Daily Tax Report ®

Reporting, Commercial Use Issues Remain for Carbon Capture Rules

Jan. 7, 2021, 8:38 PM

The energy sector’s work isn’t finished on an expanded credit for removing carbon dioxide from the atmosphere, although final rules for the incentive could soon be on the books.

In rules (T.D. 9944) released Wednesday the IRS opened the door to new markets for using recycled carbon dioxide, but the mechanics of the tax credit for those uses is uncertain. The agency also refrained from publicly disclosing credit recipients’ information or mandating that recipients disclose it themselves, and an industry lobbying group is planning a push for more transparency.

The technology financed by the credit, under tax...

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