Summary/Abstract
26 USC §45Q creates a tax credit for the sequestration of carbon dioxide captured from an industrial source. In 2018, through the Bipartisan Budget Act, Congress eliminated the volume cap and raised the value of the tax credits so that they will reach $50 and $35, respectively, for sequestered carbon and carbon used in enhanced oil recovery, and thereafter be adjusted for inflation. The law allows certain new industrial or direct air capture facilities to qualify for the credit if construction begins before January 1, 2024;
*See also the following resources (1) H.R.1892 – Bipartisan Budget Act of 2018 and (2) S.1535- FUTURE Act