The lucrative tax subsidies for carbon capture were embraced by the oil industry, spurring billions in investment despite concerns about inadequate oversight from the IRS and EPA.
Maggie Coulter from the Center for Biological Diversity expressed frustration that the IRS and EPA rely solely on self-reported data from companies, lacking real world tracking.
The tax subsidies' potential cost exceeds $36 billion over a decade, making them comparable in financial impact to childcare tax credits for American families.
These tax incentives played a crucial role in passing the Inflation Reduction Act, which aims to reduce national carbon emissions by 40 percent by 2030.
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