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S 542 United States Senate · 118th Congress

CCU Parity Act of 2023

The CCU Parity Act of 2023 increases tax credits for companies capturing and utilizing carbon dioxide. It sets a $12 per ton credit for carbon used in certain industrial processes and a $17 per ton credit for carbon utilized in other specific ways. These credit amounts will adjust annually for inflation starting in 2025, using a formula tied to the year 2025 instead of 1990. The bill directly affects businesses involved in carbon capture and utilization projects, making these tax credits more valuable for qualifying activities after December 31, 2023.
Issues: ✓ Budget & TaxesSupports Budget & TaxesIncreases tax credits for carbon capture businesses, providing tax relief through new incentives for industrial processes.95% confidence ✓ EnergySupports EnergyBill provides tax credits for carbon capture/utilization, incentivizing cleaner industrial energy processes and reducing emissions from fossil fuel use.95% confidence ✓ EnvironmentSupports EnvironmentIncreases tax credits for carbon capture/utilization, reducing emissions and promoting CCU as an environmental protection method.95% confidence
Bill status in committee 1 of 4 stages cleared
Introduction
Feb 2023
Committee Review
Floor Vote
President
Introduced Feb 28, 2023 Last action Feb 28, 2023
Floor votes

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Full legislative history

Actions timeline

Total actions
2
Key actions
0
Committee
1
Feb 28, 2023
Committee
Read twice and referred to the Committee on Finance.
upper
Feb 28, 2023
Introduced
Introduced in Senate
upper
1 primary · 1 co-sponsor

Sponsors

Role
Legislator
Party
State
District
P
Photo of Sheldon Whitehouse
Sheldon Whitehouse
DDemocratic
RI
n/a
Co
Photo of Bill Cassidy
Bill Cassidy
RRepublican
LA
n/a