On December 11, I introduced a Private Members Bill (seconded by Warren Steinley, M.P., Regina-Lewvan) to use the income tax system to incentivize the capture, utilization and storage of carbon emissions (called CCUS), an important strategy toward our goal of reducing CO2 emissions.
Carbon capture, utilization and storage is key to curbing green house gas emissions that are endemic to many activities in industrial society, and this incentive to industry to invest in this technology will greatly enhance Canada’s abilities to meet our environmental commitments.
The US Tax Code currently offers this type of tax credit (Section 45Q Carbon Capture Tax Credit) which has led Canada to be uncompetitive and to lose out on potential investments in the CCUS field. This Bill helps to level the playing field and makes Canada more competitive with our largest trading partner for development of greenhouse gas mitigation technologies.
You can read the bill (it is very short) and track its progress at Bill C-262