The Nickel Report

Over the past six years, federal and State lawmakers have done much to promote carbon capture utilization and storage (CCUS) - capturing carbon dioxide from an industrial source or from the air, then transporting it either for use in making new products or for underground disposal.  CCUS is considered indispensable for meeting global CO2 emission reduction targets.  Moreover, captured CO2 has tremendous potential value.

In an article published in Law360, two Hunton Andrews Kurth LLP Partners discuss the passage of the Bipartisan Budget Act of 2018 and its implications for Section 45Q of the Internal Revenue Code. Carbon capture and sequestration supporters expect this to significantly boost deployment of carbon capture and storage (CCS) across the US.

Readers can access the full article here.

As part of the Bipartisan Budget Act of 2018, Congress significantly increased and extended the Section 45Q tax credit for sequestration of carbon oxides. This has been a top priority of carbon capture and sequestration (CCS) supporters for several years.

CCS is considered to be essential to global efforts to reduce CO₂ emissions. The world’s most respected analysis organizations all estimate that fossil fuel use will increase in the coming decades, even with energy efficiency improvements and vast increases in renewable energy.