McKinley, Veasey Reintroduce ACCESS 45Q Act
by Erin Voegele (Ethanol Producer Magazine) Reps. David McKinley, R-W.V., and Marc Veasey, D-Texas, on Feb. 16 reintroduced the Accelerating Carbon Capture and Extending Secure Storage through 45Q (ACCESS 45Q) Act. The bill extends the date for projects to begin construction to claim the 45Q tax credit by 10 years and provides a direct pay elective for the full value of the credit. The two lawmakers previously introduced the bill in December 2020.
Information released by McKinley’s office indicates that the COVID-19 pandemic has slowed the development of carbon capture projects. By extending the eligible date for projects to begin construction, allowing developers upfront access to the full value of the credit, and opening up financing opportunities to those companies with an international reach, the ACCESS 45Q Act provides long-term certainly the U.S. needs to build carbon capture projects.
“As we seek to recover from the COVID-19 pandemic and regain our position as a global energy leader, we must do everything we can to encourage innovation and develop clean energy technologies like carbon capture,” McKinley said. “The 45Q tax credit is the single-most useful tool in spurring the development of carbon capture projects. This bill will lead to more projects and more widespread adoption, which is critical to reduce emissions and preserve the future of coal and natural gas.”
“The 45Q Tax Credit was a critical step forward in advancing our nation’s green economy,” Veasey added. “With the ACCESS 45Q Act, we are building on the enhancements to the credit that were included in the Energy Act that Congress passed into law in December. The expansions in this bill will help us meet our nation’s goals to curb climate change by enhancing incentives for business and bolstering the young and growing carbon capture industry.”
The Carbon Capture Coalition has spoken out in support of the ACCESS 45Q Act. READ MORE
