WASHINGTON, D.C. – Today, Growth Energy applauded Senators Tina Smith (D-Minn.) and Shelly Moore Capito’s (R-WV) introduction of the Carbon Capture, Utilization and Storage Tax Credit Amendments Act, bipartisan legislation which would extend the commence construction window of the Section 45Q tax credit, a credit on a per-ton basis of carbon dioxide that is sequestered, to 2030.
“As our nation moves to decarbonize the transportation sector and achieve clean energy and climate goals, real-world data continue to prove the important role that biofuels play,” said Growth Energy CEO Emily Skor. “Not only do biofuels like ethanol significantly reduce greenhouse gas emissions in the transportation sector, but more and more ethanol producers are looking towards capturing CO2 from the production process and storing it underground or using it for other commercial applications, including dry ice production for COVID-19 vaccination storage.
“Extending the 45Q tax credit will incentivize expanded and accelerated carbon capture projects, which is necessary to reach net-zero emissions goals set by the Biden Administration. We are grateful to Senators Smith and Capito for introducing this legislation.”