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IRS Urged to Consider Definition of New Markets in Carbon Rules

Oct. 9, 2020, 5:58 PM

The IRS and Treasury Department should provide developers of projects for capturing carbon pollutants with guidance on how the government will acknowledge new markets for the technology, a Baker Botts LLP partner is urging.

A comment letter from the Houston-based partner, Barbara de Marigny, came in response to government officials’ requests during an August hearing about proposed rules (REG-112339-19; RIN 1545–BP42) for an expanded credit for the technology. The 2018 budget law that expanded the credit, under tax code Section 45Q, allows use of carbon oxides “for any other purpose for which a commercial market exists,” as ...

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