House Members Send Letter to Treasury Urging Action on 45Q Implementation
July 22, 2019 | Legislation
More than 30 members of the U.S. House of Representatives sent a letter to U.S. Treasury Secretary Mnuchin today calling on the Department to “…issue interim guidance so that project developers can begin utilizing the (45Q) tax credit without further delay.”
The following Representatives co-signed the letter: Conaway, Veasey, Armstrong, Rodney Davis, Moolenaar, Gianforte, Bustos, McKinley, Bacon, Peterson, Doyle, Bergman, Rooney, Westerman, Finkenauer, Crenshaw, Deutch, Wild, Brindisi, Kim, Tipton, Ryan, Spanberger, Fitzpatrick, Costa, Garret Graves, Sewell, Peters, Beyer, Lamb, and Boyle.
The Carbon Capture Coalition formally filed comments late last month in response to the Treasury Department’s Request for Information on implementation of the reformed and expanded Section 45Q tax credit. The Coalition noted that guidelines from the IRS are urgently needed for commercial projects to move forward that are critical to the future of carbon capture technology innovation and deployment in multiple industries, as well as to continued U.S. global leadership in this sector. Given delays to date, hundreds of millions and perhaps billions of dollars in private capital remain on the sidelines as project developers and investors await the necessary clarity and certainty from Treasury to proceed with projects during the short timeline to begin construction by the end of 2023 to qualify for the credit.