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HR 4857 115th Congress House Taxation Administrative law and regulatory procedures Air quality Climate change and greenhouse gases Environmental Protection Agency (EPA) Environmental regulatory procedures Income tax credits Oil and gas Water quality Water use and supply

CO2 Regulatory Certainty Act

Introduced: January 19, 2018 Introduced by: Cramer, Kevin Republican · North Dakota See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 19, 2018
Referred to the House Committee on Ways and Means.
Jan 19, 2018
Introduced in House
 Plain-English summary Congressional Research Service

CO2 Regulatory Certainty Act

This bill amends the Internal Revenue Code to revise requirements for the secure geological storage of carbon dioxide for the purpose of the tax credit for carbon dioxide sequestration.

The bill establishes a December 31, 2018, deadline and requirements for regulations that the Internal Revenue Service (IRS) is required, under current law, to establish for determining adequate security measures for the geological storage of the carbon dioxide such that carbon dioxide does not escape into the atmosphere.

The IRS regulations must consider the carbon dioxide to be disposed of in secure geological storage if it is stored in compliance with specified rules promulgated by the Environmental Protection Agency under the Clean Air Act and the Safe Drinking Water Act for the geologic sequestration of carbon dioxide, the injection of carbon dioxide, and the criteria and standards for underground injection control programs that are applicable to Class II wells.

The bill also revises the definition of "qualified enhanced oil or natural gas recovery project" to exclude a requirement for the first injection of liquids, gases, or other matter to commence after December 31, 1990.

What's happening now January 19, 2018

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1