Senators seek answers from Treasury on carbon capture utilization storage tax program
A bipartisan group of U.S. Senators is seeking answers from the Department of Treasury on the implementation of the carbon capture utilization and storage tax credit program.
Sens. Shelley Moore Capito (R-WV.), Sheldon Whitehouse (D-RI), and John Barrasso (R-WY) sponsored legislation passed last year called the FUTURE Act, which is designed to encourage technological innovation in carbon capture utilization and storage while reducing carbon pollution through tax credits.
However, while the FUTURE Act became law over a year ago, taxpayers have not yet been able to claim the revised credit.
The senators sent a letter to Treasury Secretary Steven Mnuchin this week requesting that Treasury issue an interim rule to allow carbon capture projects to get underway and assign more staff to the development of the program. They pointed out that these projects often have a long lead-time, which make it important to implement a rule as soon as possible.
“Implementation of this legislation is critical for establishing a domestic market for carbon to reduce emissions, create and preserve jobs, and drive further commercial deployment of carbon capture projects,” the senators wrote.
The letter was also signed by Sens. Joe Manchin (D-WV), Dick Durbin (D-IL), Chris Coons (D-DE), Kevin Cramer (R-ND), Tammy Duckworth (D-IL), Angus King (I-ME), and John Hoeven (R-ND).
