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Methane Reduction and Economic Growth Act

10/21/2024, 2:50 PM

Summary of Bill S 5167

Bill 118 s 5167, also known as the Methane Reduction and Economic Growth Act, is a piece of legislation introduced in the US Congress with the goal of reducing methane emissions from the oil and gas industry while also promoting economic growth.

The bill aims to achieve this by implementing various measures, such as requiring oil and gas companies to regularly monitor and report their methane emissions, as well as implementing technology and practices to reduce these emissions. Additionally, the bill provides incentives for companies to invest in methane reduction technologies and practices.

The Methane Reduction and Economic Growth Act also seeks to create jobs and stimulate economic growth by promoting the development and deployment of methane reduction technologies. This includes providing funding for research and development of new technologies, as well as supporting workforce training programs in the methane reduction industry. Overall, the bill aims to strike a balance between environmental protection and economic growth by reducing methane emissions from the oil and gas industry while also creating opportunities for job creation and innovation in the methane reduction sector.

Congressional Summary of S 5167

Methane Reduction and Economic Growth Act 

This bill establishes a new tax credit for qualified methane mine capture. The bill defines qualified methane as any methane that is captured from mining activities by methane capture equipment, would otherwise be released into the atmosphere as an industrial emission of greenhouse gas or lead to such release, and is measured at the source of capture and verified at the point of injection or utilization. 

Read the Full Bill

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Current Status of Bill S 5167

Bill S 5167 is currently in the status of Bill Introduced since September 25, 2024. Bill S 5167 was introduced during Congress 118 and was introduced to the Senate on September 25, 2024.  Bill S 5167's most recent activity was Read twice and referred to the Committee on Finance. as of September 25, 2024

Bipartisan Support of Bill S 5167

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
2
Democrat Cosponsors
0
Republican Cosponsors
2
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 5167

Primary Policy Focus

Taxation

Alternate Title(s) of Bill S 5167

Methane Reduction and Economic Growth Act
Methane Reduction and Economic Growth Act
A bill to amend section 45Q of the Internal Revenue Code of 1986 to establish the mine methane capture incentive credit.

Comments

Darius Abbott profile image

Darius Abbott

646

1 year ago

I'm not entirely sure about this bill, but I have some concerns about how it may impact our economy and environment. Can someone clarify who will be affected by it?

Justin Mayo profile image

Justin Mayo

664

1 year ago

I dunno much about this bill but it sounds like it could be good for the environment and maybe help the economy too. I'm all for reducing methane emissions and if this bill can do that, then I'm all for it. But who knows what the real impact will be, guess we'll just have to wait and see.

Luka Tan profile image

Luka Tan

622

1 year ago

I'm interested in learning more about this bill and how it could impact our country.

Braelynn Parks profile image

Braelynn Parks

589

1 year ago

this bill is so sad, i cant believe it. i hope it helps us all out in the end. #confused #methaneact

Sponsors and Cosponsors of S 5167

Mark R. Warner
Mark R. Warner
VirginiaDemocrat
Shelley Moore Capito
Shelley Moore Capito
West VirginiaRepublican

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