Welcome

Carbon Capture Backers Want More Oversight of Tax Credit Abuse

May 11, 2020, 8:03 PM

Carbon capture advocates called on the Trump administration and Congress on Monday to crack down on companies wrongfully claiming tax credits meant for carbon sequestration projects.

The Internal Revenue Service’s recent finding reveals that the system designed to catch those not in legal compliance “is working,” the Carbon Capture Coalition said in a letter to Treasury Secretary Steven Mnuchin. The group urged continued vigilance against abuse under the carbon capture incentives, known as 45Q.

Since 2010, nearly $900 million of the credits—representing 87% of the total payout—went to 10 taxpayers who were out of compliance at least part of the ...

To read the full article log in. To learn more about a subscription click here.