Committee on Finance
Co-Sponsors: 1 – 1 Republican
The Carbon Capture Improvement Act would allow businesses to use private activity bonds (PABs) issued by local or state governments to finance a carbon capture project. These bonds are beneficial to consumers and businesses because they are tax-exempt and can be paid back over a longer period of time. If more than 65 percent of carbon dioxide emissions from a given facility are captured and injected underground, then 100 percent of the eligible equipment can be financed with PABs. If less than 65 percent is captured and sequestered, then tax-exempt financing is permitted on a prorated basis. PABs have been used for decades to finance pollution control equipment at U.S. power and industrial facilities; capturing carbon dioxide is a logical next step.
This bill addresses Green New Deal goal 4(A)p.11 to provide assistance to state and local governments.
This bill addresses Green Real Deal goal 2(C)p.5 to promote next-generation waste management.