,i  #aafth ,,congress  #b;d ,session    
,h4 ,r4 #hheh  ,,in ,,the ,,house ,,of  
,,representatives  ,december #c1        
#bjbj,mr4 ,mc,kinley 7for himself1 ,mr4 
,veasey1 ,mr4 ,armstrong1 ,mrs4 ,bustos1
 ,mr4 ,mooney of ,west ,virginia1 ,mr4  
,michael ,f4 ,doyle of ,pennsylvania1   
,mrs4 ,fletcher1 and ,mr4 ,bergman7     
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    
extend and allow an elective payment of 
the tax credit for carbon oxide         
sequestration4  #a4 ,short title ,this  
,act may be cited as the ,accelerating  
,carbon ,capture and ,extending ,secure 
,storage through #de,q ,act or as the   
,,access #de,q ,act4  #b4 ,extension of 
credit for carbon oxide sequestration   
7a7 ,in general ,section #de,q7d77#a7 of
 the ,internal ,revenue ,code of #aihf  
is amended by striking ,january #a1     
#bjbd and inserting ,january #a1 #bjcd4 
7b7 ,effective date ,the amendment made 

by this section applies to facilities   
the construction of which begins after  
,december #ca1 #bjbc4  #c4 ,elective    
payment for carbon oxide sequestration  
7a7 ,in general ,subchapter ,b of       
chapter #fe of the ,internal ,revenue   
,code of #aihf is amended by adding at  
the end the following new section3      
#fdca4 ,elective payment for carbon     
oxide sequestration  7a7 ,energy        
property ,in the case of a taxpayer     
making an election 7at such time and in 
such manner as the ,secretary may       
provide7 under this section with respect
 to any portion of a carbon oxide       
sequestration credit which would        
7without regard to this section7 be     
determined under section #de,q with     
respect to such taxpayer1 such taxpayer 
shall be treated as making a payment    
against the tax imposed by subtitle ,a  
for the taxable year equal to the amount
 of such portion4  7b7 ,timing ,the     
payment described in subsection 7a7     
shall be treated as made on the later of

 the due date of the return of tax for  
such taxable year or the date on which  
such return is filed4  7c7 ,exclusion   
from gross income ,gross income of the  
taxpayer shall be determined without    
regard to this section4  7d7 ,denial of 
double benefit ,solely for purposes of  
section #ch1 in the case of a taxpayer  
making an election under this section1  
the carbon oxide sequestration credit   
determined under section #de,q shall be 
reduced by the amount of the portion of 
such credit with respect to which the   
taxpayer makes such election4  7e7      
,special rules  7#a7 ,in the case of a  
taxpayer making an election under this  
subsection1 the credit subject to such  
an election shall be determined         
notwithstanding-- 7,a7 section          
#ej7;b77#c72 and  7,b7 section          
#ej7;b77#d7 for an entity described in  
#ej7;b77#d77;,a77i74  7#b7 ,in the case 
of a mutual or cooperative electric     
company described in this paragraph or  
an organization described in section    

#acha7;a77#b71 any income received or   
accrued in connection with the credit   
under this section shall be treated as  
an amount collected from members for the
 sole purpose of meeting losses and     
expenses4  4  7b7 ,clerical amendment   
,the table of sections for subchapter ,b
 of chapter #fe of such ,code is amended
 by adding at the end the following new 
item3  ,sec4 #fdca4 ,elective payment   
for carbon oxide sequestration4  4  7c7 
,effective date ,the amendments made by 
this section shall apply to property    
originally placed in service after the  
date of the enactment of this ,act4