Cramer, Zinke Introduce Bill To Strengthen Fossil Fuel Industry

Press Release

North Dakota Congressman Kevin Cramer and Montana Congressman Ryan Zinke have introduced H.R.6295, the CO2 Regulatory Certainty Act. This bill, which is a companion to Senators John Hoeven (R-ND) and Steve Daines' (R-MT) S.3459, allows for better use of the Section 45Q carbon sequestration tax credit.

The 45Q tax credit is meant to offer incentives for environmentally friendly solutions so power plants can operate cleanly and efficiently. As it stands, tax guidelines and current federal regulations do not align, which makes it impossible for companies to use the tax credit for permanent or geological storage.

H.R.6295 helps to bridge that gap by getting Internal Revenue Service (IRS) guidelines and Environmental Protection Agency (EPA) regulations on the same page so there is another option for carbon sequestration besides enhanced oil and gas recovery.

"This bill simply aligns EPA and IRS regulations as it relates to the existing carbon sequestration tax credit," said Cramer. "This is one small way to correct this Administration's insistence on picking winners and losers in energy markets at the expense of consumers and job producers. I will continue to work on every opportunity to ensure a level playing field for all energy sources."

"Because of this Administration's perpetual war on fossil fuels, we need coal more than ever to keep energy costs reliable and affordable," said Zinke. "We as a Congress must find more ways to utilize Montana's coal reserves with innovative, clean technologies. This is why H.R.6295 is crucial. The current 45Q tax credit, which incentivizes carbon capture technologies, is unusable to companies who want to sequester carbon through geological storage. I am supportive of 45Q, but I want for companies in Montana to actually be able to utilize it. Rep. Cramer and I introduced this legislation to create new economic opportunities, protect our environment, and keep our coal, oil, and gas communities viable for generations to come."

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