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April 11, 2019

Congressman Schweikert Urges Treasury Department to Provide Guidance on Carbon Capture Tax Credit

WASHINGTON, DC – Today, Congressman David Schweikert (AZ-06) sent a letter to Secretary of the U.S. Department of the Treasury Steven Mnuchin and Internal Revenue Service (IRS) Commissioner Charles P. Retting, urging updated guidance for stakeholders who qualify for the 45Q tax credits.

Since the Bipartisan Budget Act of 2018 was signed into law, stakeholders eligible to take advantage of the 45Q tax credit have been severely delayed as the Treasury Department has not released updated clarification or revised guidance to those looking to utilize 45Q.To ensure those eligible for the credit are receiving proper guidance so carbon capture investment projects can be carried out, the letter requests a shortened comment period and expeditious final implementation of the revised guidance, to ensure there is not additional time wasted for those who can take advantage of this tax credit.

The 45Q tax credit is a federal carbon capture utilization and storage tax credit that provides credit to power plants and industrial facilities who help decrease carbon emissions by implementing carbon capture and storage technologies at their facilities.

To read the full letter, click here

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