U.S. Rep. Brad Wenstrup (R-OH) on Feb. 12 introduced a bill that would authorize an increased credit for carbon oxide sequestration for direct air capture facilities.
Rep. Wenstrup cosponsored H.R. 5883 with bill sponsor U.S. Rep. David Schweikert (R-AZ) as the carbon sequestration portion of an environmental plan put forth by Republicans in the U.S. House of Representatives that includes two other solutions for clean energy and conservation.
If enacted, H.R. 5883 would expand the 45Q carbon sequestration tax credits and make them permanent in the federal tax code, according to a bill summary provided by Rep. Wenstrup’s office.
Additionally, the bill would improve the value of the credit for critical direct air capture projects; expand its availability to more energy innovators; and incentivize private-sector projects to remove more carbon from the atmosphere, according to the summary.
“Our legislation will help take more pollution out of the air as well as boost the economy without jeopardizing jobs or driving up energy costs for hardworking American families and businesses,” Rep. Wenstrup said. “It will help more companies enter the carbon capture market by creating certainty and predictability as well as by expanding access to the tax credit.”
And by incentivizing the private sector to invest in new technology, Rep. Wenstrup said the nation could meet GOP climate goals while “solidifying America’s role as the leading exporter of climate solutions.”
“Our legislation would also help companies capturing carbon directly from the air have even more access to the tax credit, which presents a much-needed step forward in expanding technologies that will help clean our environment,” said Rep. Schweikert.
H.R. 5883 received an endorsement from ClearPath.