Emergency Economic Stabilization Act of 2008, Public Law No: 110-343
STATUS:
Law and implementing regulations are in effect.
TIME FRAME Start:
October 2008
TIME FRAME End:
DESCRIPTION:
This legislation provides $1.25 billion in tax credits for “advanced coal-based generation technology projects” for qualified projects in 2009 and 2010 as well as an additional $250 million specifically for qualifying gasification projects.
To qualify for the credits, a project must capture and store at least 65 percent of the facility's CO2 emissions. No less than 500,000 metric tons must be captured during a taxable year and the credits are limited to 75 million metric tons and a tax credit maximum of $1.1 billion. The credits do not apply to CO2 that is re-captured, recycled, and re-injected as part of the enhanced oil recovery process.
In addition, the legislation also provides for a CO2 sequestration tax credit of $20/metric ton for captured CO2 that is permanently stored in a qualifying geologic formation as well as a $10 per metric ton credit for CO2 used in an enhanced oil or gas recovery project.
