HR 1062 117th Congress House Taxation Air quality Climate change and greenhouse gases Income tax credits Tax administration and collection, taxpayers

ACCESS 45Q Act

Introduced: May 17, 2021 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Feb 15, 2021

Referred to the House Committee on Ways and Means.

Feb 15, 2021

Introduced in House

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Plain-English summary Congressional Research Service

Accelerating Carbon Capture and Extending Secure Storage through 45Q Act or the ACCESS 45Q Act

This bill extends the tax credit for carbon oxide sequestration through 2035 and allows taxpayers an election to receive payments in lieu of the credit.

The bill also permits an allowance of the carbon oxide tax credit against the base erosion minimum tax. The base erosion minimum tax is a tax on large corporation that is calculated after adding back to taxable income certain deductible payments made to related foreign persons.

What's happening now February 15, 2021

Referred to the House Committee on Ways and Means.

Bill text 1 version