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The Iowa Department of Revenue clarified its tax guidance Monday to better define its wait list and expiration dates for the Iowa Solar Energy System Tax Credit. For residential installations completed after Dec. 31, 2021, the credit expires and is unavailable. Those on the wait list in 2021 who are not awarded credits before the deadline are not allowed to carry them forward for construction that begins on or after Jan. 1, 2022.
The White House today released a summary, fact sheet and Greenbook on President Joe Biden’s proposed $6 trillion budget for fiscal year 2022. Of this amount, the Biden administration requests $1.67 trillion in discretionary spending, $754 billion for defense and $913 billion for nondefense, the first such request where nondefense exceeded defense in recent history.
Sen. Tom Carper, D-Delaware, introduced legislation to create tax credits to encourage the development of clean hydrogen energy. The Clean H2 Production Act would create an investment tax credit (ITC) and production tax credit (PTC) for production of hydrogen that uses methods that are at least 50% cleaner than traditional hydrogen production methods.
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.
U.S. Sens. Michael Bennet, D-Colorado, and Rob Portman, R-Ohio, Wednesday introduced legislation to allow the use of private activity bonds (PABs) for power plants and industrial facilities to purchase and install carbon capture and storage equipment and for direct air capture projects. The Carbon Capture Improvement Act (S. 1829) would also allow the existing Internal Revenue Code (IRC) Section 45Q tax credit for carbon sequestration to be used by facilities for industrial emissions.
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