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CCU Parity Act of 2023

12/15/2023, 4:06 PM

Congressional Summary of S 542

CCU Parity Act of 2023

This bill increases the tax credit for carbon capture and use to match incentives for carbon capture and sequestration for both direct air capture and the power and industrial sectors.

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Current Status of Bill S 542

Bill S 542 is currently in the status of Bill Introduced since February 28, 2023. Bill S 542 was introduced during Congress 118 and was introduced to the Senate on February 28, 2023.  Bill S 542's most recent activity was Read twice and referred to the Committee on Finance. as of February 28, 2023

Bipartisan Support of Bill S 542

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
1
Democrat Cosponsors
0
Republican Cosponsors
1
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 542

Primary Policy Focus

Taxation

Alternate Title(s) of Bill S 542

CCU Parity Act of 2023
CCU Parity Act of 2023
A bill to amend the Internal Revenue Code of 1986 to increase the applicable dollar amount for qualified carbon oxide which is captured and utilized for purposes of the carbon oxide sequestration credit.

Comments

Sponsors and Cosponsors of S 542

Sheldon Whitehouse
Sheldon Whitehouse
Rhode IslandDemocrat
Bill Cassidy
Bill Cassidy
LouisianaRepublican

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