The IRS has released Notice 2024-39, which provides the inflation adjustment factor for the carbon oxide sequestration credit under Section 45Q for the year 2024. The credit is available for taxpayers who capture and dispose of qualified carbon oxide, and the inflation adjustment factor for 2024 is 1.098. This means that the credit amount will increase by 9.8% for qualified carbon oxide disposed of in 2024 compared to the previous year.
The Internal Revenue Bulletin 2024-24 (dated June 10, 2024) includes Notice 2024-39, providing that the inflation adjustment factor for the carbon oxide sequestration credit under section 45Q for calendar year 2024 is 1.3877.
The inflation adjustment factor is used to determine the amount of the credit allowable under section 45Q for taxpayers that make an election under section 45Q(b)(3) to have the dollar amounts applicable under section 45Q(a)(1) or (2) apply.
The section 45Q credit for calendar year 2024 is $27.75 per metric ton of qualified carbon oxide under section 45Q(a)(1) and $13.88 per metric ton of qualified carbon oxide under section 45Q(a)(2).
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