Sec. 306. Study and report on feasibility of agricultural carbon capture tax credit
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The Secretary of the Treasury (referred to in this section as the Secretary ), in coordination with the Secretary of Agriculture, shall conduct a study of the feasibility of developing a credit against Federal taxes to incentivize carbon capture on farms and ranches. Not later than 1 year after the date of the enactment of this Act, the Secretary shall submit to Congress a report that describes the results of the study described in subsection (a), including whether or not to proceed with the development of the tax credit described in such subsection 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 credit; setting phase outs for 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.