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.
Comments
TCS urges IRS to Increase Accountability and Transparency of 45Q tax credit
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.
Share This Story!
Related Posts
EPA Oversight of Carbon Capture and Storage (CCS)
Turning Up the Heat
From Crisis to Resilience: Revamping the National Flood Insurance Program
Protecting Taxpayers from Picking Up the Tab for Oil and Gas Well Cleanup
8,500 Acres Leased for Oil & Gas Development in Wyoming
No Bids in Nevada: No Interest in Recent Federal Oil and Gas Lease Sale
Most Read
Who Paid for Fireworks?: Budget Group Wants to Know Who Picked Up Tab
Sep 6, 2001 |2 min readU.S. Contributions to NATO Budgets
Mar 18, 2022 |7 min readWhy Can't the Pentagon Pass An Audit?
May 18, 2000 |3 min readGet Social
Recent Content
Podcast
BWAF Podcast — Ep. 72: Pentagon’s Unsustainable Spending: The Sentinel ICBM and Next-Gen Fighter Dilemma
Issue Brief
EPA Oversight of Carbon Capture and Storage (CCS)
Weekly Wastebasket
Turning Up the Heat
Our Take
Lessons Unlearned: FEMA’s Inaccurate COVID-19 Obligation Estimates
Stay up to date on our work.
Sign up for our newsletter.
"*" indicates required fields