summary
Introduced
09/10/2021
09/10/2021
In Committee
09/10/2021
09/10/2021
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 Negate Emissions to Zero Act of 2021 or the NET Zero Act of 2021, proposes to extend and modify the tax credit for carbon oxide sequestration. Specifically, it extends the credit until January 1, 2032, and reduces the carbon oxide capture requirement for eligibility from 100,000 metric tons to 1,000 metric tons. Additionally, it establishes a special rule for direct air capture facilities, providing a higher applicable dollar amount of $180 per metric ton for the credit. These amendments are intended to incentivize carbon capture and sequestration efforts to help achieve net-zero emissions.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Referred to the House Committee on Ways and Means. (on 09/10/2021)
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/5205/all-info |
| BillText | https://www.congress.gov/117/bills/hr5205/BILLS-117hr5205ih.pdf |
| Bill | https://www.congress.gov/117/bills/hr5205/BILLS-117hr5205ih.pdf.pdf |
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