Sec. 306. Carbon tax credit feasibility study
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The Secretary of the Treasury ( the Secretary ), in coordination with the Secretary of Agriculture, shall conduct a study of the feasibility of developing a credit against tax to incentivize carbon capture on farms and ranches. Not later than one year after the date of the enactment of this section, the Secretary shall submit to Congress a report that describes the results of the study in subsection (a), including whether or not to proceed with a tax credit and, if so, detailed recommendations for— which taxpayers should be eligible for the credit; methods for measuring (if feasible) or estimating baseline soil carbon conditions on a farm or ranch; methods for measuring (if feasible) or estimating the amount of soil carbon sequestered or abated on a farm or ranch; incentivizing early adoption of carbon capture practices; the number of years a taxpayer should be eligible for the credit; establishing rules for recapture in instances in which carbon capture ceases or carbon is not retained in soil; establishing rules for recapture if ownership of land is transferred; setting the dollar value of the tax credit; setting phase outs for tax credit eligibility; establishing certification requirements for carbon capture; establishing rules for attributing the credit to a taxpayer; establishing rules for carrying over unused credits; and such other provisions as the Secretary determines necessary.