summary
Introduced
09/07/2021
09/07/2021
In Committee
09/07/2021
09/07/2021
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to extend and modify the credit for carbon oxide sequestration, and for other purposes.
AI Summary
This bill, the Negating Emissions to Zero Act of 2021 or the NET Zero Act of 2021, aims to extend and modify the tax credit for carbon oxide sequestration. Specifically, it extends the credit eligibility from January 1, 2026 to January 1, 2032. It also modifies the carbon oxide capture requirements, setting minimum thresholds for direct air capture facilities (10,000 metric tons), electricity generating facilities (18,750 metric tons or 75% of emissions), and other facilities (12,500 metric tons or 50% of emissions). Additionally, the bill establishes a higher applicable dollar amount for the credit when used by direct air capture facilities, adjusted for inflation.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Referred to the House Committee on Ways and Means. (on 09/07/2021)
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/117th-congress/house-bill/5179/all-info |
| BillText | https://www.congress.gov/117/bills/hr5179/BILLS-117hr5179ih.pdf |
| Bill | https://www.congress.gov/117/bills/hr5179/BILLS-117hr5179ih.pdf.pdf |
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