Summary: H.R.4622 — 114th Congress (2015-2016)All Information (Except Text)

There is one summary for H.R.4622. Bill summaries are authored by CRS.

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Introduced in House (02/25/2016)

Carbon Capture Act

This bill amends the Internal Revenue Code, with respect to the tax credit for carbon dioxide sequestration, to: (1) make such credit permanent after 2015; (2) increase such credit after 2024 for a qualified facility originally placed in service after December 31, 2015; (3) allow such credit to a person who disposes of, or uses as a tertiary injectant, the carbon dioxide; and (4) modify the definition of "qualified facility" for purposes of eligibility for such credit to require not less than 150,000 metric tons (currently, 500,000 metric tons) to be captured at such a facility during the taxable year.