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To amend the Internal Revenue Code of 1986 to allow the carbon capture credit to enhance the efficiency and effectiveness of the carbon oxide sequestration tax credit.
Summary
This bill amends the Internal Revenue Code to modify the carbon oxide sequestration tax credit under section 45Q. The bill allows taxpayers with carbon capture equipment placed in service after December 31, 2017 to elect to treat excess carbon oxide sequestration credits as payments in excess of their tax liability, rather than simply carrying the credits forward to other years. A taxpayer making this efficiency election could receive a refund or credit for amounts exceeding their tax liability. However, if a taxpayer chooses this election option, the dollar amounts of the credit are reduced to 90 percent of the amounts that would normally apply under the tax code. The amendments apply to taxable years beginning after December 31, 2019.
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Sponsor (1)
- Rep. Bergman, Jack [R-MI-1] (R-MI)
2 cosponsors
Actions (3)
- Jul 31, 2020 Referred to the Subcommittee on Select Revenue Measures. · house
- Jul 31, 2020 Referred to the House Committee on Ways and Means. · house
- Jul 31, 2020 Introduced in House
Similar bills (6)
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Full text
IN THE HOUSE OF REPRESENTATIVES
July 31, 2020
Mr. Bergman (for himself and Mrs. Fletcher) introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to allow the carbon capture credit to enhance the efficiency and effectiveness of the carbon oxide sequestration tax credit.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Redeeming Effectiveness to Carbon Oxide Utilization Plus Sequestration Act of 2020” or “RECOUPS Act of 2020”.
SEC. 2. ENHANCED EFFICIENCY ELECTION FOR CARBON OXIDE SEQUESTRATION CREDIT.
(a) In General.—Section 45Q(f) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
“(8) Efficiency election.—
“(A) In general.—In the case of any carbon capture equipment placed in service on or after the date of the enactment of the Bipartisan Budget Act of 2018, a taxpayer that claims a carbon oxide sequestration credit for any taxable year may elect to treat the credit as a payment in excess of the tax imposed, or the estimated tax payment required, by subtitle A to the extent such credit exceeds the tax liability of such taxpayer in such taxable year.
“(B) Limitation.—If the taxpayer described in subparagraph (A) makes an election under this paragraph (in such time and manner as the Secretary may prescribe by regulations), the dollar amounts applicable under paragraph (3) or (4) of subsection (a) shall be 90 percent of the applicable dollar amount determined under paragraph (1) of subsection (b).”.
(b) Effective Date.—The amendment made by this section shall apply to taxable years beginning after December 31, 2019. <all>
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