Treasury Issues Carbon Capture Credit Proposed Regulations
Author: Elizabeth C. Crouse
Treasury is having a busy week! This afternoon, the U.S. Department of Treasury released proposed regulations under Code Section 45Q. Code Section 45Q provides for a U.S. federal income tax credit of 10% or 20% for carbon oxide sequestration and disposal in secure geologic storage, used as a tertiary injectant in a qualified enhanced oil or natural gas recovery project and then disposed of in secure geologic storage, or utilized algal or bacterial disposition, chemical conversion processes, or other methods, as provided in regulations.
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