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Carbon Capture, Utilization, and Storage Tax Credit Amendments Act of 2021

USA117th CongressS-986| Senate 
| Updated: 3/25/2021
Tina Smith

Tina Smith

Democratic Senator

Minnesota

Cosponsors (19)
Joni Ernst (Republican)Tammy Duckworth (Democratic)Dianne Feinstein (Democratic)Richard J. Durbin (Democratic)Ben Ray Luján (Democratic)Christopher A. Coons (Democratic)Amy Klobuchar (Democratic)John W. Hickenlooper (Democratic)Robert P. Casey (Democratic)Sheldon Whitehouse (Democratic)Joe Manchin (Independent)Kevin Cramer (Republican)Deb Fischer (Republican)John Barrasso (Republican)Martin Heinrich (Democratic)Brian Schatz (Democratic)Chuck Grassley (Republican)John Hoeven (Republican)Shelley Moore Capito (Republican)

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
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Timeline

Bill from Previous Congress

S 116-4966
45Q Carbon Capture, Utilization, and Storage Tax Credit Amendments Act of 2020
Mar 25, 2021
Introduced in Senate
Mar 25, 2021
Read twice and referred to the Committee on Finance.
  • Bill from Previous Congress

    S 116-4966
    45Q Carbon Capture, Utilization, and Storage Tax Credit Amendments Act of 2020


  • March 25, 2021
    Introduced in Senate


  • March 25, 2021
    Read twice and referred to the Committee on Finance.

Taxation

Related Bills

  • HR 117-1760: Carbon Capture Modernization Act
  • S 117-661: Carbon Capture Modernization Act
Air qualityBusiness investment and capitalClimate change and greenhouse gasesCoalElectric power generation and transmissionEnvironmental technologyIncome tax creditsIncome tax ratesOil and gasPublic utilities and utility ratesTax administration and collection, taxpayersTax-exempt organizations

Carbon Capture, Utilization, and Storage Tax Credit Amendments Act of 2021

USA117th CongressS-986| Senate 
| Updated: 3/25/2021
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

S 116-4966
45Q Carbon Capture, Utilization, and Storage Tax Credit Amendments Act of 2020
Mar 25, 2021
Introduced in Senate
Mar 25, 2021
Read twice and referred to the Committee on Finance.
  • Bill from Previous Congress

    S 116-4966
    45Q Carbon Capture, Utilization, and Storage Tax Credit Amendments Act of 2020


  • March 25, 2021
    Introduced in Senate


  • March 25, 2021
    Read twice and referred to the Committee on Finance.
Tina Smith

Tina Smith

Democratic Senator

Minnesota

Cosponsors (19)
Joni Ernst (Republican)Tammy Duckworth (Democratic)Dianne Feinstein (Democratic)Richard J. Durbin (Democratic)Ben Ray Luján (Democratic)Christopher A. Coons (Democratic)Amy Klobuchar (Democratic)John W. Hickenlooper (Democratic)Robert P. Casey (Democratic)Sheldon Whitehouse (Democratic)Joe Manchin (Independent)Kevin Cramer (Republican)Deb Fischer (Republican)John Barrasso (Republican)Martin Heinrich (Democratic)Brian Schatz (Democratic)Chuck Grassley (Republican)John Hoeven (Republican)Shelley Moore Capito (Republican)

Finance Committee

Taxation

Related Bills

  • HR 117-1760: Carbon Capture Modernization Act
  • S 117-661: Carbon Capture Modernization Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Air qualityBusiness investment and capitalClimate change and greenhouse gasesCoalElectric power generation and transmissionEnvironmental technologyIncome tax creditsIncome tax ratesOil and gasPublic utilities and utility ratesTax administration and collection, taxpayersTax-exempt organizations