,,ii #aacth ,,congress #b;d ,session ,s4 #bbhh ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,may #e1 #bjad,mr4 ,rockefeller introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to expand existing tax credits to encourage the capture1 utilization1 and sequestration of carbon dioxide4 #a4 ,short title ,this ,act may be cited as the ,expanding ,carbon ,capture through ,enhanced ,oil ,recovery ,act of #bjad4 #b4 ,expansion of tax credit for capture1 utilization1 and sequestration of carbon dioxide 7a7 ,technical amendment ,section #de,q of the ,internal ,revenue ,code of #aihf is amended by striking the section heading and inserting the following3 #de,q-#a4 ,standard carbon dioxide sequestration credit 4 7b7 ,expansion of carbon dioxide sequestration credit ,subpart ,d of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after section #de,q-#a1 as redesignated by subsection 7a71 the following new section3 #de,q-#b4 ,competitively bid carbon dioxide sequestration credit 7a7 ,allowance of credit 7#a7 ,in general ,for purposes of section #ch1 the carbon dioxide sequestration credit determined under this section for any taxable year is equal to the amount determined under subsection 7c77#b7 that is allocated to the qualified facility and certified for such year for the capture1 compression1 and transport of qualified carbon dioxide4 7#b7 ,credit claimed by taxpayer who captures1 uses1 and disposes of carbon dioxide ,except as provided in paragraph 7#c7 and pursuant to such requirements as are determined appropriate by the ,secretary1 the credit allowed under this section shall be attributable to the taxpayer who captured1 used 7or contracted for use71 and disposed 7or contracted for disposal7 of the qualified carbon dioxide4 7#c7 ,election to allow credit to be claimed by taxpayer who uses and disposes of carbon dioxide ,a taxpayer described in paragraph 7#b7 may elect1 pursuant to such requirements as are determined appropriate by the ,secretary1 to permit the credits allowed under this section to be attributable to the person who used and disposed of the qualified carbon dioxide4 7b7 ,general ,requirements 7#a7 ,in general ,not later than #ab months after the date of the enactment of this section and after providing opportunity for public notice and comment1 the ,secretary1 in consultation with the ,secretary of ,energy1 shall establish a process for annual competitive bidding for carbon dioxide sequestration credits under this section that includes the following3 7,a7 ,establishment of individual project tranches for allocation of carbon dioxide sequestration credits to different forms of qualified projects4 7,b7 ,annual solicitation of bids for allocation of carbon dioxide sequestration credits for qualified projects within each individual project tranche4 7,c7 ,allocation of credits1 on a per project basis1 for the applicable crediting period4 7,d7 ,allocation of credits in a manner that ensures a net increase in revenue for the ,federal ,government over a reasonable period of time 7as determined by the ,secretary74 7,e7 ,establishment of procedures for certifying qualified projects that have received an allocation of carbon dioxide sequestration credits4 7#b7 ,purpose ,the purpose of this section is-- 7,a7 to reduce the incremental cost of carbon dioxide capture1 compression1 and transport1 7,b7 to accelerate the deployment and advancement of technologies that capture carbon dioxide1 7,c7 to significantly increase domestic oil production through expansion of enhanced oil recovery using anthropogenic carbon dioxide1 7,d7 to reduce the amount of anthropogenic carbon dioxide that is released into the atmosphere and contributing to climate change1 and 7,e7 to produce a net increase in revenues for the ,federal ,government over a reasonable period of time from additional tax revenue and royalties collected on oil recovered through qualified enhanced oil recovery projects4 7c7 ,annual competitive bidding and allocation of credits 7#a7 ,application process 7,a7 ,in general ,for purposes of the annual competitive bidding process under this section1 the ,secretary shall-- 7i7 solicit bids for allocations of carbon dioxide sequestration credits from applications for qualified projects within each individual project tranche 7as described in subparagraph 7,c771 and 7ii7 require that an applicant submitting a bid for carbon dioxide sequestration credits for a qualified project-- 7,i7 be limited to bidding within a single project tranche for the project1 and 7,,ii7 include as part of their bid-- 7aa7 subject to subparagraph 7,d71 the proposed dollar amount of the carbon dioxide sequestration credit per metric ton of qualified carbon dioxide1 and 7bb7 the projected metric tonnage of qualified carbon dioxide associated with the project over the crediting period 7as defined in subsection 7f77#d774 7,b7 ,application requirements ,an application under subparagraph 7,a7 shall contain such information as the ,secretary may require in order to make a determination regarding an allotment of carbon dioxide sequestration credits4 ,any information contained in the application shall be protected as provided in section #eeb7;b77#d7 of title #e1 ,united ,states ,code4 7,c7 ,project tranches ,the ,secretary shall establish #c individual project tranches for qualified projects in each of the following categories3 7i7 ,electric power projects 7as described in subsection 7f77#f774 7ii7 ,first-tranche industrial projects 7as described in subsection 7f77#h774 7iii7 ,second-tranche industrial projects 7as described in subsection 7f77#ae774 7,d7 ,per ton minimum and maximum ,the ,secretary1 in consultation with the ,secretary of ,energy1 shall establish minimum and maximum dollar amounts for the proposed dollar amount of the carbon dioxide sequestration credit per metric ton of qualified carbon dioxide in each project tranche4 7#b7 ,allocation of credits 7,a7 ,in general ,following the receipt of bids pursuant to the application process described in paragraph 7#a71 the ,secretary1 in consultation with the ,secretary of ,energy1 shall allocate carbon dioxide sequestration credits to qualified projects with each project tranche4 7,b7 ,allocation to lowest bidder ,the ,secretary shall allocate the carbon dioxide sequestration credits to qualified projects on the basis of the proposed dollar amount for the carbon dioxide sequestration credit per metric ton of qualified carbon dioxide contained in the bid submitted by the applicant1 with credits to be allocated in the order of the lowest submitted bid4 7,c7 ,amount allocated per qualified project 7i7 ,in general ,subject to clause 7ii71 the amount of the carbon dioxide sequestration credit allocated to a qualified project shall be equal to the product of-- 7,i7 subject to paragraph 7#a77;,d71 the proposed dollar amount of the carbon dioxide sequestration credit per metric ton of qualified carbon dioxide 7as proposed pursuant to paragraph 7#a77;,a77ii77,,ii77aa771 and 7,,ii7 subject to clause 7iii71 the projected metric tonnage of qualified carbon dioxide associated with the project over the crediting period 7as projected pursuant to paragraph 7#a77;,a77ii77,,ii77bb774 7ii7 ,readjustment of credit amount based on crude oil price ,for each crediting year during the crediting period1 the amount of the carbon dioxide sequestration credit shall be equal to the product of-- 7,i7 the amount of the credit1 as determined under clause 7i7 in the allocation year1 and 7,,ii7 the quotient of-- 7aa7 the annual average ,west ,texas ,intermediate ,crude ,oil price 7per #db-;gallon barrel7 for the year in which the bid for carbon dioxide sequestration credits was made1 divided by 7bb7 the annual average ,west ,texas ,intermediate ,crude ,oil price 7per #db-;gallon barrel7 for the applicable crediting year4 7iii7 ,limitation for certain projects ,for purposes of determining the amount of carbon dioxide sequestration credits allocated to a industrial project described in subsection 7f77#ad77;,b77ii7 or an electric power project described in subsection 7f77#ad77;,b77iii71 the projected metric tonnage of qualified carbon dioxide associated with the project over the crediting period shall not be greater than the product of-- 7,i7 #a1jjj1jjj metric tons1 and 7,,ii7 the number of crediting years in the crediting period4 7,d7 ,maximum level of credits 7i7 ,in general ,subject to clause 7ii71 the total amount of carbon dioxide sequestration credits allocated to all qualified projects within each project tranche shall not exceed the maximum amount as established for the applicable year1 as follows3 7,i7 ,electric power projects ,the amount of carbon dioxide sequestration credits allotted to electric power projects shall not exceed-- 7aa7 for any allocation year during the period between the first annual competitive bidding process and the third annual competitive bidding process1 #a1cej1jjj1jjj1 7bb7 for any allocation year during the period between the fourth annual competitive bidding process and the seventh annual competitive bidding process1 #b1gjj1jjj1jjj1 7cc7 for the allocation year in which the eighth annual competitive bidding process occurs1 #d1jej1jjj1jjj1 7dd7 for the allocation year in which the ninth annual competitive bidding process occurs1 #e1djj1jjj1jjj1 and 7ee7 for the allocation year in which the tenth annual competitive bidding process occurs and each subsequent allocation year1 #f1gej1jjj1jjj4 7,,ii7 ,first-tranche industrial projects ,the amount of carbon dioxide sequestration credits allotted to first-tranche industrial projects for any allocation year shall not exceed #djj1jjj1jjj4 7,,iii7 ,second-tranche industrial projects ,the amount of carbon dioxide sequestration credits allotted to second-tranche industrial projects shall not exceed-- 7aa7 for any allocation year during the period between the first annual competitive bidding process and the third annual competitive bidding process1 #cjj1jjj1jjj1 and 7bb7 for the allocation year in which the fourth annual competitive bidding process occurs and each subsequent allocation year1 #fjj1jjj1jjj4 7ii7 ,rollover of unallocated credit amounts 7,i7 ,in general ,for purposes of clause 7i71 the maximum amount of carbon dioxide sequestration credits available to be allocated to all qualified projects within each project tranche for any applicable allocation year shall be increased by the amount of unallocated credits within such tranche for the preceding year4 7,,ii7 ,unallocated credits ,for purposes of this clause1 the amount of unallocated credits within a project tranche for an applicable allocation year shall be equal to the difference between-- 7aa7 the applicable maximum amount of carbon dioxide sequestration credits available to be allocated to all qualified projects within the project tranche for such year1 and 7bb7 the total amount of carbon dioxide sequestration credits allocated to all qualified projects within the project tranche for such year4 7iii7 ,total amount provided to qualified project for crediting period to be counted in allocation year ,for purposes of determining the total amount of carbon dioxide sequestration credits allocated in an applicable allocation year under this subparagraph1 the total amount allocated to a qualified project for all crediting years during the crediting period shall be treated as a single allocation for the allocation year4 7d7 ,certification 7#a7 ,certification process ,not later than #ij days after a carbon dioxide sequestration credit has been allocated to a qualified project1 the ,secretary shall certify the amount of the credit that has been allocated and that the applicant has provided sufficient documentation and qualifying evidence to demonstrate that-- 7,a7 for a qualified project described in subsection 7f77#ad77;,b77i71 the project will be constructed and operated in accordance with the requirements under this section during the crediting period1 or 7,b7 for a qualified project described in clause 7ii7 or 7iii7 of subsection 7f77#ad77;,b71 the project will operate in accordance with the requirements under this section during the crediting period4 7#b7 ,documentation ,the ,secretary1 after providing opportunity for public notice and comment1 shall establish specifications for documentation required under paragraph 7#a71 which shall include sufficient evidence that-- 7,a7 the applicant has established a plan or entered into a binding contract for disposal of all qualified carbon dioxide1 7,b7 for a qualified project described in subsection 7f77#ad77;,b77i71 the applicant has established a plan for timely construction1 installation1 and operation of carbon capture equipment1 and 7,c7 for a qualified project described in clause 7ii7 or 7iii7 of subsection 7f77#ad77;,b71 the project has received assistance or has been allocated funding pursuant to the requirements under such clauses4 7#c7 ,qualifying evidence ,for purposes of paragraph 7#a71 the term qualifying evidence means-- 7,a7 the execution of a binding commitment 7which may be subject to customary closing conditions7 by an appropriate entity 7such as a lender or the board of directors of the entity that owns the qualified project7 to provide adequate financing for construction of the project and installation of the necessary carbon capture equipment1 7,b7 the execution of a binding commitment by the applicant to execute a surety bond1 in such amount as is determined appropriate by the ,secretary1 not later than #b years after the date the ,secretary certifies the qualified project under this subsection1 or 7,c7 for purposes of an electric power project1 the execution of an authorization-- 7i7 by the appropriate ,state agency or regulatory authority to permit recovery of the costs related to construction of the qualified project and installation of the necessary carbon capture equipment through imposition of a surcharge on the retail consumers of the electric utility that owns such project1 or 7ii7 by the ,state legislature to permit recovery of the costs related to construction of the qualified project and installation of the necessary carbon capture equipment through imposition of a surcharge on the retail consumers of any electric utility that is required1 pursuant to ,state law1 to purchase some or all of the net electrical output from the qualified project4 7#d7 ,revocation of certification 7,a7 ,materially inaccurate representation ,the ,secretary may refuse to issue a certification or may revoke a certification previously issued to a qualified project if the ,secretary determines that the applicant made a materially inaccurate representation with respect to the documentation or evidence submitted by the applicant pursuant to the requirements under this subsection4 7,b7 ,failure to begin construction or place equipment in service ,the ,secretary shall revoke a certification previously issued to a qualified project if-- 7i7 construction of the project has not begun within #b years after the date of certification1 or 7ii7 subject to subparagraph 7,c71 the project has not placed in service the required carbon capture equipment-- 7,i7 in the case of a project that proposed to retrofit or upgrade its existing carbon capture equipment to increase carbon capture capacity1 within #c years after the date of certification1 or 7,,ii7 in the case of a project that proposed construction of a new facility1 within #e years after the date of certification4 7,c7 ,extensions 7i7 ,first extension ,an applicant that has failed to place in service the required carbon capture equipment by the applicable dates described in subparagraph 7,b77ii7 may receive an extension of up to #ahj days before revocation of certification1 provided-- 7,i7 that the applicant request an extension not later than #ij days before the applicable date under subparagraph 7,b77ii71 and 7,,ii7 barring construction disruptions beyond the control of the applicant1 that the applicant maintains a continuous program of construction that involves continuing physical work of a significant nature1 as determined by the ,secretary4 7ii7 ,second extension ,an applicant that has failed to place in service the required carbon capture equipment before expiration of an extension granted under clause 7i7 may receive an additional extension of up to #ahj days before revocation of certification1 provided-- 7,i7 that the applicant request the additional extension not later than #ij days before expiration of the extension granted under clause 7i71 and 7,,ii7 barring construction disruptions beyond the control of the applicant1 that the applicant maintains a continuous program of construction that involves continuing physical work of a significant nature1 as determined by the ,secretary4 7,d7 ,begin construction ,for purposes of subparagraph 7,b77i71 construction of a qualified project begins when-- 7i7 physical work of a significant nature has begun1 or 7ii7 the applicant pays or incurs #e percent or more of the total cost of the project4 7#e7 ,reallocation 7,a7 ,in general ,any carbon dioxide sequestration credits that have been allocated to a qualified project that does not receive certification1 or has had its certification revoked1 shall be rescinded1 with the amount of such credits to be made available for reallocation pursuant to the process described under subsection 7c7 and any additional requirements as are determined appropriate by the ,secretary4 7,b7 ,recapture of credit ,the ,secretary shall provide for recapturing the benefit of any credit allotted to a qualified project that does not receive certification1 or has had its certification revoked4 7#f7 ,public disclosure and annual reports 7,a7 ,disclosure of certification or revocation ,not later than #cj days after issuing a certification or revocation under this subsection1 the ,secretary shall publicly disclose-- 7i7 the amount of the credit associated with the certification or revocation1 and 7ii7 a description of the qualified projected associated with such certification or revocation4 7,b7 ,annual report ,the ,secretary shall annually publish a report regarding the carbon dioxide sequestration credits allowed under this section1 including the amount of credits that-- 7i7 have been certified under this subsection1 and 7ii7 are available for allocation during the next annual competitive bidding process within each project tranche4 7e7 ,review and modification 7#a7 ,external review ,the ,secretary1 through such methods as are determined appropriate1 shall establish an external review of the annual competitive bidding process by a panel of independent experts to-- 7,a7 propose recommendations to-- 7i7 improve the annual competitive bidding process1 7ii7 ensure the transparency1 effectiveness1 and efficiency of such process1 and 7iii7 ensure that the purposes described in subsection 7b77#b7 are being achieved through such process1 and 7,b7 for purposes of a review described in paragraph 7#b77;,b71 evaluate the impact of the annual competitive bidding process on incremental oil production and ,federal revenues4 7#b7 ,requirements for external review ,the review process described in paragraph 7#a7 shall be completed not later than-- 7,a7 #ahj days prior to the fourth annual competitive bidding process after the date of the enactment of this section1 and 7,b7 every four years after the previous review under this subsection4 7#c7 ,modification ,following any review completed under this subsection1 the ,secretary1 in consultation with the ,secretary of ,energy1 may modify the annual competitive bidding process to adopt recommendations included in the review and ensure that the purposes described in subsection 7b77#b7 are being achieved through such process1 including adjustment of the minimum and maximum dollar amounts for the proposed dollar amount of the carbon dioxide sequestration credit per metric ton of qualified carbon dioxide1 as established under subsection 7c77#a77;,d74 7#d7 ,revenue determinations 7,a7 ,in general ,not later than #g years after the date of the enactment of this section1 and every #d years thereafter1 the ,secretary1 in consultation with the ,chairman of the ,securities and ,exchange ,commission and the ,secretary of ,energy1 shall conduct a study to determine-- 7i7 the actual and projected increase in ,federal revenues that is attributable to increases in oil production from enhanced oil recovery methods using qualified carbon dioxide that is captured from qualified projects1 and 7ii7 the actual and projected decrease in ,federal revenues that is attributable to the credits allowed under this section4 7,b7 ,report to ,congress ,if the ,secretary determines that the projected decrease in revenues described in clause 7ii7 of subparagraph 7,a7 is greater than the projected increase in revenues described in clause 7i7 of such subparagraph1 the ,secretary shall submit to ,congress a report that provides a detailed analysis of the projections and recommendations for further legislative or administrative action4 7f7 ,definitions ,in this section3 7#a7 ,allocation year ,the term allocation year means the year in which the ,secretary allocates carbon dioxide sequestration credits to qualified projects4 7#b7 ,annual capture capacity ,the term annual capture capacity means the average annual amount of qualified carbon dioxide that is projected to be captured1 compressed1 and transported over the crediting period4 7#c7 ,carbon capture equipment ,the term carbon capture equipment means equipment to capture and pressurize qualified carbon dioxide4 7#d7 ,crediting period ,the term crediting period means the period1 for up to #aj crediting years 7as described in paragraph 7#e771 subsequent to-- 7,a7 for a qualified project described in paragraph 7#ad77;,b77i71 the date on which the carbon capture equipment is placed into service1 or 7,b7 for a qualified project described in clause 7ii7 or 7iii7 of paragraph 7#ad77;,b71 the date on which the project is certified under subsection 7d74 7#e7 ,crediting year ,the term crediting year means a year during the crediting period in which the taxpayer may claim the carbon dioxide sequestration credit4 7#f7 ,electric power project 7,a7 ,in general ,the term electric power project means a project1 including a polygeneration project1 that-- 7i7 subject to subparagraph 7,b71 uses coal or petroleum residuals as feedstock and has a post-carbon capture equivalent emissions rate that is equal to or less than #ghj pounds per megawatt hour under normal operating conditions1 or 7ii7 subject to subparagraph 7,b71 uses natural gas for greater than #ej percent of its feedstock and has a post-carbon capture equivalent emissions rate that is equal to or less than #djj pounds per megawatt hour under normal operating conditions4 7,b7 ,emissions reductions ,beginning with the annual competitive bidding process that occurs #e years after the initial annual competitive bidding process1 and every #e years thereafter1 the applicable post-carbon capture equivalent emissions rate under clauses 7i7 and 7ii7 of subparagraph 7,a7 shall be reduced by #ae percent from the applicable rate for the preceding #e-year period1 provided that the ,secretary has determined1 in consultation with the ,secretary of ,energy1 that such reduction is both technologically and economically feasible4 7#g7 ,energy output ,the term energy output means the total amount of chemical and thermal energy generated by the conversion of a feedstock4 7#h7 ,first-tranche industrial project 7,a7 ,in general ,the term first-tranche industrial project means an industrial project that employs #a or more of the following processes3 7i7 ,natural gas processing4 7ii7 ,fermentation4 7iii7 ,ammonia production4 7iv7 ,existing gasification of-- 7,i7 coal1 7,,ii7 petroleum residuals1 7,,iii7 biomass1 or 7,,iv7 waste streams4 7,b7 ,existing gasification ,for purposes of this paragraph1 the term existing gasification means a gasification process used by an industrial project that has been placed in service on or before the date on which the applicant submits a bid for an allocation of carbon dioxide sequestration credits4 7#i7 ,industrial project ,the term industrial project means a project for which the electrical power output is #ej percent or less of the total energy output of such project4 7#aj7 ,polygeneration project ,the term polygeneration project means a project-- 7,a7 that produces both electricity and another marketable product1 such as chemicals or alternative liquid or gaseous fuels1 7,b7 that is able to supply not less than #aej megawatts of electricity for sale to a power distribution system1 and 7,c7 for which greater than #ej percent of the energy output from the gasification process is provided to the power block4 7#aa7 ,power block ,the term power block means a steam turbine electric generating unit or a gas turbine combined cycle unit in an electric power project 7including a polygeneration project74 7#ab7 ,qualified carbon dioxide 7,a7 ,in general ,the term qualified carbon dioxide means carbon dioxide that is-- 7i7 captured from a source described in subparagraph 7,b71 7ii7 used1 or contracted for use1 by the taxpayer as a tertiary injectant in a qualified enhanced oil recovery project1 and 7iii7 disposed of1 or contracted for disposal1 by the taxpayer in secure geological storage4 7,b7 ,sources of qualified carbon dioxide ,the sources described in this subparagraph are as follows3 7i7 ,electric power generation4 7ii7 ,chemical production4 7iii7 ,gasification of coal4 7iv7 ,petroleum residuals4 7v7 ,biomass and waste streams4 7vi7 ,natural gas processing4 7vii7 ,fermentation4 7viii7 ,clinker production4 7ix7 ,fluidized catalytic cracking and other refinery processes4 7x7 ,steel and aluminum production4 7xi7 ,mining and manufacturing4 7#ac7 ,qualified enhanced oil recovery project ,the term qualified enhanced oil recovery project means any project-- 7,a7 which involves the use of qualified carbon dioxide as a tertiary injectant 7in accordance with sound engineering principles7 and which can reasonably be expected to result in more than an insignificant increase in the amount of crude oil which will ultimately be recovered1 and 7,b7 which is located within the ,united ,states 7within the meaning of section #fch7a774 7#ad7 ,qualified project 7,a7 ,in general ,the term qualified project means a project-- 7i7 described in subparagraph 7,b71 and 7ii7 at which carbon capture equipment is placed in service to capture qualified carbon dioxide from #a or more sources described in paragraph 7#ab77;,b7 within a single project tranche4 7,b7 ,categories of projects ,the projects described in this subparagraph are as follows3 7i7 ,a project that captures qualified carbon dioxide using carbon capture equipment that is placed in service after ,december #ca1 #bjad1 including retrofits or upgrades of existing carbon capture equipment that increases carbon capture capacity4 7ii7 ,an electric power project that-- 7,i7 received assistance under subtitle ,a of title ,,iv of the ,energy ,policy ,act of #bjje 7#db ,u4,s4,c4 #aeifa et seq471 and 7,,ii7 captures qualified carbon dioxide using carbon capture equipment that was placed in service before ,december #ca1 #bjad4 7iii7 ,an electric power project or an industrial project that-- 7,i7 was allocated funding by the ,department of ,energy for large-scale carbon capture and sequestration projects from the amount appropriated for fossil energy research and development under title ,,iv of division ,a of the ,american ,recovery and ,reinvestment ,act of #bjji 7,public ,law #aaa-e1 #abc ,stat4 #aci71 and 7,,ii7 captures qualified carbon dioxide using carbon capture equipment that was placed in service before ,december #ca1 #bjad4 7#ae7 ,second-tranche industrial project 7,a7 ,in general ,the term second-tranche industrial project means an industrial project that employs #a or more of the following processes3 7i7 ,new-build gasification of-- 7,i7 coal1 7,,ii7 petroleum residuals1 7,,iii7 biomass1 or 7,,iv7 waste streams4 7ii7 ,a refinery for production of cement1 steel1 or iron4 7iii7 ,hydrogen production4 7,b7 ,new-build gasification ,for purposes of this paragraph1 the term new-build gasification means a gasification process used by an industrial project that is placed in service after the date on which the applicant submits a bid for an allocation of carbon dioxide sequestration credits4 7#af7 ,secure geological storage ,the term secure geological storage has the same meaning given to such term under section #de,q-#a7;d77#b74 7g7 ,denial of double benefit ,a credit shall not be allowed under this section for any carbon dioxide for which a credit is allowed under section #de,q-#a4 4 7c7 ,conforming amendments 7#a7 ,table of sections ,the table of sections for subpart ,d of part ,,iv of subchapter ,a of chapter #a of such ,code is amended by striking the item relating to section #de,q and inserting the following new items3 ,sec4 #de,q-#a4 ,standard carbon dioxide sequestration credit4,sec4 #de,q-#b4 ,competitively bid carbon dioxide sequestration credit4 4 7#b7 ,general business credit ,section #ch7;b7 of such ,code is amended-- 7,a7 by striking paragraph 7#cd71 7,b7 by redesignating paragraphs 7#ce7 and 7#cf7 as paragraphs 7#cf7 and 7#cg71 and 7,c7 by inserting after paragraph 7#cc7 the following new paragraphs3 7#cd7 the standard carbon dioxide sequestration credit determined under section #de,q-#a7;a71 7#ce7 the competitively bid carbon dioxide sequestration credit determined under section #de,q-#b7;a71 4 7#c7 ,denial of double benefit ,section #de,q-#a7;d7 of such ,code is amended by adding at the end the following new paragraph3 7#h7 ,denial of double benefit ,a credit shall not be allowed under this section for any carbon dioxide for which a credit is allowed under section #de,q-#b4 4 7d7 ,effective date ,the amendments made by this section shall apply to carbon dioxide captured after ,december #ca1 #bjad4