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Credit for carbon oxide sequestration (section 45Q), OIRA review completed

Credit for carbon oxide sequestration (section 45Q)

OMB’s Office of Information and Regulatory Affairs (OIRA) reported it has completed its review of final regulations concerning the credit for carbon oxide sequestration under section 45Q.

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Treasury regulations that are identified as “major” regulations are subject to review by OMB’s OIRA before being issued, pursuant to Executive Order 13771. Accordingly, knowing the status of OIRA review of Treasury regulations can help in predicting when regulations may be issued by Treasury and the IRS.

According to OIRA, review of the final regulations was completed on December 31, 2020:

These regulations would apparently finalize regulations that were proposed in June 2020. Read a June 2020 report [PDF 101 KB] describing the proposed regulations.

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