,,ii  #aag? ,,congress  #a/ ,session    
,s4 #ihf  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,m>* #be1 #bjba,ms4    
,smi? 7= h]self1 ,mrs4 ,capito1 ,mr4    
,:iteh\se1 ,mr4 ,cram]1 ,mr4 ,s*atz1    
,mr4 ,hoev51 ,mr4 ,man*91 ,mr4 ,b>rasso1
 ,mr4 ,coons1 ,mr4 ,grassley1 ,mr4      
,lujn1 ,ms4 ,ern/1 ,mr4 ,durb91 & ,ms4  
,klobu*>7 introduc$ ! foll[+ bill2 :i* 0
 read twice & ref]r$ to ! ,committee on 
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to provide = a    
#e-ye> ext5sion ( ! c>bon oxide         
seque/ration cr$it1 & = o!r purposes4   
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,c>bon ,capture1 ,utilization1 &      
,/orage ,tax ,cr$it ,am5dm5ts ,act (    
#bjba4  #b4 ,ext5sion ( cr$it = c>bon   
oxide seque/ration ,section #de,q7d77#a7
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ by /rik+ ,janu>y #a1 #bjbf &      
ins]t+ ,janu>y #a1 #bjca4  #c4 ,elective
 paym5t = c>bon oxide seque/ration &    
qualify+ advanc$ coal projects  7a7 ,9  
g5]al ,sub*apt] ,b ( *apt] #fe ( !      

,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new section3  
#fdca4 ,elective paym5t = c>bon oxide   
seque/ration & qualify+ advanc$ coal    
projects  7a7 ,en]gy prop]ty ,9 ! case (
 a taxpay] mak+ an election 7at su* "t &
 9 su* mann] z ! ,secret>y may provide7 
"u ?is section ) respect to any portion 
(-- 7#a7 a c>bon oxide seque/ration     
cr$it :i* w\ld 7)\t reg>d to ?is        
section7 be det]m9$ "u section #de,q )  
respect to su* taxpay]1 or  7#b7 a      
qualify+ advanc$ coal project cr$it :i* 
w\ld 7)\t reg>d to ?is section7 be      
det]m9$ "u section #dh;,a ) respect to  
su* taxpay]1  su* taxpay] %all be treat$
 z mak+ a paym5t aga9/ ! tax impos$ by  
subtitle ,a = ! taxable ye> equal to !  
am\nt ( su* portion4  7b7 ,tim+ ,!      
paym5t describ$ 9 subsection 7a7 %all be
 treat$ z made on ! lat] ( ! due date ( 
! return ( tax = su* taxable ye> or !   
date on :i* su* return is fil$4  7c7    
,exclusion f gross income ,gross income 
( ! taxpay] %all be det]m9$ )\t reg>d to

 ?is section4  7d7 ,d5ial ( d\ble b5efit
 ,solely = purposes ( section #ch1 9 !  
case ( a taxpay] mak+ an election "u ?is
 section1 ! c>bon oxide seque/ration    
cr$it det]m9$ "u section #de,q or !     
qualify+ advanc$ coal project cr$it     
det]m9$ "u section #dh;,a %all be r$uc$ 
by ! am\nt ( ! portion ( su* cr$it )    
respect to :i* ! taxpay] makes su*      
election4  7e7 ,special rules ,9 ! case 
( a taxpay] mak+ an election "u ?is     
section ) respect to ! qualify+ advanc$ 
coal project cr$it det]m9$ "u section   
#dh;,a1 ! cr$it subject to su* an       
election %all be det]m9$ not)/&+-- 7#a7 
section #ej7;b77#c71 &  7#b7 9 ! case ( 
any entity describ$ 9 section           
#ej7;b77#d77;,a77i71 section            
#ej7;b77#d74  4  7b7 ,special rule =    
proce$s ( transf]s = mutual or          
coop]ative electric companies ,section  
#eja7;c77#ab77;,i7 ( ! ,int]nal ,rev5ue 
,code ( #aihf is am5d$ by ins]t+ or     
#fdca7;a7 aft] section #de;,j7e77#a74   
7c7 ,cl]ical am5dm5t ,! table ( sections

 = sub*apt] ,b ( *apt] #fe ( su* ,code  
is am5d$ by add+ at ! end ! foll[+ new  
item3  ,sec4 #fdca4 ,elective paym5t =  
c>bon oxide seque/ration & qualify+     
advanc$ coal projects4  4  7d7          
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ! date ( enactm5t ( ?is     
,act4  #d4 ,all[ance ( c]ta9 c>bon      
seque/ration cr$its aga9/ ! base erosion
 m9imum tax  7a7 ,9 g5]al ,section      
#ei;,a7b77#a77;,b77ii7 ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by /rik+ 
plus & ! end ( subclause 7,i71 by       
r$esignat+ subclause 7,,ii7 z subclause 
7,,iv71 & by ins]t+ aft] subclause 7,i7 
! foll[+ new subclauses3  7,,ii7 ! cr$it
 all[$ "u section #ch = ! taxable ye>   
:i* is prop]ly allocable to ! c>bon     
dioxide seque/ration cr$it det]m9$ "u   
section #de,q7a71  7,,iii7 ! cr$it all[$
 "u section #ch = ! taxable ye> :i* is  
prop]ly allocable to ! inve/m5t cr$it   
det]m9$ "u section #df1 b only to !     
ext5t prop]ly allocable to ! qualify+   

advanc$ coal project cr$it det]m9$ "u   
section #dh;,a1 plus  4  7b7            
,application to taxable ye>s beg9n+ aft]
 #bjbe ,subp>agraph 7,b7 ( section      
#ei;,a7b77#b7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ to read z foll[s3     
7,b7 by apply+ subp>agraph 7,b77ii7 !re(
 )\t reg>d to subclauses 7,i7 & 7,,iv74 
4  7c7 ,effective date ,! am5dm5ts made 
by ?is section %all apply to base       
erosion paym5ts 7z def9$ 9 section      
#ei;,a7d7 ( ! ,int]nal ,rev5ue ,code (  
#aihf7 paid or incurr$ 9 taxable ye>s   
beg9n+ aft] ,decemb] #ca1 #bjag4  #e4   
,modifications ( qualify+ advanc$ coal  
project cr$it  7a7 ,seque/ration        
requirem5t = c]ta9 equipm5t ,section    
#dh;,a7e77#a77;,g7 ( ! ,int]nal ,rev5ue 
,code ( #aihf is am5d$ by ins]t+ & #fj  
p]c5t 9 ! case ( an application = a     
reallocation ( cr$its "u subsection     
7d77#d7 ) respect to an electrical      
g5]at+ unit 9 exi/5ce on ,octob] #c1    
#bjjh aft] "u subsection 7d77#d74  7b7  
,nameplate g5]at+ capacity requirem5t   

,section #dh;,a7e77#a77;,c7 ( su* ,code 
is am5d$ by /rik+ #djj megawatts &      
ins]t+ #bjj megawatts4  7c7 ,advanc$    
coal-,bas$ g5]ation te*nology           
requirem5ts  7#a7 ,9 g5]al ,section     
#dh;,a7f77#a7 ( su* ,code is am5d$ by   
/rik+ g5]ation te*nology if-- & all t   
foll[s ?r\gh ! unit is design$ & ins]t+ 
g5]ation te*nology if ! unit is design$4
  7#b7 ,con=m+ am5dm5ts ,section        
#dh;,a7f7 ( su* ,code is am5d$-- 7,a7 by
 /rik+ all t prec$es ! purpose ( ?is    
section & ins]t+ ! foll[+3  7f7 ,advanc$
 coal-,bas$ g5]ation te*nology ,=  1    
7,b7 by /rik+ 9 subp>agraph 7,b7 9 !    
second s5t5ce & ins]t+ 9 ?is subsection1
 &  7,c7 by /rik+ p>agraphs 7#b7 & 7#c74
  7d7 ,p]=mance requirem5ts 9 case ( be/
 available control te*nology ,section   
#dh;,a7f7 ( su* ,code1 z am5d$ by ?is   
,act1 is am5d$ by add+ at ! end !       
foll[+3 ,9 ! case ( a retr(it ( a unit  
:i* has und]gone a be/ available control
 te*nology analysis aft] ,augu/ #h1     
#bjje1 ) respect to ! removal or        

emissions ( any pollutant :i* is ,,s#b  
or ,n,ox1 ! removal or emissions design 
level ) respect to su* pollutant %all be
 ! level det]m9$ 9 su* analysis44  7e7  
,cl>ification ( reallocation au?ority   
,section #dh;,a7d77#d7 ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$-- 7#a7 9 
subp>agraph 7,a7-- 7,a7 by /rik+ ,n lat]
 ?an #f ye>s aft] ! date ( enactm5t (   
?is section1 ! & ins]t+ ,!1 &  7,b7 by  
ins]t+ & e #f mon?s !reaft] until all   
cr$its available "u ?is section h be5   
all[$ aft] ! date :i* is #f ye>s aft] ! 
date ( enactm5t ( ?is section1  7#b7 9  
subp>agraph 7,b7-- 7,a7 by /rik+ may    
reallocate cr$its available "u clauses  
7i7 & 7ii7 ( p>agraph 7#c77;,b7 & ins]t+
 %all reallocate cr$its rema9+ available
 "u p>agraph 7#c71  7,b7 by /rik+ or at 
! end ( clause 7i71 &  7,c7 by /rik+    
clause 7ii7 & ins]t+ ! foll[+3  7ii7 any
 applicant = c]tification :i* submitt$  
an accept$ application has subsequ5tly  
fail$ to satisfy ! requirem5ts "u       
p>agraph 7#b77;,d71 or  7iii7 any       

c]tification made pursuant to p>agraph  
7#b7 has be5 revok$ pursuant to p>agraph
 7#b77;,e74  1 &  7#c7 9 subp>agraph    
7,c7-- 7,a7 by /rik+ clause 7i7 or 7ii7 
( p>agraph 7#c77;,b7 & ins]t+ p>agraph  
7#c71  7,b7 by /rik+ is au?oriz$ to &   
ins]t+ %all1 &  7,c7 by /rik+ an        
additional program & ins]t+ additional  
programs4  7f7 ,effective date  7#a7 ,9 
g5]al ,except z provid$ 9 p>agraph 7#b71
 ! am5dm5ts made by ?is section %all    
apply to allocations & reallocations    
aft] ! date ( ! enactm5t ( ?is ,act4    
7#b7 ,reallocation ,! am5dm5ts made by  
subsection 7e7 %all apply to cr$its     
rema9+ available "u section             
#dh;,a7d77#c7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf on ! date ( ! enactm5t ( ?is   
,act4  #f4 ,enhancem5t ( c>bon oxide    
seque/ration cr$it = direct air capture 
facilities  7a7 ,9 g5]al ,section #de,q 
( ! ,int]nal ,rev5ue ,code ( #aihf is   
am5d$-- 7#a7 9 subsection 7b77#a7-- 7,a7
 9 subp>agraph 7,a71 by /rik+ ,!        
applicable doll> am\nt & ins]t+ ,subject

 to subp>agraph 7,b71 ! applicable doll>
 am\nt1 &  7,b7 by /rik+ subp>agraph    
7,b7 & ins]t+ ! foll[+3  7,b7 ,special  
rule = direct air capture facilities    
7i7 ,9 g5]al ,subject to clause 7ii71 = 
any taxable ye> beg9n+ 9 a cal5d> ye>   
aft] #bjba1 9 ! case ( any qualifi$     
facility describ$ 9 subsection          
7d77#b77;,c71 ! applicable doll> am\nt  
%all be an am\nt equal to-- 7,i7 =      
purposes ( p>agraph 7#c7 ( subsection   
7a71 an am\nt equal to ! product ( #abj 
& ! inflation adju/m5t factor = su*     
cal5d> ye> det]m9$ "u section           
#dc7;b77#c77;,b7 = su* cal5d> ye>1      
det]m9$ by sub/itut+ #bjbj = #aiij1 &   
7,,ii7 = purposes ( p>agraph 7#d7 ( su* 
subsection1 an am\nt equal to ! product 
( #ge & ! inflation adju/m5t factor =   
su* cal5d> ye> det]m9$ "u section       
#dc7;b77#c77;,b7 = su* cal5d> ye>1      
det]m9$ by sub/itut+ #bjbj = #aiij4     
7ii7 ,use 9 enhanc$ oil or natural gas  
recov]y project ,= any taxable ye>      
beg9n+ 9 a cal5d> ye> aft] #bjcj1 ?is   

subp>agraph %all n apply ) respect to   
any qualifi$ c>bon oxide :i* is us$ by !
 taxpay] 9 a mann] describ$ 9 subsection
 7a77#d77;,b77i74  7,c7 ,r\nd+ ,!       
applicable doll> am\nt det]m9$ "u       
subp>agraph 7,a7 or 7,b7 %all be r\nd$  
to ! ne>e/ c5t4  1 &  7#b7 9 subsection 
7d77#b7-- 7,a7 9 subp>agraph 7,b71 by   
/rik+ or at ! end1 &  7,b7 by /rik+     
subp>agraph 7,c7 & ins]t+ ! foll[+3     
7,c7 9 ! case ( a direct air capture    
facility1 n less ?an #aj1jjj metric tons
 ( qualifi$ c>bon oxide dur+ ! taxable  
ye>1 or  7,d7 9 ! case ( any facility n 
describ$ 9 subp>agraph 7,a71 7,b71 or   
7,c71 n less ?an #ajj1jjj metric tons ( 
qualifi$ c>bon oxide dur+ ! taxable ye>4
  4  7b7 ,effective date ,! am5dm5ts    
made by ?is section %all apply to       
taxable ye>s beg9n+ aft] ,decemb] #ca1  
#bjba4