Carbon Resource Innovation Act

Tax credit for solid and liquid carbon capture

This bill would expand the Section 45Q tax credit to cover carbon captured in solid or liquid form at qualifying facilities. To qualify, the facility would need carbon capture equipment that captures carbon that would otherwise be released, and the amount must be measured at the capture source and verified where it is stored, injected, or used. A solid or liquid capture facility would have to capture at least 1,000 metric tons of qualified carbon oxide in the taxable year to be eligible. The credited amount would equal the carbon dioxide equivalent of the metric tons measured and verified. Regulations could include underground storage chambers as part of a facility only if the captured carbon does not escape. These rules would apply to carbon captured after the date of enactment.