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Capturing and Utilizing CO2 from Ethanol: Adding Economic Value and Jobs to Rural Economies and Communities While Reducing Emissions Tax-Exempt Private Activity Bonds Carbon capture projects should also be made eligible for tax-exempt PABs to lower the cost of capital. To provide that eligibility, the Carbon Capture Improvement Act has been introduced as bipartisan companion bills in the U.S. Senate, S. 843, by Senators Michael Bennet (D-CO) and Rob Portman (R-OH), and in the U.S. House, H.R. 2011, by Congressmen Carlos Curbelo (R-FL) and Marc Veasey (D-TX). The federal government currently provides allocations to states of approximately $33 billion of PABs issued annually, making the PAB tax-exempt bond market large, well-understood and accepted by financial markets and investors. If carbon capture projects were allowed to participate in the PAB market, a long-term debt market for these projects will be created that can be expanded to accommodate the industry as it grows. PABs do not conflict with receipt of a federal grant, and they have limited fee payments until bonds are placed with investors, which reduces project development risk. Federal budget experts have concluded that allowing carbon capture facilities to be financed by PABs will entail only a modest additional cost of $126 million to the Federal Treasury over ten years. Master Limited Partnerships The carbon capture industry, including ethanol projects, would benefit if Congress extends MLP eligibility to carbon capture projects to help reduce the cost of equity. The Master Limited Partnership Parity Act would extend availability of this tax- advantaged business structure to additional energy technologies and resources not currently eligible, including both renewable fuels and carbon capture projects (CO2 pipelines are already eligible). Bipartisan companion legislation has been introduced in the U.S. Senate, S. 2005, by Senators Chris Coons (D-DE) and Jerry Moran (R-KS) and in the U.S. House, H.R. 4118, by Congressman Ted Poe (R-TX) and Mike Thompson (D-CA). An MLP combines the benefits of a partnership and a corporation. The partnership itself pays no tax—instead, each partner receives a tax statement showing their pro rata share of the profits or losses from the MLP, to combine with their other gains or losses. Like a corporation, equity in MLPs can be issued and traded in markets, facilitating the raising of private capital. Thus, eligibility for the MLP business structure would allow carbon capture projects to raise larger amounts of money on more favorable terms from equity investors. Policies to Support the Buildout of CO2 Pipeline Infrastructure In addition to the need for federal incentives to finance CO2 capture, the lack of available pipeline infrastructure in key states and regions poses a major obstacle to scaling up carbon management in ethanol production. While its relative cost of carbon capture from fermentation is low, the biofuels industry faces a greater CO2 pipeline challenge than many other industry sectors for reasons highlighted by the modeling results presented earlier in this paper. Given the greater distances of most ethanol production from large oilfields suitable for CO2-EOR, combined with the comparatively smaller volumes of CO2 produced by each ethanol plant, economies of scale will require financing, permitting and constructing large, long- distance trunk pipelines with feeder lines to aggregate multiple ethanol plants over wide geographic areas. Federal CO2 Pipeline Policy Recommendations Recognizing that the buildout of pipeline networks merits greater attention from federal and state policymakers, the Work Group released a paper on CO2 pipeline infrastructure earlier this year that makes three principal recommendations: 1. Congress and the Administration should incorporate and prioritize the development of long- distance, large-volume CO2 pipelines as part of a broader national infrastructure agenda; 2. The federal government should play a targeted role, supplementing private capital, in financing increased capacity for priority trunk pipelines to transport CO2 from industrial facilities and power plants not currently served by pipeline infrastructure to oilfields for EOR and to other geologic storage sites; and 3. CongressandtheAdministrationshould,in consultation with states, tribal governments and key stakeholders, identify and foster the development of five such priority CO2 trunk pipelines, including support for planning, permitting, and financing. Page 23 Prepared by the State CO2-EOR Deployment Work GroupPDF Image | Capturing and Utilizing CO2 from Ethanol
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