Coalition Welcomes Introduction of House Legislation to Make 45Q Tax Credit Permanent
February 12, 2020 | Legislation
The following statement on legislation introduced today by David Schweikert (R-AZ) and Brad Wenstrup (R-OH) may be attributed to Carbon Capture Coalition Director Brad Crabtree:
“On behalf of the over 75 companies, unions and environmental and clean energy organizations in the Carbon Capture Coalition, we welcome legislation introduced in the U.S. House today to make the 45Q tax credit permanent and to strengthen its provisions for incentivizing direct air capture technology.
“Carbon capture from industrial facilities and power plants and removing CO2 directly from the atmosphere through direct air capture are essential tools for meeting midcentury climate goals. But companies and private investors need more time than the remaining four years of the 45Q tax credit to plan, engineer, permit and finance carbon capture, utilization and storage projects. By making 45Q permanent, this legislation will unleash private investment in climate solutions while supporting domestic energy and industrial production, manufacturing and high-wage jobs.
“We look forward to working with Members of Congress from both parties and both chambers to continue to build support for these and other complementary legislative measures to achieve economywide deployment of carbon capture technologies. The Coalition’s consensus federal policy blueprint details a portfolio of policies needed to realize the full potential of carbon capture to help achieve midcentury decarbonization. Growing bipartisan support for carbon capture represents one of the best opportunities for action on important climate, energy, and economic policy goals.”