Carbon Resource Innovation Act

This bill, known as the Carbon Resource Innovation Act, amends Section 45Q of the Internal Revenue Code of 1986 to significantly expand the existing carbon oxide sequestration tax credit. Its primary purpose is to extend eligibility for this credit to include solid or liquid carbon capture facilities , which are currently not covered under the existing law. This expansion aims to incentivize a broader range of carbon capture technologies beyond traditional gaseous capture methods. The legislation defines a solid or liquid carbon capture facility as one that uses specialized equipment to capture carbon in solid or liquid form that would otherwise be released into the atmosphere as a carbon oxide. To qualify for the credit, these facilities must capture at least 1,000 metric tons of qualified carbon oxide annually. The bill also specifies that captured carbon must be measured at the source and verified at the point of disposal, injection, or utilization, including underground storage chambers that prevent atmospheric release.