Written By: Felesky Flynn | Tax Notes | April 10, 2022
Budget 2022 released details of the much-anticipated carbon capture, utilization, and storage (“CCUS”) federal investment tax credit. The Government appears to have accepted a number, although not all, of the recommendations made by interested parties during the consultation period and the energy industry has generally received the release of the CCUS credit as a positive first step. In this Tax Note, we summarize the fundamentals of the CCUS credit and highlight some of the noteworthy aspects of the CCUS credit as it impacts the energy industry.