The federal government is poised to give away at least $4.8 billion over the next 5 years in expanded tax credits to subsidize companies to capture their own carbon emissions and store them underground.
The 45Q tax credit has been plagued by fraud, abuse, and insufficient reporting. From 2010 to 2019, just 10 polluting companies claimed more than $1 billion in 45Q credits, roughly 99% of the credits claimed. But $894 million of that total did not comply with the Environmental Protection Agency's reporting requirements to ensure it was actually happening.
Before the federal government spends another taxpayer dollar on carbon capture tax breaks, the IRS must implement strong oversight and transparency rules to ensure our tax dollars aren't wasted. The IRS needs to:
- Require an independent third party to verify the amount of carbon companies are claiming credits for capturing and storing.
- Audit the data companies submit and make a summary of that data available to the public in a timely manner.
- Require companies to keep records to ensure the carbon is safely stored, protecting communities and taxpayers for at least as long as they're getting 45Q.
Without this verification and oversight, we could be handing out massive tax breaks to oil and gas companies for capturing and storing their own emissions – even if they don't store carbon as promised!
The IRS must ensure stringent monitoring, verification, and reporting requirements for CCS projects. Taxpayer money should be spent wisely and effectively, and the IRS has a responsibility to protect taxpayer investments and the environment by enforcing stringent oversight measures on the 45Q tax credit.
Sign this petition now to tell the Administration to protect American taxpayers and the environment with strong rules for carbon polluters! 
