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Bipartisan Group Introduces Bill to Increase Carbon Capture Tax Credits for Industrial Facilities, Power Plants
A bipartisan group of members introduced legislation in the House of Representatives to increase carbon capture tax credits for industrial facilities and power plants. The Coordinated Action to Capture Harmful (CATCH) Emissions Act (H.R. 3538) would increase the federal Internal Revenue Code (IRC) Section 45Q tax credit values for carbon capture from industrial facilities and power plants. The legislation would increase the credit level to $85 per metric ton for industrial and power generation facilities seeking to store captured carbon dioxide in saline geologic formations and to $60 per metric ton for storage in oil and gas fields and for the beneficial use of captured carbon to manufacture low and zero-carbon fuels, chemicals, building products, advanced materials and other products. Rep. Tim Ryan, D-Ohio, was the lead sponsor and was joined by seven co-sponsors–four Republicans and three other Democrats.
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