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4 June 2009 -- Texas legislators passed several bills during their recent session that promote clean coal technology projects.
HB 469 establishes sales tax exemptions on certain equipment for projects that capture at least half of their carbon dioxide emissions and gives local taxing authorities freedom to grant further tax breaks during the initial phase of development. HB 469 also authorizes a $100 million franchise tax credit to the first three in-state projects that can achieve a 70 percent carbon capture rate. Amendments to the bill set environmental performance standards for potential projects higher than any other state or national incentive program.
Enhanced oil recovery efforts in Texas receive a boost from HB 469 thanks to a provision that grants a 75 percent, 30-year severance tax exemption for oil recovered using carbon dioxide captured from a man-made emission source, such as an advanced clean coal plant.
HB 1387 addresses the regulatory oversight of captured CO2.
HB 1796 creates an offshore carbon repository program and a grant program for new emissions-reducing technologies, such as carbon capture and sequestration.
Other legislation containing benefits for clean coal technology include HB 3676 and HB 3896, which deal with enabling certain tax jurisdictions to help attract major energy and other economic development projects to their area with greater tax freedoms.
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