Property tax exemption is in effect for five years following construction or installation of property
Description:
Property Tax Incentive-Any carbon capture, sequestration or utilization property is exempt from Kansas state property taxes.
Income Tax Incentive-A taxpayer may deduct from adjusted gross income the amortized costs of carbon dioxide capture, sequestration or utilization machinery. The amortization deduction is 55% of the amortizable costs of such machinery for the first taxable year and 5% for each or the next nine years.
All equipment used for the capture, transportation and geologic sequestration of carbon dioxide, placed into service after June 2007, will be taxed at 3% of its market value.
Establishes an advanced energy tax credit worth up to $60 million for electric power plants that capture and sequester their CO2 such that no more than 1,100 pounds per megawatt-hour of carbon dioxide is emitted into the atmosphere, and that monitor the injected CO2.
Sales tax exemption for components used to capture carbon dioxide from an anthropogenic emission source, transport or inject carbon dioxide for geologic sequestration associated with EOR.
