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Capturing and Utilizing CO2 from Ethanol: Adding Economic Value and Jobs to Rural Economies and Communities While Reducing Emissions However, the existing 45Q tax credit has never worked as originally intended. Credit values of $10 per MT for CO2 stored through EOR and $20 per MT for saline storage provide too little financial incentive to stimulate private investment in new carbon capture projects. The credit is also poorly designed. For a facility to be eligible, it must capture 500,000 MT or more of CO2 annually, a scale far beyond all but a handful of ethanol plants, as well as many facilities in other industries. Other requirements make it difficult or impossible for project developers to monetize the tax credit, especially cooperatives that play an important role in the ethanol industry. To make matters worse, the current 45Q program is capped at 75 million MT and will soon expire, as over two-thirds of available credits had already been claimed as of May 2017.20 This means that any carbon capture project initiated 20 Internal Revenue Bulletin: 2017-22, Internal Revenue Service, May 30, 2017. today, whether at an ethanol plant or other industrial facility, will not benefit from the tax credit, thus providing no financial certainty to investors. Fortunately, legislation with extensive bipartisan support has been introduced in Congress. The FUTURE Act, S. 1535, introduced by U.S. Senators Heidi Heitkamp (D- ND), Shelley Moore Capito (RWV), Sheldon Whitehouse (R-RI) and John Barrasso (R-WY) and co-sponsored by 21 other senators—five Republicans, 19 Democrats and one Independent—together represent one-fourth of the Senate. In the U.S. House, a bipartisan companion bill introduced by Representative Mike Conaway (RTX), the Carbon Capture Act, H.R. 3761, has 44 cosponsors, 32 Republicans and 12 Democrats. Supporters of these bills hail from thirty-two states. The FUTURE Act and the Carbon Capture Act would extend and reform the Section 45Q tax credit in the following key ways (see Figure 8 for details): Figure 8: Key Elements of 2017 45Q Legislation House: Carbon Capture Act H.R. 3761 Specifications • Keeps existing 45Q in place for current projects. • Credit for EOR storage and saline storage increases to $35 per metric ton. There is only one credit. • Ramps credit for 10 years. • Reduces facility eligibility threshold from 500,000 to 100,000 tons of annual CO2 capture for all facilities– was 150,000 in last year's bill. • Includes stronger transferability provision in last year's Senate bill. • Authorizes program for projects that commence construction within 7 years. • Credic can be claimed for 15 years once placed in service. • Provides eligibility for new forms of CO2 utilization beyond EOR at $35 per ton. • Adds language to allow corbon monoxide capture and direct air capture to get the credit. • Credit authorization language is changed to allow all projects that "have never received 45Q tax credit before" to qualify. Senate: FUTURE Act S. 1535 Specifications • Keeps existing 45Q in place for current projects. • Credit for EOR storage and saline storage increases to $35 per metric ton. • Ramps credit for 10 years. • Reduces 500,000 ton thresholdto 100,000 for industrial and 25,000 threshold for non-EOR utilization. Retains 500,000 threshold for electric generating units. • Includes stronger transferability provision in last year's bill. • Authorizes program for projects that commence construction within 7 years. • Credic can be claimed for 12 years once placed in service. • Provides eligibility for new forms of CO2 utilization beyond EOR at $35 per ton. • Adds language to allow corbon monoxide capture and direct air capture to get the credit. • Credit authorization language is changed to allow electric power projects that "have never received 45Q tax credit before" to qualify. Page 21 Prepared by the State CO2-EOR Deployment Work GroupPDF Image | Capturing and Utilizing CO2 from Ethanol
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