IRS Rules Would Open Doors For Carbon Capture Projects
Law360 (June 1, 2020, 7:36 PM EDT) -- Proposed IRS rules on the carbon capture tax credit would allow another avenue for businesses to prove they meet the credit's requirements for enhanced oil recovery projects, which would provide flexibility for projects without jettisoning monitoring, reporting and verification standards.
The law establishing the credit requires that carbon oxides be securely stored deep underground, away from the atmosphere, in facilities such as salt deposits, oil reservoirs and unminable coal seams. Under the Internal Revenue Service's proposed rules on changes that Congress made to the credit in 2018, investors in enhanced oil recovery projects could show that they meet the credit's secure...
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