Carbon Resource Innovation Act
Summary
The Carbon Resource Innovation Act amends the Internal Revenue Code of 1986 to expand the carbon oxide sequestration credit. This expansion includes solid or liquid carbon capture facilities. The bill aims to incentivize the capture of carbon in solid or liquid form, reducing greenhouse gas emissions.
Expected Effects
The Act will likely increase investment in carbon capture technologies. It will provide financial incentives for facilities to capture carbon in solid or liquid forms. This could lead to a reduction in atmospheric carbon dioxide.
Potential Benefits
- Incentivizes development and deployment of carbon capture technologies.
- Reduces greenhouse gas emissions by capturing carbon in solid or liquid form.
- Potentially creates new industries and jobs related to carbon capture and utilization.
- Could improve air quality by reducing atmospheric carbon dioxide.
- May contribute to meeting climate change mitigation goals.
Potential Disadvantages
- Potential for increased costs to taxpayers through tax credits.
- May incentivize carbon capture over other forms of emissions reduction.
- Possible unintended consequences related to the storage or utilization of captured carbon.
- Could disproportionately benefit certain industries or companies.
- Requires careful monitoring and verification to ensure effectiveness.
Constitutional Alignment
The bill aligns with the general welfare clause of the Constitution (Preamble). It promotes environmental protection and potentially stimulates economic activity, both of which can be argued as promoting the general welfare. Article I, Section 8 grants Congress the power to lay and collect taxes, duties, imposts and excises, to pay the debts and provide for the common defense and general welfare of the United States.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).