IRS Releases Proposed Regulations for Carbon Sequestration Tax Credit

Read the full story at JD Supra.

The proposed regulations, released on May 28 and on which taxpayers may currently rely pending finalization, build on prior guidance for carbon capture and sequestration tax credits under Section 45Q of the Internal Revenue Code. This guidance provides a framework for certainty in allowing developers, investors, and even service providers to benefit from the Section 45Q credit in a manner similar to that employed for other industries. The benefits will hopefully speed the expansion of the carbon capture industry and the reduced carbon release that it promises, similar to how tax credits have helped spur the renewable energy industry.

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