Taxpayers for Common Sense (TCS) submitted comments in response to the Notice titled “Agency Information Collection Activities; Submission for OMB Review; Comment Request; Carbon Dioxide Sequestration Credit.”

Form 8933, titled Carbon Oxide Sequestration Credit, is used to claim Section 45Q of the Internal Revenue Code, a federal tax credit for qualified carbon oxide that is captured and sequestered. 45Q is intended to incentivize businesses to engage in carbon capture and sequestration (CCS) activities by providing a financial benefit for each metric ton of carbon oxide that is properly captured and stored or utilized in a manner that meets the requirements set forth by the IRS and the Environmental Protection Agency (EPA).

The updated form addresses many concerns raised over the years but can be strengthened by requiring third-party verification of the data submitted and implementing a joint audit strategy between the IRS and the EPA for 45Q tax credit claims.

Download the comments here or read them below.