45Q Implementation on Carbon Capture New Year Wish List
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- Jan 9, 2020 3:45 pm GMTJan 9, 2020 3:48 pm GMT
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By Patrice Lahlum, Program Consultant, Great Plains Institute
The calendar has turned to 2020 and the carbon capture industry is still waiting on the US Department of the Treasury to release additional guidance on the implementation of the reformed and expanded 45Q credit. February 2020 will mark two years since the passage of the reformed 45Q tax credit, significantly shrinking the time frame that project developers and investors can qualify for the credit.
Former US Energy Secretary Rick Perry penned a letter to Treasury Secretary Mnuchin late last year encouraging the agency to issue 45Q guidance by the end of 2019, noting that several federal agencies, including the Department of Energy, the Environmental Protection Agency and the Department of the Interior stand ready to provide technical expertise to help Treasury get the 45Q guidance across the finish line.