summary
Introduced
07/19/2019
07/19/2019
In Committee
07/19/2019
07/19/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Internal Revenue Code of 1986 to provide for the issuance of exempt facility bonds for qualified carbon dioxide capture facilities. This bill authorizes the issuance of tax-exempt facility bonds for the financing of qualified carbon dioxide capture facilities. A "qualified carbon dioxide capture facility" is any equipment installed in an industrial carbon dioxide facility that satisfies specified capture and storage requirements and (1) is used for the capture, treatment and purification, compression, transportation, or on-site storage of carbon dioxide produced by the industrial carbon dioxide facility; or (2) is integral or functionally related and subordinate to a gasification process that converts a product from coal, petroleum residue, biomass, or other materials which are recovered for their energy or feedstock value into a synthesis gas composed primarily of carbon dioxide and hydrogen for direct use or subsequent chemical or physical conversion.
AI Summary
This bill authorizes the issuance of tax-exempt facility bonds to finance "qualified carbon dioxide capture facilities." These facilities are defined as equipment installed in industrial carbon dioxide facilities that is used for the capture, treatment, compression, transportation, or on-site storage of carbon dioxide produced by the industrial facility. The bill sets a requirement that the eligible components of these facilities must have a capture and storage percentage of at least 65%, with an exception allowing a lower percentage if the bond financing is proportionately reduced. The bill also clarifies that the sale of carbon dioxide produced by these facilities owned by a governmental unit will not constitute private business use for tax-exempt bond purposes.
Committee Categories
Budget and Finance
Sponsors (5)
Last Action
Referred to the House Committee on Ways and Means. (on 07/19/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/3861/all-info | 07/20/2019 |
| BillText | https://www.congress.gov/116/bills/hr3861/BILLS-116hr3861ih.pdf | 08/03/2019 |
| Bill | https://www.congress.gov/116/bills/hr3861/BILLS-116hr3861ih.pdf.pdf | 08/03/2019 |
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