WASHINGTON – U.S. Senators Kevin Cramer (R-N.D.), Shelley Moore Capito (R-WV), Sheldon Whitehouse (D-RI) and John Barrasso (R-WY), bipartisan Senate leaders on market-driven climate policy, today called U.S. Department of Treasury (DOT) Secretary Steven Mnuchin urging the Internal Revenue Service (IRS) to issue its regulatory guidance related to the 45Q tax credit for carbon capture, utilization, and storage (CCUS). CCUS is an essential technology for reducing carbon emissions while preserving and growing jobs in the US economy.
“I appreciate Secretary Mnuchin working closely with us to ensure we get the rules for carbon capture tax credits done quickly and, more importantly, done right. North Dakota’s coal, ethanol, and energy producers have been waiting for years to invest in carbon capture and utilization technology because they need IRS guidance to move forward confidently. The expansion and extension of 45Q enjoys broad bipartisan support. The forthcoming Notice of Proposed Rulemaking ought to be written in the same inclusive manner to incentivize its use by as many producers as possible,” Senator Cramer said.
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