[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 5212 Introduced in Senate (IS)]
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118th CONGRESS
2d Session
S. 5212
To amend the Internal Revenue Code of 1986 to modify the carbon oxide
sequestration credit to ensure parity for different uses and
utilizations of qualified carbon oxide.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
September 25, 2024
Mr. Barrasso (for himself, Mr. Lankford, and Mr. Cassidy) introduced
the following bill; which was read twice and referred to the Committee
on Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to modify the carbon oxide
sequestration credit to ensure parity for different uses and
utilizations of qualified carbon oxide.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Enhanced Energy Recovery Act''.
SEC. 2. PARITY FOR DIFFERENT USES AND UTILIZATIONS OF QUALIFIED CARBON
OXIDE.
(a) In General.--Section 45Q of the Internal Revenue Code of 1986
is amended--
(1) in subsection (a)--
(A) in paragraph (2)(B)(ii), by adding ``and'' at
the end,
(B) in paragraph (3), by striking subparagraph (B)
and inserting the following:
``(B)(i) disposed of by the taxpayer in secure
geological storage and not used by the taxpayer as
described in clause (ii) or (iii),
``(ii) used by the taxpayer as a tertiary injectant
in a qualified enhanced oil or natural gas recovery
project and disposed of by the taxpayer in secure
geological storage, or
``(iii) utilized by the taxpayer in a manner
described in subsection (f)(5).'', and
(C) by striking paragraph (4), and
(2) in subsection (b)--
(A) in paragraph (1)--
(i) by striking subparagraph (A) and
inserting the following:
``(A) Except as provided in subparagraph (B) or
(C), the applicable dollar amount shall be an amount
equal to--
``(i) for any taxable year beginning in a
calendar year after 2024 and before 2027, $17,
and
``(ii) for any taxable year beginning in a
calendar year after 2026, an amount equal to
the product of $17 and the inflation adjustment
factor for such calendar year determined under
section 43(b)(3)(B) for such calendar year,
determined by substituting `2025' for
`1990'.'', and
(ii) in subparagraph (B), by striking
``shall be applied'' and all that follows
through the period and inserting ``shall be
applied by substituting `$36' for `$17' each
place it appears.'',
(B) in paragraph (2)(B), by striking ``paragraphs
(3)(A) and (4)(A)'' and inserting ``paragraph (3)(A)'',
and
(C) in paragraph (3), by striking ``the dollar
amounts applicable under paragraph (3) or (4)'' and
inserting ``the dollar amount applicable under
paragraph (3)'',
(3) in subsection (f)--
(A) in paragraph (5)(B)(i), by striking
``(4)(B)(ii)'' and inserting ``(3)(B)(iii)'', and
(B) in paragraph (9), by striking ``paragraphs (3)
and (4) of subsection (a)'' and inserting ``subsection
(a)(3)'', and
(4) in subsection (h)(3)(A)(ii), by striking ``paragraph
(3)(A) or (4)(A) of subsection (a)'' and inserting ``subsection
(a)(3)(A)''.
(b) Conforming Amendment.--Section 6417(d)(3)(C)(i)(II)(bb) of the
Internal Revenue Code of 1986 is amended by striking ``paragraph (3)(A)
or (4)(A) of section 45Q(a)'' and inserting ``section 45Q(a)(3)(A)''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2024.
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