Carbon Capture Group Wants Shorter Credit Clawback Period

Aug. 3, 2020, 7:56 PM

A lobbying group representing energy and agriculture companies, unions, and trade associations pressed the IRS to soften part of proposed rules for an expanded tax credit for capturing carbon oxides.

In a July 31 letter released Monday, the Carbon Capture Coalition urged the agency to reduce the amount of time during which it can claw back companies’ credits. The credit, under tax code Section 45Q, was expanded by a 2018 budget law, and the Internal Revenue Service has faced criticism for taking more than two years to release rules for its expansion.

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