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S. 2475 – Energy Sector Innovation Credit Act of 2021

2021
Proposed Legislation
117th U.S. Congress
Federal Legislation
Carbon Dioxide Removal → Direct Air Capture
Carbon Capture, Utilization and Storage → Carbon Capture and Storage
United States
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Summary/Abstract

This bill would establish a flexible tax credit for carbon capture equipment investors and producers. The credit would be available to direct air capture facilities that meet an annual carbon capture requirement of 5,000 metric tons. The investment tax credit for DAC would be eligible to stack with a 45Q credit for non-EOR geologic storage projects. The legislation intends to phase out subsidy support for these technologies as they scale their physical and market impact.

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