3.0.0 1535 2023-01-11T13:37:07Z 2023-01-11T13:37:07Z Senate S 2017-07-12 115 ssfi00 Finance Committee Senate Standing Referred to 2017-07-12T18:14:48Z Tax Extender Act of 2017 115 2256 S 2017-12-20 Read twice and referred to the Committee on Finance. Related bill CRS Carbon Capture Act 115 3761 HR 2017-09-13 Referred to the House Committee on Ways and Means. Related bill CRS 2017-07-12 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-07-12 Introduced in Senate IntroReferral 10000 9 Library of Congress H001069 Sen. Heitkamp, Heidi [D-ND] Heidi Heitkamp D ND N C001047 Sen. Capito, Shelley Moore [R-WV] Shelley Capito R WV Moore 2017-07-12 True W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2017-07-12 True B001261 Sen. Barrasso, John [R-WY] John Barrasso R WY 2017-07-12 True K000384 Sen. Kaine, Tim [D-VA] Timothy Kaine D VA M. 2017-07-12 True G000359 Sen. Graham, Lindsey [R-SC] Lindsey Graham R SC 2017-07-12 True S001194 Sen. Schatz, Brian [D-HI] Brian Schatz D HI 2017-07-12 True B000575 Sen. Blunt, Roy [R-MO] Roy Blunt R MO 2017-07-12 True B001288 Sen. Booker, Cory A. [D-NJ] Cory Booker D NJ 2017-07-12 True P000449 Sen. Portman, Rob [R-OH] Rob Portman R OH 2017-07-12 True T000464 Sen. Tester, Jon [D-MT] Jon Tester D MT 2017-07-12 True C000567 Sen. Cochran, Thad [R-MS] Thad Cochran R MS 2017-07-12 True C001070 Sen. Casey, Robert P., Jr. [D-PA] Bob Casey D PA 2017-07-12 True K000367 Sen. Klobuchar, Amy [D-MN] Amy Klobuchar D MN 2017-07-12 True D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2017-07-12 True F000457 Sen. Franken, Al [D-MN] Al Franken D MN 2017-07-12 True B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2017-07-12 True W000805 Sen. Warner, Mark R. [D-VA] Mark Warner D VA R. 2017-07-12 True D000607 Sen. Donnelly, Joe [D-IN] Joe Donnelly D IN 2017-07-12 True M001183 Sen. Manchin, Joe, III [D-WV] Joseph Manchin D WV 2017-07-12 True D000622 Sen. Duckworth, Tammy [D-IL] Tammy Duckworth D IL 2017-07-12 True P000595 Sen. Peters, Gary C. [D-MI] Gary Peters D MI 2017-07-12 True C001088 Sen. Coons, Christopher A. [D-DE] Christopher Coons D DE A. 2017-07-12 True B001267 Sen. Bennet, Michael F. [D-CO] Michael Bennet D CO 2017-07-12 True K000383 Sen. King, Angus S., Jr. [I-ME] Angus King I ME S. 2017-07-12 True Taxation Air quality Climate change and greenhouse gases Electric power generation and transmission Environmental technology Income tax credits Industrial facilities Oil and gas Taxation 00 2017-07-12 Introduced in Senate 2017-12-08T17:21:26Z 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.
]]> FUTURE Act Display Title FUTURE Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to improve, expand, and extend the credit for carbon dioxide sequestration. Introduced in Senate IS Short Titles as Introduced FUTURE Act Short Titles as Introduced Furthering carbon capture, Utilization, Technology, Underground storage, and Reduced Emissions Act Introduced in Senate 2017-07-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s1535is/xml/BILLS-115s1535is.xml 2017-07-12 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.