“Citizens for Responsible Energy Solutions welcomes the IRS’s release of proposed rules that take a major step toward providing certainty for project developers and investors to move forward with carbon capture projects. In 2018, Congress reformed and expanded the credit under tax code Section 45Q thereby sending a strong bipartisan signal to incentivize the growth of geologic storage and beneficial use of carbon captured from industrial facilities, power plants and through direct air capture. The proposed rules answer questions on qualifying facilities; monitoring, reporting, and verification; and other issues that will help drive the widespread deployment of carbon capture.
CRES encourages the Department of Treasury to finalize the rule as soon as practical after the comment period closes to support domestic energy and clean industrial production and associated high-wage jobs. As we continue our push toward decarbonization of our energy system, one thing is certain – that the outcome will not be achieved without widespread carbon capture and storage. These proposed rules will assure the United States maintains its global leadership position in emissions reduction and environmental protection.”
Charles Hernick, Vice President of Policy and Advocacy, Citizens for Responsible Energy Solutions