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S.986 - Carbon Capture, Utilization, and Storage Tax Credit Amendments Act of 2021117th Congress (2021-2022) |

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Sponsor: Sen. Smith, Tina [D-MN] (Introduced 03/25/2021)
Committees: Senate - Finance
Latest Action: Senate - 03/25/2021 Read twice and referred to the Committee on Finance.  (All Actions)

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This bill has the status Introduced

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  1. Introduced
  2. Passed Senate
  3. Passed House
  4. To President
  5. Became Law

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Summary: S.986 — 117th Congress (2021-2022)All Information (Except Text)

There is one summary for S.986. Bill summaries are authored by CRS.

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Introduced in Senate (03/25/2021)

Carbon Capture, Utilization, and Storage Tax Credit Amendments Act of 2021

This bill extends the carbon oxide sequestration tax credit through 2030. It also permits taxpayers to elect to receive a payment in lieu of the tax credits for carbon oxide sequestration and qualifying advanced coal projects.

The bill also makes other modifications to certain carbon sequestration credits, including (1) an allowance of carbon sequestration credits against the base erosion minimum tax, (2) modifications to sequestration requirements for certain qualifying advanced coal project credit equipment, and (3) increasing the sequestration credit value for direct air capture projects.