Ohio Senator Rob. Portman joined Colorado Democratic Senator Michael Bennet to introduce The Carbon Capture Improvement Act, a bill to make it easier for power plants and industrial facilities to finance the purchase and installation of carbon capture, utilization, and storage equipment. The two previously pushed similar legislation in the last Congressional session.
“This bill is a win-win for jobs and the environment, and I’m proud to continue my work on this issue with Senator Bennet,” said Portman in a written statement. “Carbon capture is a common-sense solution that will allow states like Ohio to continue to utilize our natural resources while protecting our environment at the same time. This bipartisan measure is supported by business groups, energy groups, and environmental groups alike, and I urge all of my colleagues to support it.”
The bill would allow state or local governments to issue tax-exempt private activity bonds for financing the installation of equipment that captures and stores at least 65 percent of carbon dioxide from an eligible facility. If less than 65 percent CO2 is captured, then bonds can be issued in proportion to that percent. The bill will be referred to the Senate Finance Committee, of which both senators are members.