Carbon Capture Act/Future Act

H.R. 3761/S. 1535


H.R. 3761

Sponsor:

  • Rep. Mike Conaway (R-Texas)

Cosponsors:

  • Rep. Robert Brady (D-Pa.)
  • Rep. Ryan Costello (R-Pa.)
  • Rep. David McKinley (R-W.Va.)
  • Rep. Kevin Cramer (R-N.D.)
  • Rep. Evan Jenkins (R-W.Va.)
  • Rep. Collin Peterson (D-Minn.)
  • Rep. Scott Tipton (R-Colo.)
  • Rep. Jim Costa (D-Calif.)
  • Rep. Rodney Davis (R-Ill.)
  • Rep. Gene Green (D-Texas)
  • Rep. Tom Cole (R-Okla.)
  • Rep. Kyrsten Sinema (D-Ariz.)
  • Rep. Will Hurd (R-Texas)
  • Rep. Andy Barr (R-Ky.)
  • Rep. Sanford Bishop (D-Ga.)
  • Rep. John Moolenaar (R-Mich.)
  • Rep. Michael Doyle (D-Pa.)
  • Rep. Elise Stefanik (R-N.Y.)
  • Rep. Bill Huizenga (R-Mich.)
  • Rep. Joe Barton (R-Texas)
  • Rep. Stevan Pearce (R-N.M.)
  • Rep. Mike Bost (R-Ill.)
  • Rep. Bill Johnson (R-Ohio)
  • Rep. Marc Veasey (D-Texas)
  • Rep. Robert Aderholt (R-Ala.)
  • Rep. Marcy Kaptur (D-Ohio)
  • Rep. Carlos Curbelo (R-Fla.)
  • Rep. Richard Hudson (R-N.C.)
  • Rep. Gregg Harper (R-Miss.)
  • Rep. Mike Rogers (R-Ala.)
  • Rep. Blake Farenthold (R-Texas)
  • Rep. Greg Gianforte (R-Mont.)
  • Rep. Clay Higgins (R-La.)
  • Rep. Terri Sewell (D-Ala.)
  • Rep. Brett Guthrie (R-Ky.)
  • Rep. Fred Upton (R-Mich.)
  • Rep. Trent Kelly (R-Miss.)
  • Rep. Ralph Lee Abraham (R-La.)
  • Rep. Tim Walberg (R-Mich.)
  • Rep. Jack Bergman (R-Mich.)
  • Rep. Doug Lamborn (R-Colo.)
  • Rep. Tim Ryan (D-Ohio)
  • Rep. Richard Nolan (D-Minn.)
  • Rep. Garret Graves (R-La.)
  • Rep. Brendan Boyle (D-Pa.)

Introduced:

    • 9/13/17

S. 1535

Sponsor:

  • Sen. Heidi Heitkamp (D-N.D.)

Cosponsors:

  • Sen. Shelley Moore Capito (R-W.Va.)
  • Sen. Sheldon Whitehouse (D-R.I.)
  • Sen. John Barrasso (R-Wy.)
  • Sen. Tim Kaine (D-Va.)
  • Sen. Lindsey Graham (R-S.C.)
  • Sen. Brian Schatz (D-Hawaii)
  • Sen. Roy Blunt (R-Mo.)
  • Sen. Cory Booker (D-N.J.)
  • Sen. Rob Portman (R-Ohio)
  • Sen. Jon Tester (D-Mont.)
  • Sen. Thad Cochran (R-Miss.)
  • Sen. Bob Casey (D-Pa.)
  • Sen. Amy Klobuchar (D-Minn.)
  • Sen. Richard Durbin (D-Ill.)
  • Sen. Sherrod Brown (D-Ohio)
  • Sen. Mark Warner (D-Va.)
  • Sen. Joe Donnelly (D-Ind.)
  • Sen. Joe Manchin (D-W.Va.)
  • Sen. Tammy Duckworth (D-Ill.)
  • Sen. Gary Peters (D-Mich.)
  • Sen. Chris Coons (D-Del.)
  • Sen. Michael Bennet (D-Colo.)
  • Sen. Angus King (I-Maine)

Introduced:

    • 7/12/17

Status:

  • Signed into law 2/9/18


WHAT THEY DO

H.R. 3761 and S. 1535 extend and expand the Section 45Q tax incentive for projects that capture and store carbon from coal and natural gas power plants and other facilities. Both bills, while not identical, would similarly increase the value of the credit for new projects, eliminate an existing cap on emission reductions covered under the credit, while limiting the number of years of eligibility for projects. The bills would also expand the range of projects that could receive the credit to also include carbon monoxide capture and other facilities.

WHY WE LIKE THEM

Extending and expanding the 45Q incentive is part of a multi-pronged financing effort for carbon capture projects by driving equity investment in the projects. Doing so has the potential to dramatically boost commercial carbon capture deployment in the U.S., which can also lead to significant increases in enhanced oil recovery and other economic benefits. The Petra Nova carbon capture project, located outside of Houston, is emblematic of the burgeoning potential. It created more than 500 jobs and attracted hundreds of millions in private investment. By capturing emissions and injecting them into a nearby oil field, it is expected to increase production from just 300 barrels of oil per day to upwards of 15,000 barrels daily. According to the National Enhanced Oil Recovery Institute, more than 300,000 barrels per day (or about 5 percent) of domestic oil production is harvested using carbon.

View the full text of H.R. 3761

View the full text of S. 1535
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