Coalition Submits Statement for Senate Finance Committee Hearing on on the Tax Code’s Impact on Clean Energy
April 27, 2021 | Legislation
The Carbon Capture Coalition submitted a statement for the record today for the Senate Finance Committee’s hearing entitled “Climate Challenges: The Tax Code’s Role in Creating American Jobs, Achieving Energy Independence, and Providing Consumers with Affordable, Clean Energy.”
This statement outlines comprehensive and robust policy recommendations to realize economywide deployment of carbon capture, including:
- Providing a direct pay option for the federal 45Q tax credit;
- Extending an additional ten years the commence construction window for the 45Q credit;
- Enhancing 45Q credit values for industrial and power plant carbon capture and direct air capture;
- Making carbon capture and direct air capture projects eligible for tax-exempt private activity bonds;
- Expanding eligibility of master limited partnerships to include carbon capture projects; and
- Implementing technical fixes and direct pay for the Section 48A tax credit to enable carbon capture retrofits of existing power plants.
Read the Coalition’s statement to the Senate Finance Committee here.
A recording of the hearing will be posted here.
The Carbon Capture Coalition is a nonpartisan collaboration of more than 80 businesses and organizations building federal policy support for economywide deployment of carbon capture, removal, transport, utilization, and storage. Our mission is to reduce carbon emissions to meet midcentury climate goals, foster domestic energy and industrial production, and support a high-wage jobs base through the adoption of carbon capture technologies. Convened by the Great Plains Institute, Coalition membership includes industry, energy, and technology companies; energy and industrial labor unions; and conservation, environmental, and energy policy organizations.