US Codex
Bill
Notes

To amend the Internal Revenue Code of 1986 to enhance the carbon oxide sequestration credit.

S. 2230 · 117th Congress · Jun 24, 2021 · Lineage

A BILL

Section 1 Enhancement of carbon oxide sequestration credit

(a)
Increase in applicable dollar amount— Subparagraph (A) of section 45Q(b)(1) of the Internal Revenue Code of 1986 is amended to read as follows:

“(A) In general—For any taxable year beginning in a calendar year after 2021, the applicable dollar amount shall be an amount equal to—

“(i) for purposes of paragraph (3) of subsection (a), an amount equal to the product of $85 and the inflation adjustment factor for such calendar year determined under section 43(b)(3)(B) for such calendar year, determined by substituting “2020” for “1990”, and

“(ii) for purposes of paragraph (4) of such subsection, an amount equal to the product of $60 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.””

(b)
Definition of qualified facility— Paragraph (2) of section 45Q(d) of the Internal Revenue Code of 1986 is amended to read as follows:

“(2) at which carbon capture equipment installed at such facility captures qualified carbon oxide during the taxable year.”

(c)
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2021.