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Appropriations panel advances $10 million to steer CO2 toward enhanced oil recovery
Summary
The Appropriations Committee voted 6-1 to advance Senate File 17, which would use a $10 million state appropriation to pay $10 per ton to Wyoming-sourced CO2 sent to enhanced oil recovery projects. Sponsors said the payment narrows a federal tax-credit gap under IRC section 45Q and is designed to be repaid over time from severance tax revenues.
CHEYENNE — The Appropriations Committee on Thursday advanced Senate File 17 by a 6-1 vote to create a state-funded incentive intended to make enhanced oil recovery (EOR) sales of Wyoming-sourced carbon dioxide economically comparable to permanent geologic sequestration under the federal 45Q tax credit.
The bill would appropriate $10 million as an upfront fund to pay $10 per ton for Wyoming CO2 sent to EOR projects. The committee heard an extended presentation from Mr. Obermueller, a presenter for the measure, who said the appropriation functions "really in name only" as a repayable incentive and that the program is structured to be replenished by taking 3 percent of severance tax revenue from oil produced through EOR.
Supporters told the committee the federal tax codesection commonly referenced as 45Q…
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