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ARTICLE · 27 AUGUST 2024

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It's Here – What CCUS Project Developers Should Know About The Federal CCUS Tax Credit

MLT Aikins LLP
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As discussed in our previous blog, on June 20, 2024, Bill C-59 received royal assent and has now come into force. Bill C-59 implements a handful of measures announced in the federal government's 2023 Fall Economic Statement and 2023 Budget, released November 21, 2023 and March 28, 2023, respectively.

CanadaEnergy and Natural Resources
Randy Brunet
Randy Brunet
Scott Masson
Scott Masson
Thomas Collopy
Thomas Collopy
Nicole Graham
Nicole Graham
Stephanie Symonds-D’Arcey
Stephanie Symonds-D’Arcey
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As discussed in our previous blog, on June 20, 2024, Bill C-59 received royal assent and has now come into force. Bill C-59 implements a handful of measures announced in the federal government's 2023 Fall Economic Statement and 2023 Budget, released November 21, 2023 and March 28, 2023, respectively.

Included with these measures is the Carbon Capture Utilization and Storage Income Tax Credit (the "CCUS-ITC"), which seeks to encourage investment in expanding CCUS capacity across Canada.

In addition to the CCUS-ITC, Bill C-59 also establishes income tax credits for clean technology, clean hydrogen, clean technology manufacturing and clean electricity.

This blog provides an overview of the key components of the CCUS-ITC.

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