Overview
Bloomberg Environment and Tax Notes quoted Hunter Johnston in articles discussing the Internal Revenue Service's (IRS) May 2 notice seeking input on how it should oversee the "45Q" tax credits for carbon capture technology. Congress extended and expanded those tax incentives in a bipartisan budget bill in February 2018, but industry observers claim that companies and investors have been hesitant to commit dollars to new projects without knowing how to claim the credits.
Johnston, who was involved in the Carbon Capture Coalition's efforts to expand section 45Q, tells Tax Notes, "We've essentially lost a year in terms of knowing what the rules are to use the credit." Johnston says the wait was a problem given the long lead times of carbon capture projects. "Having said that, the questions the IRS asks in the notice are all good questions," he adds.
The full articles can be read at Bloomberg Environment and Tax Notes (subscriptions required).
