Senate Bill 542 - CCU Parity Act of 2023

Purpose and Summary

Chamber: Senate

Introduced date: 2023-02-28

Recent Activity

Read twice and referred to the Committee on Finance.

Alternative Names

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.

Associated Legislation

CCU Parity Act of 2023

Policy Areas

Taxation

Potential Impact

Sponsors and Supporters

Sen. Whitehouse, Sheldon [D-RI]

Cosponsors and Supporters

Sen. Cassidy, Bill [R-LA]

Committees and Subcommittees

Finance Committee

Variations and Revisions

CCU Parity Act of 2023

CCU Parity Act of 2023

12/15/2023, 4:06 PM

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.
Congress
118
Number
S - 542
Introduced on
2023-02-28
# Amendments
0
Sponsors
+5
Cosponsors
+5

Variations and Revisions

2/28/2023
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

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.
Alternative Names
Official Title as IntroducedA 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.
Policy Areas
Taxation

Comments

Related

Bill:  CCU Parity Act of 2023

Recent Activity

Latest Summary4/25/2023

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.
Latest Action2/28/2023
Read twice and referred to the Committee on Finance.