Sponsors (4)
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Multiple amendments to section 45Q: replaces/rewrites parts of subsection (a) (including replacing paragraph (3)(B) with enumerated clauses (i)-(iii) and striking paragraph (4)); revises subsection (b)(1)(A) to set specified dollar amounts and an inflation-adjusted formula; updates cross-references in subsections (b), (f), and (h) to reflect consolidation to subsection (a)(3).
Conforming amendment to 26 U.S.C. 6417(d)(3)(C)(i)(II)(bb): replaces a reference to 'paragraph (3)(A) or (4)(A) of section 45Q(a)' with 'section 45Q(a)(3)(A)'.
Referred to the House Committee on Ways and Means.
Introduced February 5, 2025 by Kevin Hern · Last progress February 5, 2025
Makes targeted changes to the tax credit for carbon dioxide capture and use by amending Section 45Q of the Internal Revenue Code. It treats different qualified uses of captured carbon oxide the same for the credit, sets a $17 per-unit base credit for the specified early years, indexes later years for inflation, and updates related statutory language and cross-references. The changes apply to taxable years beginning after December 31, 2024.
