U.S.A.

Thank These Legislators For Sponsoring The CO2 Regulatory Certainty Act

Thank the sponsors of The CO2 Regulatory Certainty Act.

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Kevin Cramer

Representative R-ND

Steve Daines

Senator R-MT

John Hoeven

Senator R-ND

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Progress

Help us reach our goals! Change happens when we act together.

What is it?

This legislation would amend the Internal Revenue Code to revise requirements for the secure geological storage of carbon dioxide for the purpose of the tax credit for carbon dioxide sequestration.

Why is it important?

Carbon capture and storage (CCS) can be an important “win-win” from a business and environmental perspective.  Certainty surrounding regulatory requirements is important when making the large and long-term investments needed for CCS, and this legislation provides important assistance in this regard.

Bill Summary

CO2 Regulatory Certainty Act

This bill amends the Internal Revenue Code to revise requirements for the secure geological storage of carbon dioxide for the purpose of the tax credit for carbon dioxide sequestration.

The bill establishes a December 31, 2017, deadline and requirements for regulations that the Internal Revenue Service (IRS) is required, under current law, to establish for determining adequate security measures for the geological storage of the carbon dioxide such that carbon dioxide does not escape into the atmosphere.

The IRS regulations must consider the carbon dioxide to be disposed of in secure geological storage if it is stored in compliance with specified rules promulgated by the Environmental Protection Agency under the Clean Air Act and the Safe Drinking Water Act for the geologic sequestration of carbon dioxide, the injection of carbon dioxide, and the criteria and standards for underground injection control programs that are applicable to Class II wells.

The bill also revises the definition of "qualified enhanced oil or natural gas recovery project" to exclude a requirement for the first injection of liquids, gases, or other matter to commence after December 31, 1990.

Read the Full Bill Here