Washington– Thursday, Congressman Mike Conaway (TX-11) led a bipartisan group of 43 Members of Congress calling on Speaker Paul Ryan, Minority Leader Nancy Pelosi, Committee on Ways and Means Chairman Kevin Brady, andCommittee on Ways and Means Ranking Member Richard Neal to include H.R. 3761, the Carbon Capture Act, in any upcoming tax extenders package.
The letter reads, in part:
We write to request the House adopt similar 45Q language as our Senate colleagues in any tax extenders package that may be considered. This language, which is H.R. 3761, the Carbon Capture Act, provides critical updates to Section 45Q that allows for greater financial certainty for carbon capture projects, boosts domestic energy production, reduces carbon emissions, and provides relief for our beleaguered coal and power industries.
While the current credit has spurred development and advancement in Carbon Capture, Utilization, and Storage (CCUS) technologies, there are inherent limitations hindering its full potential. Due to long lead times for construction and development of these projects, the current structure of the credit has, in effect, all but rendered it expired. This lack of certainty has deterred private investment and halted construction of new projects.
To read the letter in its entirety, please click here.