,,ii  #aafth ,,congress  #b;d ,session  
,s4 #diff  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,december #g1  
#bjbj,mrs4 ,capito 7for herself1 ,mr4   
,whitehouse1 ,mr4 ,barrasso1 ,mr4       
,cramer1 ,mr4 ,hoeven1 ,ms4 ,smith1 and 
,mr4 ,manchin7 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 provide for a #e-year      
extension of the carbon oxide           
sequestration credit1 and for other     
purposes4  #a4 ,short title ,this ,act  
may be cited as the #de,q ,carbon       
,capture1 ,utilization1 and ,storage    
,tax ,credit ,amendments ,act of #bjbj4 
#b4 ,extension of credit for carbon     
oxide sequestration ,section            
#de,q7d77#a7 of the ,internal ,revenue  
,code of #aihf is amended by striking   
,january #a1 #bjbd and inserting        
,january #a1 #bjbi4  #c4 ,elective      
payment for carbon oxide sequestration  
and qualifying advanced coal projects   

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 and qualifying      
advanced coal projects  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-- 7#a7 a carbon oxide
 sequestration credit which would       
7without regard to this section7 be     
determined under section #de,q with     
respect to such taxpayer1 or  7#b7 a    
qualifying advanced coal project credit 
which would 7without regard to this     
section7 be determined under section    
#dh;,a 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 or the qualifying   
advanced coal project credit determined 
under section #dh;,a shall be reduced by
 the amount of the portion of such      
credit with respect to which the        
taxpayer makes such election4  7e7      
,special rules ,in the case of a        
taxpayer making an election under this  
section with respect to the qualifying  
advanced coal project credit determined 
under section #dh;,a1 the credit subject
 to such an election shall be determined
 notwithstanding-- 7#a7 section         

#ej7;b77#c71 and  7#b7 in the case of   
any entity described in section         
#ej7;b77#d77;,a77i71 section            
#ej7;b77#d74  4  7b7 ,special rule for  
proceeds of transfers for mutual or     
cooperative electric companies ,section 
#eja7;c77#ab77;,i7 of the ,internal     
,revenue ,code of #aihf is amended by   
inserting or #fdca7;a7 after section    
#de;,j7e77#a74  7c7 ,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 sequestration and      
qualifying advanced coal projects4  4   
7d7 ,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  #d4
 ,allowance of certain carbon           
sequestration credits against the base  
erosion minimum tax  7a7 ,in general    
,section #ei;,a7b77#a77;,b77ii7 of the  
,internal ,revenue ,code of #aihf is    

amended by striking plus and the end of 
subclause 7,i71 by redesignating        
subclause 7,,ii7 as subclause 7,,iv71   
and by inserting after subclause 7,i7   
the following new subclauses3  7,,ii7   
the credit allowed under section #ch for
 the taxable year which is properly     
allocable to the carbon dioxide         
sequestration credit determined under   
section #de,q7a71  7,,iii7 the credit   
allowed under section #ch for the       
taxable year which is properly allocable
 to the investment credit determined    
under section #df1 but only to the      
extent properly allocable to the        
qualifying advanced coal project credit 
determined under section #dh;,a1 plus  4
  7b7 ,application to taxable years     
beginning after #bjbe ,subparagraph 7,b7
 of section #ei;,a7b77#b7 of the        
,internal ,revenue ,code of #aihf is    
amended to read as follows3  7,b7 by    
applying subparagraph 7,b77ii7 thereof  
without regard to subclauses 7,i7 and   
7,,iv74  4  7c7 ,effective date ,the    

amendments made by this section shall   
apply to base erosion payments 7as      
defined in section #ei;,a7d7 of the     
,internal ,revenue ,code of #aihf7 paid 
or incurred in taxable years beginning  
after ,december #ca1 #bjag4