Critics of a key federal incentive for carbon capture and storage called on the tax agency to make changes.
____
The Biden administration has included carbon capture, where CO2 emissions are trapped at facilities before they can enter the atmosphere, as a core part of its strategy to tackle climate change. Susan Walsh/AP
From the article:
Environmental groups and taxpayer watchdogs are pushing the head of the IRS to boost oversight and transparency of one of the carbon capture industry’s top incentives: the 45Q tax credit.
The Treasury Department agency should “implement strong oversight and transparency rules” to ensure that public dollars aren’t wasted as companies claim the credit, more than two dozen people said in a letter to IRS Commissioner Daniel Werfel.
The 45Q credit — created in 2008 and expanded most recently with the 2022 Inflation Reduction Act — can be claimed by companies that store carbon dioxide in geologic formations or reuse the climate-warming gas to produce fuels, building materials and other products.
___
Read the full article
