On Jan. 26, 2023, the Environmental Protection Agency (EPA) solicited public input to inform two new Inflation Reduction Act (IRA) programs creating standards and labeling for construction materials that haveContinue Reading Inflation Reduction Act: EPA Invites Stakeholder Input on Grant/Technical Assistance Programs for Lower-Embodied Carbon Construction Materials, Standards
Rob is a shareholder in the firm’s Federal Government Law & Policy group. He has represented clients before Congress and federal agencies from a variety of industries and in a number of policy areas, including trade, energy, environment, health care, biotechnology, transportation, financial services, manufacturing, tax, pensions, defense, and foreign relations. Rob has a depth of understanding of the rules of the U.S. Senate and House of Representatives, and he has deep experience in legislative drafting. He previously served as chief of staff to U.S. Senator Wendell Ford, the former Senate Majority Whip.
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IRS Takes First Steps to Implement Carbon Capture Tax Credit
On Feb. 19, 2020, the Internal Revenue Service released partial guidance on the implementation of section 45Q tax credits related to the capture and sequestration of carbon dioxide. The section 45Q tax credit was updated on Feb. 9, 2018, as part of the Bipartisan Budget Act (Pub. L. 115-123) to increase the amount of the tax credit per ton and to broaden the applicability to include “qualified carbon oxide.” The new IRS guidance is designed to assist in implementing the modified law.
The 2018 law removed the volume cap applicable to the tax credit, expanded the definition to include not just carbon dioxide but other carbon oxides such as methane, and raised the amount of the tax credit per ton. Carbon oxides captured and used for enhanced oil recovery can now receive a tax credit of up to $35 per ton, while carbon oxides deposited in secure geological storage can receive a tax credit of up to $50 per ton.
Continue Reading IRS Takes First Steps to Implement Carbon Capture Tax Credit