The Carbon Capture Modernization Act is a companion to other financing efforts to dramatically spur more deployment of carbon capture, utilization and storage technologies at coal and natural gas generation and other industrial facilities.
The bill builds on the bipartisan FUTURE Act, which was signed into law and expands and extends the key 45Q carbon capture tax incentive. It would further support carbon capture technologies through public-private partnerships, permitting improvements and innovative R&D.
Requires the Department of Energy to evaluate and make recommendations to administration-funded carbon capture projects in order to set and meet specific milestones for those projects.
The bipartisan Carbon Capture Improvement Act provides carbon capture projects access to tax-advantaged bonds issued by municipal and state governments to attract investment in local infrastructure projects.
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.