Bill > S661

This bill, the Carbon Capture Modernization Act, amends the Internal Revenue Code to modify the qualifying advanced coal project credit. Specifically, it reduces the nameplate generating capacity requirement from 400 to 200 megawatts, removes certain design requirements for advanced coal-based generation technology, and clarifies the reallocation authority for tax credits that become available. The bill also establishes a 60% sequestration requirement for certain existing electrical generating units seeking to reallocate credits, and allows the use of best available control technology performance requirements in certain cases. The amendments apply to allocations and reallocations after the date of enactment, with some provisions applying to credits remaining available on the date of enactment.