118 S542 IS: CCU Parity Act of 2023 U.S. Senate 2023-02-28 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.

II118th CONGRESS1st SessionS. 542IN THE SENATE OF THE UNITED STATESFebruary 28, 2023Mr. Whitehouse (for himself and Mr. Cassidy) introduced the following bill; which was read twice and referred to the Committee on FinanceA BILLTo amend the Internal Revenue Code of 1986 to increase the applicable dollar amount for qualified carbon oxide which is captured and utilized for purposes of the carbon oxide sequestration credit.

1.

Short title

This Act may be cited as the CCU Parity Act of 2023.

2.

Increase applicable dollar amount for qualified carbon oxide which is captured and utilized

(a)

In general

Section 45Q(b)(1)(A) of the Internal Revenue Code of 1986 is amended—(1)in clause (i), by striking subclause (II) and inserting the following:(II)for purposes of paragraph (4) of such subsection—(aa)with respect to any qualified carbon oxide which is captured and used in the manner described in clause (i) of paragraph (4)(B) of such subsection, $12, and(bb)with respect to any qualified carbon oxide which is captured and utilized in the manner described in clause (ii) of paragraph (4)(B) of such subsection, $17, and, and(2)in clause (ii), by striking subclause (II) and inserting the following:(II)for purposes of paragraph (4) of such subsection—(aa)with respect to any qualified carbon oxide which is captured and used in the manner described in clause (i) of paragraph (4)(B) of such subsection, an amount equal to the product of $12 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, and(bb)with respect to any qualified carbon oxide which is captured and utilized in the manner described in clause (ii) of paragraph (4)(B) of such subsection, an amount equal to the product of $17 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)

Effective date

The amendments made by this section shall apply to carbon oxide captured and utilized after December 31, 2023.