S. 3581 (112th): A bill to amend the Internal Revenue Code of 1986 to modify the credit for carbon dioxide sequestration.

Introduced:
Sep 20, 2012 (112th Congress, 2011–2013)
Sponsor:
Sen. Kent Conrad [D-ND]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on September 20, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Sep 20, 2012
Referred to Committee Sep 20, 2012
Cosponsors
2 cosponsors (1R, 1D) (show)
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

Summary

No summaries available.

Text

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Last updated Sep 20, 2012.
12 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

9/20/2012--Introduced.
Amends the Internal Revenue Code, with respect to the tax credit for carbon dioxide sequestration, to:
(1) establish a national limitation for such credit based upon metric tons of qualified carbon dioxide (defined as carbon dioxide captured from an industrial source that would otherwise be released into the atmosphere as industrial emission of greenhouse gas and that is measured at the source of capture and verified at the point of disposal or injection);
(2) direct the Secretary of the Treasury to establish processes and procedures for allocating the national limitation and for certifying projects for which an allocation has been made;
(3) impose a 10-year limitation period for such credit;
(4) identify the primary taxpayer eligible to claim such credit as the taxpayer who captures the qualified carbon dioxide and disposes, through contract or otherwise, of the qualified carbon dioxide in a specified manner; and
(5) provide for the transferability of such credit.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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