WASHINGTON – U.S. Sen. Jay Rockefeller unveiled an initiative to advance the commercial deployment of clean coal technologies.
On May 5, Rockefeller introduced two bills in the U.S. Senate: The Carbon Capture and Sequestration Deployment Act of 2014 seeks to facilitate the development and commercial deployment of Carbon Capture and Sequestration (CCS) technologies. The Expanding Carbon Capture through Enhanced Oil Recovery Act of 2014 is an innovative approach to providing tax credits for CCS deployment. It would expand and reform the existing Section 45Q Tax Credit for Carbon Sequestration to advance capture technology through the greater use of carbon dioxide enhanced oil recovery (CO2-EOR) in the United States.
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This bill is the result of the National Enhanced Oil Recovery Initiative (NEORI) project. For more information about the project, see http://neori.org. ““We at the SMART Transportation Division applaud Sen. Rockefeller for his leadership in introducing legislation to reform the current Q45 tax credit. This legislation will provide the necessary incentives to develop CCS technology and work to reduce the carbon footprint of our nation’s fossil energy resources. This legislation is a strong step toward ensuring that fossil resources, like coal, will have their carbon captured and be used cleanly enough to maintain their role in the U.S. energy mix for decades to come,” said SMART Transportation Division President John Previsich.