If Congress would add High Density Stick Framed And Mass Timber Buildings To The
45Q Carbon Tax Credit they will have created the biggest and best carbon collection program the world has ever known. This alone would be better than anything the SF Global Climate Summit did recently. Thinking we can sustain and survive with only clean energy while Governor Brown and all his Hollywood friends is as crazy as they ignore doing more to save homes from wild fries while they watch wild fries burn for months creating greenhouse gas that destroys all clean energy gains. We all know you all used the Summit for Political reasons to brain wash young people when we all know you are only trying to get movement on the clean energy investment portfolio.be truthful Governor for years, the amount of greenhouse gases spewed by California’s cars, factories and power plants drops slightly — a hard-won result of the state’s fight against global warming.
And in any given year, one big wildfire can wipe out that progress.
Over the course of just a few weeks, a major fire can pump more carbon dioxide into the atmosphere than California’s many climate change programs can save in 12 months. Scientists debate whether California’s vast forests are emitting more carbon dioxide through fires than they absorb through plant growth.
As part of the recent budget bill, Congress passed legislation to expand and reform a key tax credit called 45Q for deployment of carbon capture and storage projects in the United States.
The legislation, introduced in 2017 as the FUTURE Act, received broad bipartisan support in Congress, from governors and other state leaders, and a diverse coalition of industry, labor, and environmental supporters.
Since the passage of the landmark FUTURE Act, there is a growing recognition of the importance of the changes to the tax credit, and many news articles and online discussions have addressed its implications.
While many have focused on the increased value and expansion of the tax credit, the FUTURE Act is also significant because of the major reforms it makes to 45Q.
Here are some of the key things to know about the 45Q tax credit as amended in the FUTURE Act:
1. The credit is performance-based.
Only carbon capture projects that meet eligibility requirements and then safely and permanently store the carbon dioxide (CO2) in geologic formations according to federally-established requirements, or that put it to beneficial use in products, can claim the credit. While companies may sell the captured CO2 as a commodity for beneficial use, they can only claim the credit if requirements for carbon storage or reduction are met. This means that no tax dollars can flow to a project that fails to store or beneficially utilize the captured CO2 in a manner that meets the carbon storage or reduction requirements.
Congress just consider what you will do to create giant carbo storage banks if you amend the 45Q to include fire defended lumber building that support the demands for affordable housing.
What is carbon sequestration?
The element known as carbon is essential for all plant and animal life on earth. The total amount of carbon on the planet is constant, but it moves around and changes form with relative ease. Burning of fossil fuels, which have stored huge amounts of carbon below the earth’s surface for millennia, converts the carbon to carbon dioxide (CO2). In the atmosphere, CO2 absorbs and emits infrared radiation, contributing to planetary warming. The current level of CO2 is thought to be the highest in 20 million years, and scientists are working on solutions to capture and safely contain atmospheric carbon. One approach, “terrestrial sequestration”, involves the simple planting of trees. A tree absorbs carbon during photosynthesis and stores it in the wood for the life of the tree. When trees turn into logs that go to saw mills to turn into the lumber we use to support shelter and housing for humans that lumber is full of carbon. If we can fire treat that lumber as its going vertical we can insure that lumber will never release the carbon back into the ozone and for that reason the total board footage converted to tons of carbon should be worthy of you 45Q carbon tax credit.
*This could be the biggest thing this planet has ever seen when it comes to defending it against climate change.