S. 1663

Referred to Committee

CO2 Regulatory Certainty Act

Introduced 7/27/2017•115th Congress•Senate

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Read twice and referred to the Committee on Finance.

7/27/2017 • Senate

Summary

CO2 Regulatory Certainty Act

This bill amends the Internal Revenue Code to revise requirements for the secure geological storage of carbon dioxide for the purpose of the tax credit for carbon dioxide sequestration.

The bill establishes a December 31, 2017, deadline and requirements for regulations that the Internal Revenue Service (IRS) is required, under current law, to establish for determining adequate security measures for the geological storage of the carbon dioxide such that carbon dioxide does not escape into the atmosphere.

The IRS regulations must consider the carbon dioxide to be disposed of in secure geological storage if it is stored in compliance with specified rules promulgated by the Environmental Protection Agency under the Clean Air Act and the Safe Drinking Water Act for the geologic sequestration of carbon dioxide, the injection of carbon dioxide, and the criteria and standards for underground injection control programs that are applicable to Class II wells.

The bill also revises the definition of "qualified enhanced oil or natural gas recovery project" to exclude a requirement for the first injection of liquids, gases, or other matter to commence after December 31, 1990.

Introduced in Senate • 7/27/2017

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Topics & Subjects

Policy Area: Taxation

Administrative law and regulatory proceduresAir qualityClimate change and greenhouse gasesEnvironmental Protection Agency (EPA)Environmental regulatory proceduresIncome tax creditsOil and gasWater qualityWater use and supply