Analysis

3 Lingering Concerns About The Carbon Capture Tax Credit

By Joshua Rosenberg (February 25, 2021, 4:52 PM EST) -- The IRS has released final regulations on the newly revised carbon capture tax credit, which provides for a tax credit of up to $50 per metric ton of carbon captured in qualified facilities, but practitioners still have some unanswered questions about it. 

The tax code provides for three ways taxpayers can qualify for a carbon capture tax credit: by sequestration of extracted carbon, by enhanced oil recovery through captured carbon or by utilization, in which carbon is used commercially.  (AP Photo/Rogelio V. Solis) Internal Revenue Code Section 45Q is intended to reduce atmospheric greenhouse gases that contribute to climate change by encouraging companies to seize...

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