The US Treasury Department and the IRS provided practical administrative rules for the carbon capture and sequestration tax credit.
Key Points:
..The IRS finalized the third set of rules in a series of regulatory guidance intended to propel the growth of the carbon capture and sequestration industry in the US.
..The rules cover topics of great importance to the industry, including how to comply with the secure geological storage and utilization requirements, how to transfer tax credits from the capturing party to the sequestering party, and the scope of potential tax credit recapture in the event of a leak of carbon oxide.
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