Form 8933 - Carbon Oxide Sequestration Credit

Use Form 8933 to claim the section 45Q carbon oxide sequestration credit. Section 45Q(a)(1) allows a credit of $20 per metric ton of qualified carbon oxide captured by the taxpayer using carbon capture equipment that is (1) originally placed in service at a qualified facility before February 9, 2018, (2) disposed of by the taxpayer in secure geological storage, and (3) not used by the taxpayer as a tertiary injectant in a qualified enhanced oil recovery (EOR) or natural gas recovery project or utilized by the taxpayer in a manner described in section 45Q(f)(5).

Grant Deadline

Deadline not available

Funding Amount

Deadline not available

Type of Grant

Tax Credit

Sectors

All Sectors

Demographics

Incorporation

For Profit

Perks

Region Restriction

This grant is restricted to whole of United States

Keywords

tax credit, carbon economy, qualified, Media/Arts, Payers, Manner Described, Oxide, Originally Placed

Age Restriction

This grant is age restricted from 18 to 100

Eligibility and Requirements

Purpose of Form

Use Form 8933 to claim the section 45Q carbon oxide sequestration credit. See Definitions, later.

For purposes of this form, a partner in a partnership that has made a valid section 761(a) election will be considered the taxpayer. Partnerships with valid section 761(a) elections aren’t required to complete or file this form. Instead, the partner is required to complete and file this form in a manner commensurate with its undivided ownership interest in the facility. Also, see Rev. Proc. 2020-12, 2020-11, I.R.B. 511, for allocation safe harbor. However, if you elect to use the January 2021 Treasury Decision 9944 (TD), the section 761(a) election applies only in the case of qualified carbon oxide captured using equipment that's originally placed in service at a facility before February 9, 2018. For qualified carbon oxide captured using equipment that's originally placed in service at a facility on or after February 9, 2018, for each single process train of equipment (as described in Regulations section 1.45Q-2(c)(3)), only one taxpayer will be considered the person to whom the credit is attributable and only that person may claim the credit. See Regulations section 1.45Q-1(h)(1).Taxpayers other than partnerships or S corporations whose only source of this credit is from those pass-through entities (other than a partnership with a valid 761(a) election) aren’t required to complete or file this form. Instead, report this credit directly on line 1x in Part III of Form 3800, General Business Credit.

Grant Application website

https://www.irs.gov/instructions/i8933

Contact

For more information, please visit the website.