S 986
117th Congress
Senate
Taxation
Air quality
Business investment and capital
Climate change and greenhouse gases
Coal
Electric power generation and transmission
Environmental technology
Income tax credits
Income tax rates
Oil and gas
Public utilities and utility rates
Tax administration and collection, taxpayers
Tax-exempt organizations
Carbon Capture, Utilization, and Storage Tax Credit Amendments Act of 2021
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 25, 2021
Read twice and referred to the Committee on Finance.
Mar 25, 2021
Introduced in Senate
Plain-English summary
Carbon Capture, Utilization, and Storage Tax Credit Amendments Act of 2021
This bill extends the carbon oxide sequestration tax credit through 2030. It also permits taxpayers to elect to receive a payment in lieu of the tax credits for carbon oxide sequestration and qualifying advanced coal projects.
The bill also makes other modifications to certain carbon sequestration credits, including (1) an allowance of carbon sequestration credits against the base erosion minimum tax, (2) modifications to sequestration requirements for certain qualifying advanced coal project credit equipment, and (3) increasing the sequestration credit value for direct air capture projects.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1