(Information contained in U.S. Internal Revenue Service [IRS] press release dated: January 6, 2021)
Washington - - Today the Treasury Department and Internal Revenue Service issued final regulations regarding the credit for qualified carbon oxide captured using carbon capture equipment placed in service on or after February 9, 2018.
The final regulations help businesses understand how the credit for qualified carbon oxide sequestration may benefit those claiming two carbon capture credit amounts, which are:
- Up to $50 per metric ton of qualified carbon oxide for permanent sequestration; and
- Up to $35 per metric ton of qualified carbon oxide for Enhanced Oil or Natural Gas Recovery purposes.