,i #aadth ,,congress #b;d ,session ,h4 ,r4 #dfbb ,,in ,,the ,,house ,,of ,,representatives ,february #be1 #bjaf ,mr4 ,conaway 7for himself1 ,mr4 ,mc,kinley1 ,mr4 ,harper1 ,mr4 ,tipton1 ,mrs4 ,lummis1 ,mr4 ,cramer1 ,mr4 ,jenkins of ,west ,virginia1 ,mr4 ,veasey1 ,mr4 ,barr1 ,mr4 ,michael ,f4 ,doyle of ,pennsylvania1 ,mr4 ,barton1 ,mr4 ,bucshon1 ,mr4 ,peterson1 ,mr4 ,moolenaar1 ,mr4 ,rodney ,davis of ,illinois1 ,mr4 ,murphy of ,pennsylvania1 ,mr4 ,johnson of ,ohio1 ,mr4 ,boustany1 and ,mr4 ,huizenga of ,michigan7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to improve and make permanent the credit for carbon dioxide sequestration4 #a4 ,short title ,this ,act may be cited as the ,carbon ,capture ,act4 #b4 ,carbon dioxide sequestration credit improved and made permanent 7a7 ,credit made permanent ,section #de,q of the ,internal ,revenue ,code of #aihf is amended by striking subsection 7e74 7b7 ,increase in credit for new facilities 7#a7 ,in general ,section #de,q of such ,code1 as amended by subsection 7a71 is amended by redesignating subsections 7b71 7c71 and 7d7 as subsections 7c71 7d71 and 7e71 respectively1 and by inserting after subsection 7a7 the following new subsection3 7b7 ,credit rates for new qualified facilities 7#a7 ,in general ,in the case of a taxable year beginning in a calendar year after #bjbd with respect to a qualified facility at which carbon capture equipment is originally placed in service after ,december #ca1 #bjae-- 7,a7 subsection 7a77#a7 shall be applied by substituting #cj for #bj1 and 7,b7 subsection 7a77#b7 shall be applied by substituting #cj for #aj4 7#b7 ,phase-up ,in the case of a qualified facility at which carbon capture equipment is originally placed in service during a calendar year after #bjae and before #bjbe and any taxable year beginning in such calendar year-- 7,a7 subsection 7a77#a7 shall be applied by substituting for #bj the dollar amount with respect to each calendar year determined by ratably increasing such dollar amount annually from #ba4he with respect to calendar year #bjae to #cj with respect to calendar year #bjbe1 and 7,b7 subsection 7a77#b7 shall be applied by substituting for #aj the dollar amount with respect to each calendar year determined by ratably increasing such dollar amount annually from #aj4ib with respect to calendar year #bjae to #cj with respect to calendar year #bjbe4 7#c7 ,inflation adjustment ,in the case of any taxable year beginning in a calendar year after #bjbe with respect to a qualified facility at which carbon capture equipment is originally placed in service after ,december #ca1 #bjae1 there shall be substituted for each #cj amount contained in paragraph 7#a7 an amount equal to the product of-- 7,a7 such dollar amount1 multiplied by 7,b7 the inflation adjustment factor for such calendar year determined under section #dc7;b77#c77;,b7 for such calendar year1 determined by substituting #bjbd for #aiij4 4 7#b7 ,conforming amendment ,section #de,q7e77#g7 of such ,code1 as redesignated by paragraph 7#a71 is amended by inserting with respect to a qualified facility at which carbon capture equipment is originally placed in service before ,january #a1 #bjaf after #bjji4 7c7 ,election ,to allow credit to person that disposes of1 or uses as a tertiary injectant1 carbon dioxide ,section #de,q7e77#e7 of such ,code1 as redesignated by subsection 7b71 is amended-- 7#a7 by striking ,any credit and inserting the following3 7,a7 ,in general ,any credit 1 7#b7 by inserting subparagraph 7,b7 or after except to the extent provided in1 and 7#c7 by adding at the end the following new subparagraph3 7,b7 ,election to allow credit to person that disposes of1 or uses as tertiary injectant1 carbon dioxide ,if the person described in subparagraph 7,a7 makes an election under this subparagraph 7as such time and in such manner as the ,secretary may prescribe71 the credit determined under this section-- 7i7 shall be allowable to the person that disposes of1 or uses as a tertiary injectant1 the carbon dioxide1 and 7ii7 shall not be allowable to the person described in subparagraph 7,a74 4 7d7 ,reduction in qualified facility threshold ,section #de,q7d77#c7 of such ,code1 as redesignated by subsection 7b71 is amended by striking #ejj1jjj and inserting #aej1jjj4 7e7 ,effective dates 7#a7 ,credit made permanent ,the amendment made by subsection 7a7 shall apply to calendar years beginning after #bjae4 7#b7 ,increase in credit for new facilities ,the amendments made by subsection 7b7 shall apply to facilities at which carbon capture equipment is originally placed in service after ,december #ca1 #bjae4 7#c7 ,election to allow credit to person that disposes of1 or uses as a tertiary injectant1 carbon dioxide ,the amendments made by subsection 7c7 shall apply to taxable years beginning after the date of the enactment of this ,act4 7#d7 ,reduction in qualified facility threshold ,the amendments made by subsection 7d7 shall apply to taxable years beginning after the date of the enactment of this ,act4