CO2 Regulatory Certainty Act
Latest action · Jul 27, 2017 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 27, 2017
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
CO2 Regulatory Certainty Act
This bill amends the Internal Revenue Code to revise requirements for the secure geological storage of carbon dioxide for the purpose of the tax credit for carbon dioxide sequestration.
The bill establishes a December 31, 2017, deadline and requirements for regulations that the Internal Revenue Service (IRS) is required, under current law, to establish for determining adequate security measures for the geological storage of the carbon dioxide such that carbon dioxide does not escape into the atmosphere.
The IRS regulations must consider the carbon dioxide to be disposed of in secure geological storage if it is stored in compliance with specified rules promulgated by the Environmental Protection Agency under the Clean Air Act and the Safe Drinking Water Act for the geologic sequestration of carbon dioxide, the injection of carbon dioxide, and the criteria and standards for underground injection control programs that are applicable to Class II wells.
The bill also revises the definition of "qualified enhanced oil or natural gas recovery project" to exclude a requirement for the first injection of liquids, gases, or other matter to commence after December 31, 1990.
Cosponsors 4
Members who signed on, in the order they did. All signed on Jul 31, 2017.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-WY | John Barrasso | Jul 31, 2017 | |
| R-MS | Roger F. Wicker | Jul 31, 2017 | |
| R-MT | Steve Daines | Jul 31, 2017 | |
| R-MS | Thad Cochran | Jul 31, 2017 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Jul 27, 2017 |
Actions 2
Everything that happened, newest first.
- Jul 27, 2017Introduced in Senate
- Jul 27, 2017Read twice and referred to the Committee on Finance.
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 2010 | CO2 Regulatory Certainty Act | Related bill | Apr 6, 2017 |
| S 2256 | Tax Extender Act of 2017 | Related bill | Dec 20, 2017 |
| HR 4857 | CO2 Regulatory Certainty Act | Related bill | Jan 19, 2018 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to enhance the requirements for secure geological storage of carbon dioxide for purposes of the carbon dioxide sequestration credit.
- Short Titles as Introduced
- CO2 Regulatory Certainty Act
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jul 27, 2017Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
