HR 5883
To amend the Internal Revenue Code of 1986 to provide for an increased credit for carbon oxide sequestration for direct air capture facilities, and for other purposes.
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- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill increases the tax credit available to companies that capture carbon dioxide (carbon oxide) from the atmosphere, specifically through direct air capture facilities. It raises the dollar amount of the credit for these facilities, making it more financially attractive for investment. The bill also removes a previous deadline for when facilities needed to be in operation and adjusts the amount of carbon oxide that must be captured to qualify for the credit, based on the size of the facility. These changes are intended to encourage the development and deployment of technologies that remove carbon dioxide from the air.
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Primary sponsor
Cosponsors
Brad R. Wenstrup
Doug Lamborn
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