On December 3, 2020, U.S. Representatives Marc Veasey (D-TX) and David B. McKinley (R-W.Va) introduced bi.
On December 3, 2020, U.S. Representatives Marc Veasey (D-TX) and David B. McKinley (R-W.Va) introduced bipartisan legislation entitled the Accelerating Carbon Capture and Extending Secure Storage through 45Q Act (the “
ACCESS 45Q Act”) as H.R. 8858. The bill is designed to incentivize investment in carbon capture, utilization and storage (
CCUS ), and was co-sponsored by several other representatives, including Lizzie Fletcher (D-TX).
Internal Revenue Code section 45Q offers a federal tax credit for the capture and sequestration of carbon oxide. If enacted, the bill would include a direct pay election that would allow taxpayers to treat tax credits that they have earned as a payment of taxes. The legislation would also extend the date by which construction of carbon capture projects must begin in order to be eligible for the credit. Similar, but less