S 3581 — A bill to amend the Internal Revenue Code of 1986 to modify the credit for carbon dioxide sequestration.

1 sponsors · 0 co-sponsors · 546 not signed on

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Frequently asked questions

What does S 3581 do?

Amends the Internal Revenue Code, with respect to the tax credit for carbon dioxide sequestration, to: (1) establish a national limitation for such credit based upon metric tons of qualified carbon dioxide (defined as carbon dioxide captured from an industrial source that would otherwise be released into the atmosphere as industrial emission of greenhouse gas and that is measured at the source of capture and verified at the point of disposal or injection); (2) direct the Secretary of the Treasury to establish processes and procedures for allocating the national limitation and for certifying projects for which an allocation has been made; (3) impose a 10-year limitation period for such credit; (4) identify the primary taxpayer eligible to claim such credit as the taxpayer who captures the qualified carbon dioxide and disposes, through contract or otherwise, of the qualified carbon dioxide in a specified manner; and (5) provide for the transferability of such credit.

Who sponsors S 3581?

S 3581 is sponsored by Kent Conrad (Democrat).

What is the current status of S 3581?

This bill died with 112th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

Where can I track S 3581?

Track S 3581 free on One Click Politics — get push/email alerts when it moves.