Bill > S986

This bill proposes to: 1. Extend the carbon oxide sequestration tax credit (Section 45Q of the Internal Revenue Code) by 5 years, from January 1, 2026 to January 1, 2031. 2. Establish an elective payment option for taxpayers to receive the carbon oxide sequestration credit (Section 45Q) and the qualifying advanced coal project credit (Section 48A) as a direct payment from the government, rather than as a tax credit. 3. Allow the carbon oxide sequestration credit and the qualifying advanced coal project credit to be used to offset the base erosion minimum tax. 4. Make several modifications to the qualifying advanced coal project credit, including reducing the nameplate generating capacity requirement, clarifying the reallocation authority, and establishing performance requirements in the case of best available control technology. 5. Enhance the carbon oxide sequestration credit for direct air capture facilities by increasing the applicable dollar amount for the credit, subject to certain limitations.