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- Bipartisan Consensus Bill to Extend Carbon Capture Tax Credit Key to Spurring Investment into Vital Technologies
December 3, 2020
WASHINGTON, D.C. – The National Mining Association (NMA) today released the following statement from its president and CEO, Rich Nolan, regarding Rep. David McKinley’s (WV) Accelerating Carbon Capture and Extending Secure Storage through 45Q (ACCESS 45Q) Act.
“There is a consensus among international experts that a massive increase in the deployment of carbon capture technology is needed to meaningfully reduce global emissions. That simply will not happen here in the U.S. without smart legislation like Rep. McKinley’s ACCESS 45Q, which builds on the existing broad bipartisan Congressional support for carbon capture utilization and storage.
“Project developers waited for two years for 45Q implementation and guidance clarifications, while the window for projects to begin construction became increasingly narrow, impeding the effectiveness of the original credit. This extension, coupled with a provision to enable direct payment for credit recipients to ensure they can realize the full value of the credit, will provide the proper support to help advance these nascent but vital technologies to maturity.”
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