FLARE Act

Bill 119 s 1188, also known as the "Gas Capture Innovation Act," aims to amend the Internal Revenue Code of 1986 in order to provide permanent full expensing for property used to capture gas that would otherwise be flared or vented. The bill also seeks to encourage the use of this captured gas in value-added products.

The main goal of this legislation is to incentivize companies to invest in technology and infrastructure that will capture gas that is currently being wasted through flaring or venting. By providing full expensing for this property, businesses will be able to deduct the full cost of these investments from their taxes, making it more financially feasible for them to implement these gas capture technologies.

Additionally, the bill aims to promote the use of this captured gas in value-added products, such as converting it into renewable energy sources or other useful products. By encouraging the utilization of this gas in a productive manner, the legislation seeks to reduce waste and promote environmental sustainability. Overall, the Gas Capture Innovation Act is designed to support innovation in the energy sector, reduce greenhouse gas emissions, and promote the efficient use of natural resources. It will be interesting to see how this legislation progresses through Congress and what impact it may have on the energy industry and the environment.