Published by Todd Bush on March 2, 2023
Washington, D.C. – U.S. Senators Sheldon Whitehouse (D-RI) and Bill Cassidy (R-LA) today introduced the Captured Carbon Utilization Parity Act, a bill intended to create parity between the credit value for utilization and sequestration in the 45Q carbon capture tax credit.
>> In Other News: Bloom Energy Fuel Cells Demonstrate Effectiveness in First Major Marine Deployment Aboard Cruise Ship Built by Chantiers de l’Atlantique
“While we’ve made progress on lowering emissions with the Inflation Reduction Act, the world is on track to well overshoot the climate goals of the Paris Agreement. We are going to need robust investment in both carbon utilization and sequestration to lead the planet to safety, said Whitehouse. “Our bipartisan Carbon Capture and Utilization Parity Act would bring the value of the tax credits for carbon utilization in line with the incentives for sequestration, while supporting continued investment in carbon-neutral products.”
Carbon capture and utilization is a broad term used to describe the many different ways that captured carbon oxides can be used or recycled to produce carbon-neutral products or services that today mostly come from fossil fuels.
The Carbon Capture and Utilization Parity Act of 2023 would increase the tax credit for carbon capture and utilization to match the incentives for carbon capture and sequestration for both direct air capture and the power and industrial sectors.
The Carbon Capture and Utilization Parity Act would:
Establish parity between 45Q carbon capture tax credits for utilization and sequestration.
Carbon capture from both point source and direct air capture technologies has the potential to contribute to emissions reduction targets, help decarbonize certain sectors, and create zero or negative-carbon products. The Carbon Capture and Utilization Parity Act would:
Support industry investment in carbon-neutral products.
Contribute to emissions reductions and a circular economy.
The legislation was also introduced in the House today by Representatives David Schweikert (R-AZ) and Terri Sewell (D-AL).
Whitehouse was an original cosponsor of the FUTURE Act, bipartisan legislation that was signed into law to increase the 45Q tax credit values and indexing the values to inflation.
Whitehouse was also an original cosponsor of 45Q Carbon Capture Utilization and Storage (CCUS) Tax Credit Amendments Act of 2020, which extended the tax credit for an additional two years, and was adopted in the FY2021 omnibus.
A bill summary can be found here.
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside This Issue ⚡ Energy Department Removes Barriers for American Energy Producers, Unleashing Investment in Domestic Hydrogen 🛳️ MASH Makes Powers First Vessel Trial With Biofuel From a Carbon-...
Inside This Issue 🛢️ Conestoga Energy Completes Drilling of Class VI Carbon Capture & Sequestration Well, Advances Toward EPA Application 🏗️ How Microsoft and Sublime Systems Are Reinventing C...
Inside This Issue 💸 EDF Slams Repeal of 45V Hydrogen Credit, Citing $32Bn in Higher Household Energy Costs and Job Losses 🤝 Johnson Matthey to Sell Blue Hydrogen Business to Honeywell as Part of £...
The U.S. Department of Energy’s (DOE) Hydrogen and Fuel Cell Technologies Office today removed barriers for the American hydrogen industry by updating its 45VH2-GREET modeling tool. The latest vers...
NETL Patents New Process for Extracting Critical Resources from Coal Fly Ash at High Quantities
NETL researchers developed a new process for extracting economically and strategically vital rare earth elements (REE) and critical minerals (CM) from America’s coal fly ash at high quantities and ...
World’s First Plant That Captures CO2 From Air to Make Building Materials Opens
Aggregates produced using CO2 captured by Mission Zero Technologies ‘Direct Air Capture’ technology (Image courtesy of Mission Zero Technologies) A demonstration project that uses direct air captu...
Plug Power’s Georgia Hydrogen Plant Sets U.S. Production Record Using Plug Electrolyzer Technology
April 2025 Marks Industry-Leading Milestone with 300 Metric Tons of Liquid Hydrogen Produced WOODBINE, Ga., -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions, ...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.