The Internal Revenue Service (IRS) recently released two pieces of guidance relating to the implementation of the reformed 45Q tax credit, relating to requirements defining beginning and continuous construction requirements for projects and a revenue procedure that establishes rules for business partnerships claiming the tax credit. Clarity and financial certainty on 45Q tax credit implementation is vital for carbon capture projects which have a narrow window of time to begin before the credit’s January 1, 2024 deadline for beginning of construction. Continue reading »
45Q Implementation on Carbon Capture New Year Wish List
January 6, 2020 in Carbon Management, News & Press Author: Patrice Lahlum
The calendar has turned to 2020 and the carbon capture industry is still waiting on the US Department of the Treasury to release additional guidance on the implementation of the reformed and expanded 45Q credit. Continue reading »
Major Announcements and Action Typify this Year’s CO2NNECT Conference
July 2, 2019 in Carbon Management Authors: Jill Syvrud, Patrice Lahlum
Leaders and stakeholders who are catalyzing carbon capture, storage, utilization, and removal efforts in the US recently gathered in Jackson Hole, Wyoming. Now in its second year, the CO2NNECT Conference, hosted by the Great Plains Institute (GPI), focused on what deliberate and strategic actions are needed for carbon capture, storage, removal, and utilization to reach its full potential as a national energy, jobs, and emissions reduction solution. Continue reading »
Federal 48A Tax Credit Reform Needed for the US to Maintain Global Carbon Capture Leadership and Reduce Emissions
May 1, 2019 in Carbon Management Author: Patrice Lahlum
At a time when the rapid construction of new coal-fired power plants in China, India, and other emerging economies is contributing to significant global emissions growth, it is essential that the US continues to lead the way in commercial deployment of technologies to manage carbon emissions from existing power plants. Continue reading »
Waiting Game Continues: 45Q Carbon Capture Tax Credit Implementation Update
April 30, 2019 in Carbon Management Author: Patrice Lahlum
The clock is ticking. To qualify for the revamped 45Q carbon capture tax credit, a carbon capture project must begin construction by 2023—a very short time frame, especially for carbon capture projects that are capital intensive and have long lead times to develop, permit, and finance. Continue reading »
Treasury Action Needed on 45Q Carbon Capture Tax Credit Implementation
March 5, 2019 in Carbon Management Author: Patrice Lahlum
Proper implementation of the 45Q tax credit is crucial to realizing the significant carbon emission reduction, energy and industrial production, and job creation benefits that will come from economy-wide deployment of carbon capture technology. Congress enacted the reformed and strengthened 45Q tax credit—which is for the geologic storage and beneficial use of carbon captured from industrial facilities and power plants—more than a year ago as part of the Bipartisan Budget Act of 2018.
Governors’ Partnership for Carbon Capture Releases Letter in Support of USE IT Act
November 19, 2018 in Carbon Management, News & Press Author: Patrice Lahlum
A recently formed governors’ group aimed at advancing the development and deployment of carbon capture projects and CO2 pipeline infrastructure across the United States sent a letter to Congressional leaders today urging passage this year of the bipartisan Utilizing Significant Emissions with Innovative Technologies (USE IT) Act, S. 2602. Continue reading »
It’s Time for Long-Term Planning for North Dakota’s Legacy Fund
March 19, 2018 in Carbon Management Author: Patrice Lahlum
A handful of North Dakota state legislators recently put forth a proposal to tap into the principal of the state’s constitutionally-established Legacy Fund to establish a loan program for infrastructure projects. The plan is expected to come before the 2019 State Legislature and will likely be one of many ideas and proposals that surface in the coming months which aim to utilize either the earnings or a portion of the principal of the Fund. Continue reading »
News Release: State Work Group Releases New Report on Carbon Capture & Electricity Markets
June 27, 2017 in Carbon Management, News & Press Author: Patrice Lahlum
WASHINGTON, DC – A multi-state group co-convened by Wyoming Governor Matt Mead and Montana Governor Steve Bullock released a new report today outlining the opportunities and challenges for integrating power plants with carbon capture into the nation’s wholesale electricity markets. The State CO2-EOR Deployment Work Group works to expand carbon capture from power plants and industrial facilities for use in enhanced oil recovery with geologic storage (CO2-EOR). Continue reading »
New Legacy Fund Analysis Shows Long-Term Prudent Management Can Double or Triple Fund Balance
March 31, 2017 in Carbon Management Authors: Brad Crabtree, Dane McFarlane, Patrice Lahlum
The 2017 North Dakota legislature faces a tough predicament as they work to finalize budgets and funding levels for the 2017-2019 biennium. March 2017 projections developed by the State Office of Management and Budget show projected general fund revenue shortfalls of more than $100 million. Continue reading »
