On Tuesday, April 12, the National Enhanced Oil Recovery Initiative (NEORI) released the following statement following news reports related to action on the Senate FAA Reauthorization bill.
“Members of the National Enhanced Oil Recovery Initiative (NEORI) are concerned about reports that the tax title of the Federal Aviation Administration reauthorization legislation may be withdrawn in the Senate. If these reports are true, Congress will have ignored the recommendations of an unprecedented coalition of our nation’s largest coal, oil and gas, electric power, and ethanol companies, key industrial labor unions and national environmental organizations. These groups have come together for the first time to ask Congress to enact incentives for the deployment of carbon capture technologies that will enable the U.S. to take full advantage of our abundant domestic energy resources, preserve jobs and meet our nation’s obligations to reduce carbon emissions.
In February, NEORI members supported Representative Mike Conaway’s (R-TX) legislation in the House to extend and reform the federal Section 45Q tax credit to support deployment of carbon capture and storage. Mr. Conaway’s legislation in the House enjoys the support of 30 co-sponsors from both political parties and 21 states from every region of the country. NEORI members have since worked closely with Senator Heidi Heitkamp (D-ND) and Senator Shelley Moore Capito (R-WV) and co-sponsors from both political parties on a companion 45Q amendment. The negotiated Heitkamp-Capito language was expected to be included in the tax title of the FAA bill.
NEORI members call on the Senate to enact the tax title of the FAA bill and support extension and reform the Section 45Q tax credit, an urgent national energy policy priority that enjoys significant bipartisan industry, labor and environmental support.”