Businesses capturing carbon would get new tax credits, with higher amounts for oil and gas projects.
This bill, called the "Enhancing Energy Recovery Act," would change how certain businesses get tax credits for capturing carbon. It would set new credit amounts, including a higher credit for companies that use captured carbon in oil and natural gas recovery projects. These changes would take effect for tax years starting after December 31, 2024.
Today, businesses can get tax credits for capturing carbon oxide, with different amounts based on how it's stored or used. This bill would restructure these categories and set new credit amounts. For example, the credit for general secure storage would be $17 per metric ton (inflation-adjusted later), while using carbon in enhanced oil or natural gas recovery would get a $36 per metric ton credit.
HR 1003 · 119th Congress · February 5, 2025 · AI Summary by gemini-2.5-flash · 8/10
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2 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.