[Congressional Record Volume 171, Number 24 (Wednesday, February 5, 2025)]
[Senate]
[Page S668]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. BARRASSO (for himself, Mr. Lankford, Mr. Cassidy, Mr. 
        Hoeven, Mr. Justice, and Mr. Sheehy):
  S. 425. A bill to amend the Internal Revenue Code of 1986 to modify 
the carbon oxide sequestration credit to ensure parity for different 
uses and utilizations of qualified carbon oxide; to the Committee on 
Finance.
  Mr. BARRASSO. Mr. President, I ask unanimous consent that the text of 
the bill be printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                 S. 425

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Enhancing Energy Recovery 
     Act''.

     SEC. 2. PARITY FOR DIFFERENT USES AND UTILIZATIONS OF 
                   QUALIFIED CARBON OXIDE.

       (a) In General.--Section 45Q of the Internal Revenue Code 
     of 1986 is amended--
       (1) in subsection (a)--
       (A) in paragraph (2)(B)(ii), by adding ``and'' at the end,
       (B) in paragraph (3), by striking subparagraph (B) and 
     inserting the following:
       ``(B)(i) disposed of by the taxpayer in secure geological 
     storage and not used by the taxpayer as described in clause 
     (ii) or (iii),
       ``(ii) used by the taxpayer as a tertiary injectant in a 
     qualified enhanced oil or natural gas recovery project and 
     disposed of by the taxpayer in secure geological storage, or
       ``(iii) utilized by the taxpayer in a manner described in 
     subsection (f)(5).'', and
       (C) by striking paragraph (4), and
       (2) in subsection (b)--
       (A) in paragraph (1)--
       (i) by striking subparagraph (A) and inserting the 
     following:
       ``(A) Except as provided in subparagraph (B) or (C), the 
     applicable dollar amount shall be an amount equal to--
       ``(i) for any taxable year beginning in a calendar year 
     after 2024 and before 2027, $17, and
       ``(ii) for any taxable year beginning in a calendar year 
     after 2026, 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'.'', and
       (ii) in subparagraph (B), by striking ``shall be applied'' 
     and all that follows through the period and inserting ``shall 
     be applied by substituting `$36' for `$17' each place it 
     appears.'',
       (B) in paragraph (2)(B), by striking ``paragraphs (3)(A) 
     and (4)(A)'' and inserting ``paragraph (3)(A)'', and
       (C) in paragraph (3), by striking ``the dollar amounts 
     applicable under paragraph (3) or (4)'' and inserting ``the 
     dollar amount applicable under paragraph (3)'',
       (3) in subsection (f)--
       (A) in paragraph (5)(B)(i), by striking ``(4)(B)(ii)'' and 
     inserting ``(3)(B)(iii)'', and
       (B) in paragraph (9), by striking ``paragraphs (3) and (4) 
     of subsection (a)'' and inserting ``subsection (a)(3)'', and
       (4) in subsection (h)(3)(A)(ii), by striking ``paragraph 
     (3)(A) or (4)(A) of subsection (a)'' and inserting 
     ``subsection (a)(3)(A)''.
       (b) Conforming Amendment.--Section 6417(d)(3)(C)(i)(II)(bb) 
     of the Internal Revenue Code of 1986 is amended by striking 
     ``paragraph (3)(A) or (4)(A) of section 45Q(a)'' and 
     inserting ``section 45Q(a)(3)(A)''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to taxable years beginning after December 31, 
     2024.
                                 ______