Green Scissors, a US think tank which includes Friends of the Earth, has filed an information request for IRS records on the carbon capture tax credit. The 45Q CO2 tax credit provides a $20 tax credit for each ton of CO2 captured and stored underground and a $10 credit for each ton of CO2 captured and used in enhanced oil-recovery projects. In its response to the request, the IRS said it had received no requests from any groups seeking tax-exempt status under section 501(c)(3) or 501(c)(4) of the Internal Revenue Code.
Green Scissors, a US think tank which includes Friends of the Earth, has filed an information request for IRS records on the carbon capture tax credit. The 45Q CO2 tax credit provides a $20 tax credit for each ton of CO2 captured and stored underground and a $10 credit for each ton of CO2 captured and used in enhanced oil-recovery projects. As some lawmakers are seeking to expand the credit, Green Scissors' request – for information about the number of credits for oil extraction – is intended to show how the measure has benefited the US oil and gas industry.