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Wednesday, November 15, 2017 11:49:58 AM
Bennet Amendment #19 to Chairman’s Mark of the Tax Cuts and Jobs Act
Short Title: Maintaining Modern and Secure Energy Infrastructure
This Act may be cited as the “Carbon Capture Improvement Act of 2017”.
SEC. 2. FINDINGS.
Congress finds the following:
(1) Capture and long-term storage of carbon dioxide from coal, natural gas, and biomass-fired power plants, as well as from industrial sectors such as oil refining and production of fertilizer, cement, and ethanol, can help protect the environment while improving the economy and national security of the United States.
(2) The United States is a world leader in the field of carbon dioxide capture and long-term storage, as well as the beneficial use of carbon dioxide in enhanced oil recovery operations, with many manufacturers and licensors of carbon dioxide capture technology based in the United States.
(3) While the prospects for large-scale carbon capture in the United States are promising, costs remain relatively high. Lowering the financing costs for carbon dioxide capture projects would accelerate the deployment of this technology, and if the captured carbon dioxide is subsequently sold for industrial use, such as for use in enhanced oil recovery operations, the economic prospects are further improved.
(4) Since 1968, tax-exempt private activity bonds have been used to provide access to lower-cost financing for private businesses that are purchasing new capital equipment for certain specified environmental facilities, including facilities that reduce, recycle, or dispose of waste, pollutants, and hazardous substances.
(5) Allowing tax-exempt financing for the purchase of capital equipment that is used to capture carbon dioxide will reduce the costs of developing carbon dioxide capture projects, accelerate their deployment, and, in conjunction with carbon dioxide utilization and long-term storage, help the United States meet critical environmental, economic, and national security goals.
https://www.congress.gov/bill/115th-congress/senate-bill/843/text
https://www.finance.senate.gov/imo/media/doc/Master%20Tax%20Amendments.pdf?hootPostID=1ba46350e7d5612e848d8bce882a6eb6
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