Bill > S1535

Introduced Session

FUTURE Act Furthering carbon capture, Utilization, Technology, Underground storage, and Reduced Emissions Act This bill amends the Internal Revenue Code to extend and modify the tax credit for carbon dioxide sequestration. The bill modifies the credit to apply it to carbon oxide sequestration. (Carbon oxide refers to any of the three oxides of carbon: carbon dioxide, carbon monoxide, and carbon suboxide.) The bill also: allows certain new industrial or direct air capture facilities to qualify for the credit if construction begins before January 1, 2024; allows qualified projects to claim the credit for 12 years, beginning on the date the equipment was originally placed in service; increases the separate credit amounts, with respect to projects placed in service upon or after the enactment of this bill, that apply to captured carbon oxide that is: (1) disposed of in secure geological storage, and (2) used as a tertiary injectant in an enhanced oil or natural gas recovery project and disposed of in secure geological storage; expands the purposes for which captured carbon oxide may be used; establishes separate carbon oxide capture thresholds for electricity generating facilities, direct air capture facilities, and facilities used for other purposes; specifies that the 75 million metric ton cap on the carbon dioxide that may qualify for the credit applies to carbon oxide and only to projects placed in service before the enactment of this bill; and allows the credit to be transferred from the entity that owns and uses the capture equipment to the entity that disposes of or uses the carbon oxide.

Committee Categories

Heidi Heitkamp (D)*,  John Barrasso (R),  Michael Bennet (D),  Roy Blunt (R),  Cory Booker (D),  Sherrod Brown (D),  Shelley Moore Capito (R),  Bob Casey (D),  Thad Cochran (R),  Chris Coons (D),  Joe Donnelly (D),  Tammy Duckworth (D),  Dick Durbin (D),  Al Franken (D),  Lindsey Graham (R),  Tim Kaine (D),  Angus King (I),  Amy Klobuchar (D),  Joe Manchin (I),  Gary Peters (D),  Rob Portman (R),  Brian Schatz (D),  Jon Tester (D),  Mark Warner (D),  Sheldon Whitehouse (D), 

Read twice and referred to the Committee on Finance. (on 07/12/2017)

Official Document