117 HR 6249 IH: End Polluter Welfare for Enhanced Oil Recovery Act of 2021 U.S. House of Representatives 2021-12-13 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I117th CONGRESS1st SessionH. R. 6249IN THE HOUSE OF REPRESENTATIVESDecember 13, 2021Mr. Khanna (for himself, Mr. Grijalva, and Mr. Quigley) introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo amend the Internal Revenue Code of 1986 to provide for an end date for the credit for certain qualified carbon oxide, and for other purposes.

1.

Short title

This Act may be cited as the End Polluter Welfare for Enhanced Oil Recovery Act of 2021.

2.

Elimination of use of carbon oxide as tertiary injectant

(a)

In general

Section 45Q(f) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (8)

Elimination of use of carbon oxide as tertiary injectant

In the case of any qualified facility the construction of which begins after the date of the enactment of the End Polluter Welfare for Enhanced Oil Recovery Act of 2021, subsection (a)(4)(B)(i) shall not apply..(b)

Effective date

The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

3.

Enhanced oil recovery credit

(a)

In general

Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 43.(b)

Conforming amendments

(1)Section 38(b) of such Code is amended by striking paragraph (6).(2)Section 45Q of such Code is amended—(A)by striking section 43(b)(3)(B) each place it appears and inserting section 43(b)(3)(B) (as in effect on the day before the date of the enactment of the End Polluter Welfare for Enhanced Oil Recovery Act of 2021), and(B)in subsection (e)(2), by inserting (as in effect on the day before the date of the enactment of the End Polluter Welfare for Enhanced Oil Recovery Act of 2021) after section 43(c)(2).(3)Section 196(c) of such code is amended by striking paragraph (5) and by redesignating paragraphs (6) through (14) as paragraphs (5) through (13), respectively.(4)The table of sections for subpart D of part IV of subchapter A of chapter 1 is amended by striking the item relating to section 43.(c)

Effective date

The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.