Methane Reduction and Economic Growth Act
Take action
Record your position on this measure.
Create an account to record your position, submit testimony, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the Methane Reduction and Economic Growth Act, amends the Internal Revenue Code to create a tax credit for capturing methane from mines. Specifically, it modifies existing rules to allow for the credit when methane is captured from underground or abandoned mines and either injected into a pipeline meeting specific integrity standards or used for heat or industrial purposes. The bill also establishes criteria for what qualifies as ‘qualified methane’ and ‘methane capture equipment’.
Key provisions
- Establishes a tax credit for methane capture from mines.
- Allows for the substitution of ‘CO2e’ for ‘qualified carbon oxide’ and ‘methane capture equipment’ for ‘carbon capture equipment’.
- Specifies requirements for pipeline integrity and monitoring to qualify for the credit.
- Defines ‘qualified methane’ as methane captured from mining activities that would otherwise be released.
- Defines ‘methane capture equipment’ as equipment connecting a mine source to a pipeline or energy generation equipment.
- Sets a minimum capture requirement of 2,500 metric tons of CO2e methane annually.
- Establishes a construction start date of January 1, 2036, for qualified facilities.
- The credit applies to methane captured after December 31, 2024.
Who is affected
- Mining companies
- Oil and gas industry
- Taxpayers
- Environmental regulators
Bill text
Read the latest version inline or switch to a previous version.
Text extraction is in progress. View the official source.
Sponsors
Official sponsors from legislative records.
11 on record
Primary sponsor
Cosponsors
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours