Treasury Issues 45Q ‘Safe Harbor’ Amid EPA Plan To Scrap GHG Reporting

The Treasury Department is issuing a promised “safe harbor” for companies looking to qualify for the section 45Q carbon storage tax credit after EPA proposed to scuttle its Greenhouse Gas Reporting Program (GHGRP) requirements related to the sector, though some observers say the measure doesn’t sufficiently address all types of carbon storage. Under a Treasury guidance published Dec. 19, companies can satisfy the reporting requirements for the 45Q credit by following the GHGRP subpart RR requirements that were in effect...