Contains regulations specific to geologic carbon sequestration for the carbon offset program, including fees, application requirements, monitoring provisions, and eligibility limitations.
Creates a program to certify coal and natural gas-fired plants that capture and sequester 70% CO2 emissions for a “clean energy project” tax credit under Texas Tax Code § 171.602.
Provides rules for ownership of CO2 stored in geologic formations and creates a trust fund funded through fees paid by CO2 storage facility operators, used for monitoring, remediation, enforcement and other activities related to geologic CO2 storage.
Exempts CCS equipment used in a clean energy project from sales and use taxes, if the captured CO2 is either used in a local EOR project or sequestered in Texas for at least 1,000 years
Subchapter K tilted "Offshore Geological Storage of Carbon Dioxide" authorizes various state agencies to construct an offshore, deep subsurface geologic repository for carbon dioxide on state-owned land.
Establishes legal and regulatory framework for permitting of CO2 sequestration sites and empowers the Department of Environmental Protection to permit and monitor carbon sequestration sites.