Houston Daily

Congressman Wesley Hunt appeared before the House Ways and Means Committee to advocate for the continuation of the 45Q tax credit. This comes amid discussions within the GOP about potentially repealing energy tax credits associated with the Biden administration as part of the reconciliation this Congress.

The 45Q tax credit is part of the US tax code that offers incentives for the implementation of Carbon Capture, Utilization, and Sequestration (CCUS). According to Hunt, this provision has been critical in significantly reducing carbon emissions in the United States. Additionally, the 45Q credit has spurred the development of Enhanced Oil Recovery (EOR), bolstering the nation's capacity to produce oil and gas at highly efficient rates.

"The 45Q Tax Credit has enabled one of the most significant carbon reduction efforts in American history. It empowers Texas’ oil and gas industry to innovate for a sustainable future while revitalizing American energy leadership," Hunt stated. He further emphasized, "As Republicans begin to negotiate the extension of President Trump's Tax Cuts and Jobs Act, I implore our conference to retain the 45Q tax credit."