Senator Kevin Cramer on Carbon Capture Tax Credit Comments Requested by the IRS

Statement

U.S. Senator Kevin Cramer (R-N.D.) issued the following statement today regarding the IRS requesting public comment on rules for implementing carbon capture tax credits:

"Over a year after the enactment of the Bipartisan Budget Act, the IRS took a long overdue step toward implementing carbon capture tax credits today. If implemented properly, these credits will incentivize private investment in deploying technology and storage techniques that are vital to reducing fossil fuel emissions. However, if this credit is going to successfully encourage funding for carbon capture, it must be applicable to producers across the nation, not just a select few. I will continue to work with the administration on this issue, and I urge stakeholders to make their views known to the IRS."

Senator Cramer led the effort to include the carbon tax credit in the Bipartisan Budget Act of 2018 and recently wrote a letter to U.S. Department of Treasury Secretary Steven Mnuchin and Internal Revenue Service (IRS) Commissioner Charles Rettig urging them to enact these reforms quickly and properly.

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