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Carbon oxide sequestration credit (Section 45Q)

A federal tax credit offered to businesses that capture carbon dioxide (a greenhouse gas) from industrial sources or directly from the air and then store it permanently or use it in certain ways.

Internal Revenue Code of 1986

The official body of tax laws for the United States, which Congress frequently amends.

Solid or liquid carbon capture facility

A place that uses special equipment to capture carbon in a solid or liquid form, which would otherwise be released into the atmosphere as pollution.

Greenhouse gas

Gases in the Earth's atmosphere that trap heat, leading to global warming. Carbon dioxide is a primary example.

Metric tons

A unit of mass equal to 1,000 kilograms, commonly used for measuring large quantities, like carbon emissions.

Taxable year

The annual accounting period used for calculating a person's or company's tax liability, typically a calendar year or fiscal year.

Carbon dioxide equivalent

A measure used to compare the emissions from various greenhouse gases based on their global warming potential; for carbon, it quantifies the impact of carbon in terms of how much CO2 would have the same effect.