Enhancing Energy Recovery Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the Enhancing Energy Recovery Act, modifies the carbon oxide sequestration credit under the Internal Revenue Code. It aims to create parity in the credit for different ways businesses can utilize captured carbon oxide, including using it in enhanced oil and gas recovery or as a tertiary injectant. The bill also adjusts the credit amounts based on inflation, increasing them over time.
Key provisions
- Expands the carbon oxide sequestration credit to include uses like enhanced oil and natural gas recovery.
- Creates parity between different methods of utilizing captured carbon oxide.
- Increases the credit amount annually, with a base amount of $17 per metric ton of carbon oxide stored in secure geological storage.
- Adjusts the credit amount for inflation, using an inflation adjustment factor.
- Modifies the definition of ‘qualified carbon oxide utilization’ to encompass specific methods.
Who is affected
- Businesses involved in carbon capture and sequestration
- Oil and gas companies
- Energy producers
- Taxpayers
Notable changes
- Increases the annual credit amount and adjusts it for inflation.
- Allows for the use of captured carbon oxide in enhanced oil and natural gas recovery projects.
Bill text
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Sponsors
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4 on record
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