Summary: S.2982 — 106th Congress (1999-2000)All Information (Except Text)

There is one summary for S.2982. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (07/27/2000)

International Carbon Sequestration Incentive Act - Title I: Investment Tax Credit - Amends the Internal Revenue Code to establish a limited tax carbon sequestration investment credit in the case of an eligible taxpayer who is subject to the terms and conditions of a carbon sequestration project contract with respect to a sponsored carbon sequestration project outside the United States.

Title II: Loan Guarantees and Equity Investment Insurance - Permits an owner or operator of property that is located outside of the United States to enter into a carbon sequestration project contract under specified terms and conditions to be eligible for: (1) an extension of credit from the Export-Import Bank of the United States of up to 75 percent of the cost of carrying out the carbon sequestration practices specified in the contract to the extent that the Export-Import Bank determines that the cost sharing is appropriate, in the public interest, and otherwise meets requirements of the Export-Import Bank Act of 1945; and (2) investment insurance issued by the Overseas Private Investment Corporation pursuant to provisions of the Foreign Assistance Act of 1961 if the Corporation determines that issuance of the insurance is consistent with such provisions.