This bill increases the applicable dollar amount of the carbon oxide sequestration tax credit for taxable years after 2021.
To amend the Internal Revenue Code of 1986 to enhance the carbon oxide 
                         sequestration credit.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

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.
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A bill to amend the Internal Revenue Code of 1986 to enhance the carbon oxide sequestration credit.
A bill to amend the Internal Revenue Code of 1986 to enhance the carbon oxide sequestration credit.
Official Titles - Senate
Official Title as Introduced
A bill to amend the Internal Revenue Code of 1986 to enhance the carbon oxide sequestration credit.
Sen. Lujan, Ben Ray