Bill > S5212

This bill, the Enhanced Energy Recovery Act, amends the Internal Revenue Code to modify the carbon oxide sequestration credit to ensure parity for different uses and utilizations of qualified carbon oxide. Specifically, it eliminates the separate credit for carbon oxide used as a tertiary injectant in a qualified enhanced oil or natural gas recovery project, and instead allows for the same credit for carbon oxide that is disposed of in secure geological storage, used as a tertiary injectant and disposed of in secure geological storage, or utilized in a manner described in the bill. The bill also adjusts the applicable dollar amounts for the credit, providing an amount of $17 per metric ton for taxable years beginning after 2024 and before 2027, and an inflation-adjusted amount for taxable years beginning after 2026. These changes are intended to ensure that the tax credit applies equally to different uses of qualified carbon oxide.