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The U.S. Department of the Treasury and the Internal Revenue Service on January 6, 2021, issued Treasury Decision 9944, providing final regulations relating to Section 45Q tax credits (Regulations). The Regulations provide guidance on the Section 45Q tax credits accrued for certain qualified carbon oxide sequestration activities using qualified equipment.
The Regulations in tandem with a two-year extension of the deadline for the commencement of construction of qualifying carbon capture projects (pursuant to the second COVID-19 stimulus legislation signed by President Trump on December 27, 2020) were anticipated by those working on or planning on investments in various carbon capture, utilization, and storage developments.