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Energy Industry Presses IRS to Ease Carbon Capture Credit Rules

Aug. 26, 2020, 5:29 PM

Representatives of Occidental Petroleum, Exxon Mobil, ConocoPhillips, and energy cooperatives are pressing the IRS to loosen its rules for an expanded tax credit for removing carbon dioxide from the air.

The technology—in which companies capture carbon pollutants and bury or inject them into the ground or put to some other use—is often heralded as a solution to rising global temperatures and has the backing of Democratic presidential nominee Joe Biden. The IRS rules, meant to ensure the companies and project financiers taking advantage of the credits are doing so properly, came after a Treasury Department watchdog found ...

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