IRS to Seek Comment on Key Issues to be Interpreted in Section 45Q Tax Credit
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The Department of Treasury and Internal Revenue Service have released Notice 2019-32 seeking comment on key issues to be interpreted in the Section 45Q carbon oxide sequestration tax credit. Congress significantly enhanced the Section 45Q tax credit in the Bipartisan Budget Act of 2018, increasing the credit from $10/ton for CO2 used as a tertiary injectant (i.e., to produce oil or gas) to $35/ton; and increasing the credit for CO2 geologically stored but not used as a tertiary injectant from $20/ton to $50/ton. See our previous blog post here for additional details on the applicable credit amounts for projects before and after enactment of the Bipartisan Budget Act and other credit amount details.


Click here for the full details of the this Client Alert from Hunton Andrews Kurth.

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    Fred advocates for clients before Congress and federal agencies. Clients trust him for his insightful and practical know-how acquired from years spent as Counsel to the US House of Representatives Energy and Commerce Committee ...

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    Mr. Lowman’s practice focuses on tax issues related to renewable energy and decarbonization. Mr. Lowman’s practice focuses on federal income tax law, with an emphasis on energy related tax credits, tax issues related to ...


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