,,ii #aaith ,,congress #b;d ,session ,s4 #cggh ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,february #d1 #bjbf ,mr4 ,sheehy 7for himself and ,ms4 ,cantwell7 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 the carbon oxide sequestration credit to include solid or liquid carbon capture facilities4 #a4 ,short title ,this ,act may be cited as the ,carbon ,resource ,innovation ,act4 #b4 ,expansion of carbon oxide sequestration credit to include solid or liquid carbon capture facilities 7a7 ,in general ,section #de,q of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 in subsection 7c77#a7-- 7,a7 in subparagraph 7,b77iii71 by striking or at the end1 7,b7 in subparagraph 7,c77ii71 by striking the period at the end and inserting 1 or1 and 7,c7 by adding at the end the following new subparagraph3 7,d7 in the case of a solid or liquid carbon capture facility1 any carbon which-- 7i7 is captured in liquid or solid form by carbon capture equipment1 7ii7 if not captured1 would be expected to-- 7,i7 be released into the atmosphere by natural processes as an emission of greenhouse gas1 or 7,,ii7 lead to such release through a comparison system 7as such term is used in ,treasury ,regulation section #a4de,q-#d7;c77#b771 and 7iii7 is measured at the source of capture and verified at the point of disposal1 injection1 or utilization4 1 7#b7 in subsection 7d7-- 7,a7 in the matter preceding paragraph 7#a71 by striking or direct air capture facility and inserting 1 direct air capture facility1 or solid or liquid carbon capture facility1 and 7,b7 in paragraph 7#b7-- 7i7 in subparagraph 7,b77ii71 by striking or at the end1 7ii7 by redesignating subparagraph 7,c7 as subparagraph 7,d71 and 7iii7 by inserting after subparagraph 7,b7 the following new subparagraph3 7,c7 in the case of a solid or liquid carbon capture facility1 captures not less than #a1jjj metric tons of qualified carbon oxide during the taxable year1 or 1 7#c7 in subsection 7e7-- 7,a7 by redesignating paragraph 7#e7 as paragraph 7#f71 and 7,b7 by inserting after paragraph 7#d7 the following new paragraph3 7#e7 ,solid or liquid carbon capture facility 7,a7 ,in general ,the term solid or liquid carbon capture facility means any facility which uses carbon capture equipment to capture carbon in solid or liquid form that would otherwise be released into the atmosphere as a carbon oxide1 including a facility which results in a net reduction of carbon when compared to a comparison system 7as described in ,treasury ,regulation section #a4de,q-#d7;c77#b774 7,b7 ,other terms ,with respect to a facility described in subparagraph 7,a7-- 7i7 the term capture means1 with respect to carbon1 the process which enables disposal1 injection1 or utilization of such carbon1 and 7ii7 the term carbon capture equipment means any equipment used at such facility4 1 and 7#d7 in subsection 7f7-- 7,a7 in paragraph 7#b71 by inserting 1 and in the case of solid or liquid carbon capture facilities1 shall also include underground storage chambers under such conditions that the carbon does not escape into the atmosphere after under such regulations1 and 7,b7 by adding at the end the following new paragraph3 7#aa7 ,carbon captured by solid or liquid carbon capture facility ,for purposes of this section1 the amount of carbon which is captured by the taxpayer at a solid or liquid carbon capture facility shall be equal to the carbon dioxide equivalent of the metric tons of carbon which are measured at the source of capture and verified at the point of disposal1 injection1 or utilization4 4 7b7 ,effective date ,the amendments made by this section shall apply to carbon captured after the date of enactment of this ,act4