12 Feb BPC Action Applauds ACCESS through 45Q Act in Energy and Environment
BPC Action applauds Reps. David McKinley (R-WV) and Marc Veasey (D-TX) for introducing the Accelerating Carbon Capture and Extending Secure Storage (ACCESS) through 45Q Act. These modifications to the existing tax credit for carbon capture and direct air capture projects would provide much-needed investment certainty in the wake of the pandemic.
Carbon capture and direct air capture are critical energy technologies for addressing climate challenges and ensuring American energy security. The economic slowdown caused by the COVID-19 pandemic has stalled development on many projects the tax credit was intended to support. The bill also will provide economic certainty to entities planning projects for these next-generation technologies. The bill’s direct pay provision and 45Q ten-year extension will provide significant financing tools necessary to recover lost time and will enable deployment of these technologies at scale. It also makes adjustments to expand eligibility for the credit, which will enable further job creation and expand the number of projects created in the years ahead.
BPC Action looks forward to working with Congress to advance this important legislation.