Finance
Co-Sponsors: 8 – 3 Democrats, 5 Republicans
This bill will modify Section 48A Advanced Coal Tax Credit to incentivize the use of Carbon Capture and Sequestration (CCS) technology to aid in improving the carbon emission profile of coal plants. The bill aims to encourage the use of CCS technology by relaxing the efficiency requirements for new or retrofit projects if they include CCS. The bill requires a minimum of 60% CO2 capture and sequestration for existing units. The bill will encourage coal plants to invest in CSS projects by making those projects more cost effective and efficient. (Summarized from Hoeven and Smith One-Pager)
This bill addresses Green New Deal goal 4(E)p.12 to spur the development communities that may struggle with transitioning away from greenhouse gas intensive practices.
This bill addresses Green Real Deal goal 2(A)p.4 reduce emissions.