IRS extends safe harbor for carbon capture tax credit

Treasury Extends 45Q Safe Harbor, Giving Carbon Capture Projects a Clearer Path Forward

The U.S. Department of the Treasury and Internal Revenue Service recently extended and expanded its Section 45Q safe harbor guidance, giving carbon capture and storage (CCS) projects greater certainty as they advance. First established in 2008, 45Q provides a federal tax incentive for capturing carbon dioxide (CO2) from industrial facilities and power plants and safely storing or using it. Administrations of both parties have maintained and expa…

Carbon capture explained: how EU member states are funding and rolling out the technology to clean up Europe’s fossil fuel industry

Marzia Sesini, European University Institute; Adrien Nicolle, European University Institute, and Burçin Ünel, New York University Carbon capture and storage (CCS) underpins the European Union’s (EU) strategy to decarbonise industries such as cement, steel, and chemicals. It involves capturing carbon dioxide (CO2) from industrial facilities, transporting it by pipeline or shipping and storing it permanently in geological formations. According to …

IRS extends safe harbor for carbon capture tax credit

The Internal Revenue Service and the Treasury Department issued a notice extending a safe harbor for carbon capture and sequestration technology.