US SB3581 | 2011-2012 | 112th Congress

Status

Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on September 20 2012 - 25% progression, died in committee
Action: 2012-09-20 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Amends the Internal Revenue Code, with respect to the tax credit for carbon dioxide sequestration, to: (1) establish a national limitation for such credit based upon metric tons of qualified carbon dioxide (defined as carbon dioxide captured from an industrial source that would otherwise be released into the atmosphere as industrial emission of greenhouse gas and that is measured at the source of capture and verified at the point of disposal or injection); (2) direct the Secretary of the Treasury to establish processes and procedures for allocating the national limitation and for certifying projects for which an allocation has been made; (3) impose a 10-year limitation period for such credit; (4) identify the primary taxpayer eligible to claim such credit as the taxpayer who captures the qualified carbon dioxide and disposes, through contract or otherwise, of the qualified carbon dioxide in a specified manner; and (5) provide for the transferability of such credit.

Tracking Information

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Title

A bill to amend the Internal Revenue Code of 1986 to modify the credit for carbon dioxide sequestration.

Sponsors


History

DateChamberAction
2012-09-20SenateRead twice and referred to the Committee on Finance.

Subjects


US Congress State Sources


Bill Comments

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