Following Daines’ Work, Tax Incentive Regulations for Carbon Capture, Utilization, and Storage Finalized
Regulations are for Montana energy jobs, emissions reductions
U.S. SENATE—U.S. Senator Steve Daines announced that the U.S. Treasury Department and Internal Revenue Service (IRS) have issued their final regulations in regards to the 45Q tax credit, which will incentivize the use of carbon capture, utilization, and storage (CCUS) technologies as well as create jobs for Montanans.
“These final regulations will help give stakeholders needed certainty to develop and implement CCUS technologies. The 45Q tax credit provides a powerful financial incentive for responsible, innovative, economic, made-in-Montana energy,” Daines said. “I am glad that after years of work, Montana’s energy sector will have true access to this critical incentive for innovative solutions to help create more good paying energy jobs and produce high quality American energy while reducing emissions.”
The final regulations provide clarity on several procedures, including how to determine adequate security for the storage of carbon oxide, exceptions for determining who can access the credit, the definition of carbon capture equipment, and standards for measuring utilization of qualified carbon oxide. The final regulations also allow smaller carbon capture facilities to be combined into one project for purposes of claiming the credit when certain factors are present, such as common ownership and location.
Daines has been an outspoken supporter of carbon capture technologies during his time in Congress.
Last September, Daines brought U.S. Department of Energy Secretary Dan Brouillette to Colstrip to meet directly with Montanans to discuss the importance of Montana energy jobs.
Last July, Daines sponsored the “CO2 Regulatory Certainty Act” which would amend the Internal Revenue Code to revise requirements for the secure geological storage of carbon oxide.
Back in 2016, Daines introduced legislation that would encourage carbon sequestration.
Previous Article Next Article