3.0.0 3179 2023-01-11T13:33:15Z 2023-01-11T13:33:15Z Senate S 2016-07-13 114 ssfi00 Finance Committee Senate Standing Referred to 2016-07-13T17:31:05Z 2016-07-13 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2016-07-13 Introduced in Senate IntroReferral 10000 9 Library of Congress H001069 Sen. Heitkamp, Heidi [D-ND] Heidi Heitkamp D ND N W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2016-07-13 True T000464 Sen. Tester, Jon [D-MT] Jon Tester D MT 2016-07-13 True S001194 Sen. Schatz, Brian [D-HI] Brian Schatz D HI 2016-07-13 True B001288 Sen. Booker, Cory A. [D-NJ] Cory Booker D NJ 2016-07-13 True K000384 Sen. Kaine, Tim [D-VA] Timothy Kaine D VA M. 2016-07-13 True C001070 Sen. Casey, Robert P., Jr. [D-PA] Bob Casey D PA 2016-07-14 False C001047 Sen. Capito, Shelley Moore [R-WV] Shelley Capito R WV Moore 2016-07-14 False B000575 Sen. Blunt, Roy [R-MO] Roy Blunt R MO 2016-07-14 False M000355 Sen. McConnell, Mitch [R-KY] Mitch McConnell R KY 2016-07-14 False K000367 Sen. Klobuchar, Amy [D-MN] Amy Klobuchar D MN 2016-09-07 False B001261 Sen. Barrasso, John [R-WY] John Barrasso R WY 2016-09-08 False M001153 Sen. Murkowski, Lisa [R-AK] Lisa Murkowski R AK 2016-09-13 False P000449 Sen. Portman, Rob [R-OH] Rob Portman R OH 2016-09-13 False K000360 Sen. Kirk, Mark Steven [R-IL] MARK KIRK R IL STEVEN 2016-09-15 False G000359 Sen. Graham, Lindsey [R-SC] Lindsey Graham R SC 2016-09-20 False D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2016-09-22 False F000457 Sen. Franken, Al [D-MN] Al Franken D MN 2016-09-28 False B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2016-09-28 False W000805 Sen. Warner, Mark R. [D-VA] Mark Warner D VA R. 2016-11-15 False Taxation Climate change and greenhouse gases Income tax credits Industrial facilities Oil and gas Taxation 00 2016-07-13 Introduced in Senate 2017-04-03T16:52:15Z 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.
]]> Carbon Capture Utilization and Storage Act Display Title Carbon Capture Utilization and Storage Act Short Titles as Introduced Carbon Capture Utilization and Storage Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to improve and extend the credit for carbon dioxide sequestration. Introduced in Senate 2016-07-13T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s3179is/xml/BILLS-114s3179is.xml 2016-07-13 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.