe Donnelly [D-IN] | Sen. Joe Manchin [D-WV] |
Sen. Tammy Duckworth [D-IL] | Sen. Gary Peters [D-MI] | Sen. Christopher Coons [D-DE] | Sen. Michael Bennet [D-CO] |
Sen. Angus King [I-ME] |
History
Date | Chamber | Action |
---|---|---|
2017-07-12 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB3761 (Related) 2017-09-13 - Referred to the House Committee on Ways and Means.
SB2256 (Related) 2017-12-20 - Read twice and referred to the Committee on Finance.
SB2256 (Related) 2017-12-20 - Read twice and referred to the Committee on Finance.
Subjects
Air quality
Climate change and greenhouse gases
Electric power generation and transmission
Environmental technology
Income tax credits
Industrial facilities
Oil and gas
Taxation
Climate change and greenhouse gases
Electric power generation and transmission
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/senate-bill/1535/all-info |
Text | https://www.congress.gov/115/bills/s1535/BILLS-115s1535is.pdf |