US members of Congress and the House are introducing legislation to promote carbon capture and sequestration.
Senators and members of Congress have introduced companion bills to change IRS guidelines to align with relevant EPA regulations to pave the way for carbon capture projects to claim tax credits.
Carbon capture and sequestration involves using carbon dioxide to recover larger amounts of oil and gas.
Senator Hoeven of North Dakota, one of the bill’s sponsors, said: “Our nation’s energy industry continues developing and commercializing new technologies that deliver affordable, reliable energy with better environmental stewardship.”
Hoeven added: “Our legislation supports a path forward for clean coal technology. Improving this tax credit will help make carbon dioxide sequestration a more commercially viable technology. That’s good for jobs, consumers and the country’s energy security.”
Senator Daines of Montana, who also sponsored the bill, said: “We need common sense innovative solutions to save Montana’s coal jobs and produce more American energy.”