S 4966
45Q Carbon Capture, Utilization, and Storage Tax Credit Amendments Act of 2020
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Bill overview
This bill, the 45Q Carbon Capture, Utilization, and Storage Tax Credit Amendments Act of 2020, extends the existing tax credit for carbon oxide sequestration from 2024 to 2029. It also introduces a new option for taxpayers to receive a direct payment instead of the credit, particularly for carbon capture projects and certain advanced coal projects. The bill clarifies rules regarding how these payments are treated for tax purposes and includes provisions to allow these credits to be used in calculating the base erosion minimum tax.
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Cosponsors
Joe, III Manchin
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