Bill > HR3761

Introduced Session

Carbon Capture Act This bill amends the Internal Revenue Code to extend and modify the tax credit for carbon dioxide (CO2) sequestration. The bill modifies the credit to: allow certain new industrial or direct air capture facilities to qualify for the credit if construction begins before 2024; allow qualified projects to claim the credit for 15 years, beginning on the date the equipment was originally placed in service; increase the credit amounts for certain projects placed in service upon or after the enactment of this bill; expand the purposes for which captured CO2 may be used; modify the requirements for the amount of CO2 that must be captured; specify that the 75 million metric ton cap on the CO2 that may qualify for the credit applies only to projects placed in service before the enactment of this bill; allow the credit to be transferred from the entity that owns and uses the capture equipment to the entity that disposes of or uses the CO2; and allow certain facilities that were placed in service after 2015 and have not previously claimed the credit to be treated as placed in service on the date of the enactment of this bill.

Committee Categories

K. Michael Conaway (R)*,  Ralph Abraham (R),  Robert Aderholt (R),  Andy Barr (R),  Joe Barton (R),  Jack Bergman (R),  Sanford Bishop (D),  Mike Bost (R),  Brendan Boyle (D),  Robert Brady (D),  Tom Cole (R),  Jim Costa (D),  Ryan Costello (R),  Kevin Cramer (R),  John Culberson (R),  Carlos Curbelo (R),  Rodney Davis (R),  Michael Doyle (D),  Blake Farenthold (R),  Greg Gianforte (R),  Garret Graves (R),  Gene Green (D),  Brett Guthrie (R),  Gregg Harper (R),  Clay Higgins (R),  Richard Hudson (R),  Bill Huizenga (R),  Will Hurd (R),  Sheila Jackson-Lee (D),  Evan Jenkins (R),  Bill Johnson (R),  Marcy Kaptur (D),  Trent Kelly (R),  Doug Lamborn (R),  Roger Marshall (R),  David McKinley (R),  John Moolenaar (R),  Tim Murphy (R),  Richard Nolan (D),  Stevan Pearce (R),  Collin Peterson (D),  Mike Rogers (R),  Tim Ryan (D),  Terri Sewell (D),  Kyrsten Sinema (I),  Elise Stefanik (R),  Scott Tipton (R),  Fred Upton (R),  Marc Veasey (D),  Tim Walberg (R),  John Yarmuth (D), 

Referred to the House Committee on Ways and Means. (on 09/13/2017)

Official Document