Full Title: Recommended Modifications to the 45Q Tax Credit for Carbon Dioxide Sequestration
Author(s): National Enhanced Oil Recovery Initiative, Center for Climate and Energy Solutions, Great Plains Institute
Publisher(s): National Enhanced Oil Recovery Initiative
Publication Date: February 1, 2012
Full Text: Download Resource
Description (excerpt):
The National Enhanced Oil Recovery Initiative (NEORI) recommends that Congress consider implementing a revenue-positive federal production tax credit to support deployment of commercial carbon dioxide (CO2) capture and pipeline projects. A new, more robust federal incentive is needed to increase the supply of man-made or anthropogenic CO 2 that the oil industry can purchase for use in enhanced oil recovery (EOR) to increase domestic production from existing oil fields. NEORI also recommends that Congress undertake immediate modification of the existing Section 45Q Tax Credit for Carbon Dioxide Sequestration,1 through legislative action and/or working with the Department of the Treasury to revise Internal Revenue Service program guidance.