Enhancing Energy Recovery Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
This bill, the Enhancing Energy Recovery Act, amends the Internal Revenue Code to ensure equal tax credits for various methods of capturing and storing carbon dioxide. Specifically, it adjusts the carbon oxide sequestration credit to account for carbon dioxide used in enhanced oil and natural gas recovery projects and utilized in specific manufacturing processes. The bill also modifies the amount of the credit available, increasing it over time to account for inflation.
Key provisions
- Expands the eligible uses of carbon oxide sequestration credits to include enhanced oil and natural gas recovery.
- Allows for the use of carbon oxide as a tertiary injectant in oil and gas projects.
- Increases the credit amount for taxable years beginning after 2024, with an inflation adjustment.
- Modifies the calculation of the applicable dollar amount for the credit.
- Clarifies the requirements for disposal of carbon oxide in secure geological storage.
- Provides for the utilization of carbon oxide in specific manufacturing processes.
- Updates a conforming amendment to the Internal Revenue Code.
Who is affected
- Oil and gas industry
- Manufacturers
- Taxpayers
- Energy sector
- Environmental organizations
Notable changes
- Increases the carbon oxide sequestration credit amount over time.
Bill text
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Sponsors
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7 on record
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Cosponsors
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