Armstrong Joins Bipartisan Coalition in Introducing CATCH Act to Boost Carbon Capture for Industrial Facilities & Power Plants
WASHINGTON – Today, Congressman Kelly Armstrong (R-ND) joined a bipartisan coalition with Congressman Tim Ryan (D-OH) to introduce the CATCH Act, which will boost carbon capture tax credits for industrial facilities and power plants, spurring additional innovation in carbon capture technologies.
“North Dakota’s energy producers are leaders in carbon capture, and the 45Q tax credit plays an important role in spurring this technology,” said Congressman Armstrong. “This bipartisan bill will help the country follow our lead, making utilizing carbon capture more accessible and ensuring that the US remains a leader in energy production and environmental stewardship.”
This new legislation fills remaining policy gaps by providing a critical boost in federal Section 45Q tax credit values for carbon capture from industrial facilities and power plants. The CATCH Act establishes the following credit levels:
- An $85 per metric ton credit level for industrial and power generation facilities seeking to securely store captured CO2 in saline geologic formations
- A $60 per metric ton credit level for storage in oil and gas fields and for the beneficial utilization of captured carbon to manufacture low and zero-carbon fuels, chemicals, building products, advanced materials and other products of economic value.
Joining in this bill are Reps. Tim Walberg (R-MI), David McKinley (R-WV), Anthony Gonzalez (R-OH), Cheri Bustos (D-IL), Marc Veasey (D-TX), and Susan Wild (D-PA).
Read more background on the bill here.
Find the full text of the bill here.