FUTURE Act

Summary

Furthering carbon capture, Utilization, Technology, Underground storage, and Reduced Emissions Act or the FUTURE Act This bill amends the Internal Revenue Code to extend and modify the tax credit for carbon dioxide sequestration. The bill modifies the credit to apply it to carbon oxide sequestration. (Carbon oxide refers to any of the three oxides of carbon: carbon dioxide, carbon monoxide, and carbon suboxide.) The bill also: allows certain new industrial or direct air capture facilities to qualify for the credit if construction begins before January 1, 2024; allows qualified projects to claim the credit for 12 years, beginning on the date the equipment was originally placed in service; increases the separate credit amounts, with respect to projects placed in service upon or after the enactment of this bill, that apply to captured carbon oxide that is: (1) disposed of in secure geological storage, and (2) used as a tertiary injectant in an enhanced oil or natural gas recovery project and disposed of in secure geological storage; expands the purposes for which captured carbon oxide may be used; establishes separate carbon oxide capture thresholds for electricity generating facilities, direct air capture facilities, and facilities used for other purposes; specifies that the 75 million metric ton cap on the carbon dioxide that may qualify for the credit applies to carbon oxide and only to projects placed in service before the enactment of this bill; and allows the credit to be transferred from the entity that owns and uses the capture equipment to the entity that disposes of or uses the carbon oxide.

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Timeline

1. 12 July 2017

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 12 July 2017

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 12 July 2017 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 12 July 2017

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 12 July 2017

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 12 July 2017

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Heitkamp, Heidi [D-ND] · D · Sponsor
• Sen. Capito, Shelley Moore [R-WV] · R · Sponsor
• Sen. Whitehouse, Sheldon [D-RI] · D · Sponsor
• Sen. Barrasso, John [R-WY] · R · Sponsor
• Sen. Kaine, Tim [D-VA] · D · Sponsor
• Sen. Graham, Lindsey [R-SC] · R · Sponsor
• Sen. Schatz, Brian [D-HI] · D · Sponsor
• Sen. Blunt, Roy [R-MO] · R · Sponsor
• Sen. Booker, Cory A. [D-NJ] · D · Sponsor
• Sen. Portman, Rob [R-OH] · R · Sponsor
• Sen. Tester, Jon [D-MT] · D · Sponsor
• Sen. Cochran, Thad [R-MS] · R · Sponsor
• Sen. Casey, Robert P., Jr. [D-PA] · D · Sponsor
• Sen. Klobuchar, Amy [D-MN] · D · Sponsor
• Sen. Durbin, Richard J. [D-IL] · D · Sponsor
• Sen. Franken, Al [D-MN] · D · Sponsor
• Sen. Brown, Sherrod [D-OH] · D · Sponsor
• Sen. Warner, Mark R. [D-VA] · D · Sponsor
• Sen. Donnelly, Joe [D-IN] · D · Sponsor
• Sen. Manchin, Joe, III [D-WV] · D · Sponsor
• Sen. Duckworth, Tammy [D-IL] · D · Sponsor
• Sen. Peters, Gary C. [D-MI] · D · Sponsor
• Sen. Coons, Christopher A. [D-DE] · D · Sponsor
• Sen. Bennet, Michael F. [D-CO] · D · Sponsor
• Sen. King, Angus S., Jr. [I-ME] · I · Sponsor
• · ssfi00 · Standing

Related records

• related to ← Carbon Capture Act
• related to ← Tax Extender Act of 2017