Senators Continue Push to Issue Carbon Capture Tax Credit Guidance
FUTURE Act implementation will reduce emissions, create jobs
WASHINGTON, D.C. – U.S. Senators Shelley Moore Capito (R-W.Va.), Sheldon Whitehouse (D-R.I.), and John Barrasso (R-Wyo.) led a bipartisan group of colleagues in requesting guidance from the Department of Treasury for the implementation of the carbon capture utilization and storage tax credit program.
The senators were lead sponsors of the bipartisan FUTURE Act, which will encourage technological innovation in carbon capture utilization and storage while reducing carbon pollution. The FUTURE Act became law over a year ago, yet taxpayers remain unable to claim the revised credit.
In a letter to Treasury Secretary Steven Mnuchin, the senators requested that Treasury issue an interim rule to allow carbon capture projects, which often have a long lead-time, to get underway and assign more staff to the development of the program.
“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 Senators Joe Manchin (D-W.Va.), Dick Durbin (D-Ill.), Chris Coons (D-Del.), Kevin Cramer (R-N.D.), Tammy Duckworth (D-Ill.), Angus King (I-Maine), and John Hoeven (R-N.D.).
Full text of the letter is available here.
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