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Thu May 16, 2019, 07:38 AM

Mnuchin Plans Details On Corporate Tax Credits For Non-Existant "Carbon Capture Technology"

Treasury Secretary Steven Mnuchin on Wednesday said he hopes to soon roll out interim guidance on a tax credit for companies that capture their carbon pollution.

Pressed by Sen. Chris Coons (D-Del.), who called the tax credit critical for the emerging technology, Mnuchin told a Senate Appropriations subcommittee he hopes to have guidance out shortly but resisted giving a firm deadline. “I share your view this is very important,” Mnuchin said. “We are taking it very seriously and I hope we get it out soon.”

Legislators directed the IRS to offer the tax credit as part of the 2018 budget bill. But senators have been frustrated by the pace to offer them to the power plants and energy companies that would benefit.

A bipartisan group of senators wrote a letter to the IRS in February hoping to speed up the process, but it wasn’t until early this month that the IRS announced it would be taking comment on the tax credit.



Ed. - Yes, I'm sure you're taking the problem just as seriously as your boss, or your buddy over at Interior, you ambulatory carbuncle.

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