Tax Credits

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As part of the Bipartisan Budget Act of 2018, Congress significantly increased and extended the Section 45Q tax credit for sequestration of carbon oxides. This has been a top priority of carbon capture and sequestration (CCS) supporters for several years.

CCS is considered to be essential to global efforts to reduce CO2 emissions. The world’s most respected analysis organizations all estimate that fossil fuel use will increase in the coming decades, even with energy efficiency improvements and vast increases in renewable energy. …
Continue Reading Section 45Q Tax Credit Enhancements Could Boost CCS

Congress has been working diligently on comprehensive tax reform proposals to be passed through the budget reconciliation process following passage of the 2018 budget resolution. Lowering the corporate and individual tax rates will require offsets like repealing certain tax credits available to corporations. What is unclear is whether repeal of some tax credits might be retroactive in effect, which would raise arguments of unfairness for companies that have detrimentally relied on current law.
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Continue Reading Tax reform: Is retroactive repeal of tax credits unconstitutional?