Introduced
by
To authorize a credit against the Michigan Business Tax for the amount spent by a utility or industrial firm on carbon dioxide sequestration equipment, and the amount of carbon it actually sequesters. The credit per ton of sequestered carbon would be based on the European Union emissions trading system, or $50 per metric ton, whichever is greater. For auto industry plants the credit would be $100 per ton. Carbon dioxide sequestration (injection into wells deep in the ground) is a technique being investigated to mitigate the possibility of global warming caused by the release of CO2 into the atmosphere.
Referred to the Committee on Energy Policy and Public Utilities
