§ 45Q. Credit for carbon dioxide sequestration
(a)
General rule
For purposes of section
38, the carbon dioxide sequestration credit for any taxable year is an amount equal to the sum of—
(b)
Qualified carbon dioxide
For purposes of this section—
(1)
In general
The term “qualified carbon dioxide” means carbon dioxide captured from an industrial source which—
(2)
Recycled carbon dioxide
The term “qualified carbon dioxide” includes the initial deposit of captured carbon dioxide used as a tertiary injectant. Such term does not include carbon dioxide that is re-captured, recycled, and re-injected as part of the enhanced oil and natural gas recovery process.
(c)
Qualified facility
For purposes of this section, the term “qualified facility” means any industrial facility—
(d)
Special rules and other definitions
For purposes of this section—
(1)
Only carbon dioxide captured and disposed of or used within the United States taken into account
The credit under this section shall apply only with respect to qualified carbon dioxide the capture and disposal or use of which is within—
(2)
Secure geological storage
The Secretary, in consultation with the Administrator of the Environmental Protection Agency [1] the Secretary of Energy, and the Secretary of the Interior,,[2] shall establish regulations for determining adequate security measures for the geological storage of carbon dioxide under paragraph (1)(B) or (2)(C) of subsection (a) such that the carbon dioxide does not escape into the atmosphere. Such term shall include storage at deep saline formations, oil and gas reservoirs, and unminable coal seams under such conditions as the Secretary may determine under such regulations.
(5)
Credit attributable to taxpayer
Any credit under this section shall be attributable to the person that captures and physically or contractually ensures the disposal of or the use as a tertiary injectant of the qualified carbon dioxide, except to the extent provided in regulations prescribed by the Secretary.
(6)
Recapture
The Secretary shall, by regulations, provide for recapturing the benefit of any credit allowable under subsection (a) with respect to any qualified carbon dioxide which ceases to be captured, disposed of, or used as a tertiary injectant in a manner consistent with the requirements of this section.
(e)
Application of section
The credit under this section shall apply with respect to qualified carbon dioxide before the end of the calendar year in which the Secretary, in consultation with the Administrator of the Environmental Protection Agency, certifies that 75,000,000 metric tons of qualified carbon dioxide have been taken into account in accordance with subsection (a).
[1] So in original. A comma probably should appear.
[2] So in original.