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US Tax Credits for CCS
  US

Friday, June 08, 2007
Source:CARBONCAPTUREJOURNAL
Article Type: Reprinted


The US Department of Energy and Treasury Department have released new instructions for applying for tax credits for carbon capture and storage.

Projects will be ranked by the Department of Energy as to how much they deserve tax credits, and the $650m total tax credits will be allocated to different projects according to their ranking.

Projects which capture and store carbon dioxide will get a high ranking. Projects which are built to enable future carbon dioxide capture will get a lower ranking.

The procedures for allocating credits are outlined in detail in IRS Notices 2007-52 (advanced coal project program) and 2007-53 (qualifying gasification project program).

For the 2007-2008 allocation round, applications for DOE certification are not due to the Energy Department until October 31, 2007.

The tax credits were originally issued in the 2005 Energy Policy Act, to encourage development of energy and industrial feedstocks which made less air pollution.

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