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S. 2230: A bill to amend the Internal Revenue Code of 1986 to enhance the carbon oxide sequestration credit.


The text of the bill below is as of Jun 24, 2021 (Introduced).


II

117th CONGRESS

1st Session

S. 2230

IN THE SENATE OF THE UNITED STATES

June 24, 2021

(for himself, Mr. Barrasso, Mr. Grassley, Ms. Stabenow, Ms. Smith, Mr. Cramer, Mr. Coons, and Mr. Hoeven) 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 enhance the carbon oxide sequestration credit.

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.