Growth Energy Submits Comments to IRS Encouraging Carbon Capture Tax Credits

On July 4th, Growth Energy submitted comments to the Internal Revenue Service (IRS) encouraging expanding tax incentives to encourage the capture, utilization, and storage of qualified carbon oxides by ethanol producers. The comments outline the huge potential for improving carbon capture within the nation’s 200 ethanol production facilities and the best options for doing so. The comments highlight the many benefits of carbon capture and storage, not only for the environment, but also for other industries:

“Because our main carbon oxide source is from fermentation, the U.S. ethanol industry produces a pure source of carbon dioxide, which is desirable not only to drive enhanced oil recovery and permanent geologic sequester, but also for use in food and beverage applications,” our comments explain. “With a fleet of more than 200 ethanol plants, there is room for additional opportunities to capture carbon if the final regulations provide a clear pathway to incent ethanol producers to install the proper equipment to capture carbon dioxide, a natural byproduct of fermenting sugar into alcohol.”

Read our full comments to the IRS by clicking here.