Bill > S4966

This bill extends the tax credit for carbon oxide sequestration through 2028 and allows taxpayers to elect to receive payments in lieu of the credit. It also allows the credit for qualifying advanced coal projects to be taken against the base erosion minimum tax. Specifically, the bill amends the Internal Revenue Code to extend the carbon oxide sequestration credit, which provides a tax credit for capturing and storing or utilizing carbon oxide, from January 1, 2024 to January 1, 2029. It also adds a new section that allows taxpayers to elect to receive direct payments from the government instead of the tax credit. Additionally, the bill permits the carbon oxide sequestration credit and the qualifying advanced coal project credit to be applied against the base erosion minimum tax, which is a separate corporate tax on certain deductible payments to foreign affiliates.

Budget and Finance

https://www.congress.gov/bill/116th-congress/senate-bill/4966/all-info