Coordinated Action To Capture Harmful Emissions Act

Bill: 117-hr-3538
Sponsor: full_name: Rep. Ryan, Tim [D-OH-13]
Introduced: 2021-05-25
Policy area: Taxation
Latest action: action_date: 2021-05-25
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-05-25
action_desc: Introduced in House
text: <p><strong>Coordinated Action To Capture Harmful Emissions Act</strong></p> <p>This bill increases the applicable dollar amount of the carbon oxide sequestration tax credit for taxable years after 2021.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 3538 IN THE HOUSE OF REPRESENTATIVES May 25, 2021 Mr. Ryan (for himself, Mr. Gonzalez of Ohio , Mrs. Bustos , Mr. Walberg , Mr. Veasey , Mr. McKinley , Ms. Wild , and Mr. Armstrong ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to enhance the carbon oxide sequestration credit.

1. Short title This Act may be cited as the Coordinated Action To Capture Harmful Emissions Act . 2. Enhancement of carbon oxide sequestration credit (a) Increase in applicable dollar amount Subparagraph (A) of section 45Q(b)(1) of the Internal Revenue Code of 1986 is amended to read as follows: (A) In general For any taxable year beginning in a calendar year after 2021, the applicable dollar amount shall be an amount equal to— (i) for purposes of paragraph (3) of subsection (a), an amount equal to the product of $85 and the inflation adjustment factor for such calendar year determined under section 43(b)(3)(B) for such calendar year, determined by substituting 2020 for 1990 , and (ii) for purposes of paragraph (4) of such subsection, an amount equal to the product of $60 and the inflation adjustment factor for such calendar year determined under section 43(b)(3)(B) for such calendar year, determined by substituting 2020 for 1990. . (b) Definition of qualified facility Paragraph (2) of section 45Q(d) of the Internal Revenue Code of 1986 is amended to read as follows: (2) at which carbon capture equipment installed at such facility captures qualified carbon oxide during the taxable year. . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2021.