The “Incentives for Energy Independence Act” provides incentives, including income and sales tax credits up to 100%, for carbon capture-ready projects.
Authorizes Department of Conservation to regulate the construction, design, and operation of pipelines transmitting CO2 to enhanced oil recovery (EOR) projects.
Excludes CO2 captured and geologically sequestered for purposes of a ban on constructing power plants that contribute to state carbon dioxide emissions.
Moratorium on new coal-fired power facilities, unless a facility captures and sequesters a minimum 50% CO2 emissions, until such time as uniform federal or state standards for CCS are adopted.
Adoption of 25x25 Initiative, which supports use of carbon sequestration as part of the effort to get 25% of American energy from America’s renewable natural resources, while continuing to provide adequate food.