Methane Reduction and Economic Growth Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- 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 regarding carbon capture incentives to now incentivize the capture and utilization of methane released from mining operations. The bill establishes criteria for ‘qualified methane’ and ‘qualified facilities’ to be eligible for the credit, focusing on methane captured and utilized in a manner that minimizes atmospheric release.
Key provisions
- Establishes a tax credit for methane capture from mining operations.
- Replaces ‘carbon capture equipment’ with ‘methane capture equipment’ in the tax code.
- Defines ‘qualified methane’ as methane captured from mines and utilized in pipelines or for energy production.
- Sets a minimum capture requirement of 2,500 metric tons of CO2e methane per year for a ‘qualified facility’.
- Specifies construction start dates for eligible facilities (before January 1, 2036).
- Requires methane capture equipment to meet pipeline integrity standards.
- Allows for methane utilization in heat generation or industrial processes.
- Defines ‘methane capture equipment’ as equipment connecting mining facilities to pipelines or energy generation.
Who is affected
- Mining companies
- Taxpayers
- Energy producers
- Pipeline operators
- The federal government (through tax revenue)
Bill text
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Sponsors
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6 on record
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Cosponsors
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