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Bill > HR8858
US HR8858
US HR8858ACCESS 45Q Act Accelerating Carbon Capture and Extending Secure Storage through 45Q Act
summary
Introduced
12/03/2020
12/03/2020
In Committee
12/03/2020
12/03/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
Extends the tax credit for carbon oxide sequestration through 2033 and allows taxpayers an election to receive payments in lieu of the credit.
AI Summary
This bill, the Accelerating Carbon Capture and Extending Secure Storage through 45Q Act (or the ACCESS 45Q Act), extends the tax credit for carbon oxide sequestration through 2033 and allows taxpayers to elect to receive payments in lieu of the credit. Specifically, the bill amends the Internal Revenue Code to extend the availability of the section 45Q tax credit for carbon oxide sequestration from January 1, 2024 to January 1, 2034. It also creates a new section 6431 that allows taxpayers to elect to receive direct payments from the government in lieu of claiming the section 45Q tax credit. This change is intended to provide more flexibility and incentives for companies to engage in carbon capture and storage projects.
Committee Categories
Budget and Finance
Sponsors (9)
David McKinley (R)*,
Kelly Armstrong (R),
Jack Bergman (R),
Cheri Bustos (D),
Michael Doyle (D),
Lizzie Fletcher (D),
John Moolenaar (R),
Alex Mooney (R),
Marc Veasey (D),
Last Action
Referred to the House Committee on Ways and Means. (on 12/03/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/8858/all-info |
| BillText | https://www.congress.gov/116/bills/hr8858/BILLS-116hr8858ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr8858/BILLS-116hr8858ih.pdf.pdf |
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