The Carbon Resource Innovation Act expands an existing federal tax credit for carbon capture by including new types of facilities that capture carbon in solid or liquid form—in addition to the currently eligible direct air capture methods. The bill amends Section 45Q of the tax code to allow companies operating these solid or liquid carbon capture facilities to claim tax credits when they capture and store carbon that would otherwise be released into the atmosphere, as long as they capture at least 1,000 metric tons of carbon oxide annually. The expanded credit applies immediately to carbon captured after the bill becomes law, affecting companies in carbon capture technology and related industries. While the bill text does not specify total funding amounts, it works through the existing tax credit mechanism, meaning eligible facilities would claim credits on their federal tax returns based on the amount of carbon they successfully capture and sequester.
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