[Congressional Record Volume 167, Number 138 (Tuesday, August 3, 2021)]
[Senate]
[Page S5736]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2318. Mr. HOEVEN (for himself and Mr. Cramer) submitted an 
amendment intended to be proposed to amendment SA 2137 proposed by Mr. 
Schumer (for Ms. Sinema (for herself, Mr. Portman, Mr. Manchin, Mr. 
Cassidy, Mrs. Shaheen, Ms. Collins, Mr. Tester, Ms. Murkowski, Mr. 
Warner, and Mr. Romney)) to the bill H.R. 3684, to authorize funds for 
Federal-aid highways, highway safety programs, and transit programs, 
and for other purposes; which was ordered to lie on the table; as 
follows:

       At the appropriate place in division H, insert the 
     following:

     SEC. __. ELECTIVE PAYMENT FOR CARBON OXIDE SEQUESTRATION.

       (a) In General.--Subchapter B of chapter 65 of the Internal 
     Revenue Code of 1986 is amended by adding at the end the 
     following new section:

     ``SEC. 6431. ELECTIVE PAYMENT FOR CARBON OXIDE SEQUESTRATION.

       ``(a) Energy Property.--In the case of a taxpayer making an 
     election (at such time and in such manner as the Secretary 
     may provide) under this section with respect to any portion 
     of a carbon oxide sequestration credit which would (without 
     regard to this section) be determined under section 45Q with 
     respect to such taxpayer, such taxpayer shall be treated as 
     making a payment against the tax imposed by subtitle A for 
     the taxable year equal to the amount of such portion.
       ``(b) Timing.--The payment described in subsection (a) 
     shall be treated as made on the later of the due date of the 
     return of tax for such taxable year or the date on which such 
     return is filed.
       ``(c) Exclusion From Gross Income.--Gross income of the 
     taxpayer shall be determined without regard to this section.
       ``(d) Denial of Double Benefit.--Solely for purposes of 
     section 38, in the case of a taxpayer making an election 
     under this section, the carbon oxide sequestration credit 
     determined under section 45Q shall be reduced by the amount 
     of the portion of such credit with respect to which the 
     taxpayer makes such election.''.
       (b) Special Rule for Proceeds of Transfers for Mutual or 
     Cooperative Electric Companies.--Section 501(c)(12)(I) of the 
     Internal Revenue Code of 1986 is amended by inserting ``or 
     6431(a)'' after ``section 45J(e)(1)''.
       (c) Clerical Amendment.--The table of sections for 
     subchapter B of chapter 65 of such Code is amended by adding 
     at the end the following new item:

``Sec. 6431. Elective payment for carbon oxide sequestration.''.
       (d) Effective Date.--The amendments made by this section 
     shall apply to taxable years beginning after the date of 
     enactment of this Act.
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