Amends the Internal Revenue Code of 1986 to modify the carbon oxide sequestration credit.
Ensures parity for different uses and utilizations of qualified carbon oxide.
Modifies Section 45Q to include:
Changes to the definitions and conditions under which carbon oxide can be disposed of or utilized.
Specifies that carbon oxide can be disposed of in secure geological storage or used as a tertiary injectant in enhanced oil or natural gas recovery projects.
Adjusts the applicable dollar amount for the carbon oxide sequestration credit:
Sets the amount at $17 for taxable years beginning after 2024 and before 2027.
For taxable years beginning after 2026, the amount will be adjusted for inflation.
Conforming amendments made to ensure consistency within the Internal Revenue Code.
The amendments will take effect for taxable years beginning after December 31, 2024.
