Rep. Burchett introduces Carbon Capture Improvement Act
WASHINGTON, D.C. (July 23, 2019) – Congressman Tim Burchett recently introduced the Carbon Capture Improvement Act, H.R. 3861, a bill that would provide industrial facilities and power plants a financial incentive to invest in carbon capture and storage equipment. It seeks to amend the Internal Revenue Code to authorize the issuance of tax-exempt private activity bonds, issued by local or state governments, to finance carbon capture projects.
“There’s been a lot of talk about ways to improve the environment, and I believe this is a good example of giving businesses an incentive to lower carbon emissions without forcing it on them through regulations,” said Rep. Burchett. “This common-sense legislation allows the free market, rather than the government, to determine innovative ways to go green.”
To be eligible for this low-cost financing, industrial carbon dioxide facilities must satisfy specified capture and storage requirements. The equipment would need to be used for the capture, treatment and purification, compression, transportation or on-site storage of carbon dioxide produced by an industrial carbon dioxide facility, and must be integral or functionally related and subordinate to a gasification process that converts a product from coal, petroleum residue, biomass, or other materials recovered for their energy or feedstock value into a synthesis gas composed primarily of carbon dioxide and hydrogen for direct use or subsequent chemical or physical conversion.
A bipartisan version of the bill, S. 1763, has been introduced in the Senate.