Coordinated Action To Capture Harmful Emissions Act

I 117TH CONGRESS 1ST SESSION H. R. 3538 To amend the Internal Revenue Code of 1986 to enhance the carbon oxide sequestration credit. IN THE HOUSE OF REPRESENTATIVES MAY 25, 2021 Mr. RYAN (for himself, Mr. GONZALEZ of Ohio, Mrs. BUSTOS, Mr. WALBERG, Mr. VEASEY, Mr. MCKINLEY, Ms. WILD, and Mr. ARMSTRONG) intro- duced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to enhance the carbon oxide sequestration credit. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Coordinated Action 4 To Capture Harmful Emissions Act’’. 5 VerDate Sep 11 2014 21:06 Jul 05, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3538.IH H3538 tkelley on DSK125TN23PROD with BILLS 2 •HR 3538 IH SEC. 2. ENHANCEMENT OF CARBON OXIDE SEQUESTRA- 1 TION CREDIT. 2 (a) INCREASE IN APPLICABLE DOLLAR AMOUNT.— 3 Subparagraph (A) of section 45Q(b)(1) of the Internal 4 Revenue Code of 1986 is amended to read as follows: 5 ‘‘(A) IN GENERAL.—For any taxable year 6 beginning in a calendar year after 2021, the ap- 7 plicable dollar amount shall be an amount equal 8 to— 9 ‘‘(i) for purposes of paragraph (3) of 10 subsection (a), an amount equal to the 11 product of $85 and the inflation adjust- 12 ment factor for such calendar year deter- 13 mined under section 43(b)(3)(B) for such 14 calendar year, determined by substituting 15 ‘2020’ for ‘1990’, and 16 ‘‘(ii) for purposes of paragraph (4) of 17 such subsection, an amount equal to the 18 product of $60 and the inflation adjust- 19 ment factor for such calendar year deter- 20 mined under section 43(b)(3)(B) for such 21 calendar year, determined by substituting 22 ‘2020’ for ‘1990.’ ’’. 23 (b) DEFINITION OF QUALIFIED FACILITY.—Para- 24 graph (2) of section 45Q(d) of the Internal Revenue Code 25 of 1986 is amended to read as follows: 26 VerDate Sep 11 2014 22:50 Jun 23, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3538.IH H3538 tkelley on DSK125TN23PROD with BILLS 3 •HR 3538 IH ‘‘(2) at which carbon capture equipment in- 1 stalled at such facility captures qualified carbon 2 oxide during the taxable year.’’. 3 (c) EFFECTIVE DATE.—The amendments made by 4 this section shall apply to taxable years beginning after 5 December 31, 2021. 6 Æ VerDate Sep 11 2014 22:50 Jun 23, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H3538.IH H3538 tkelley on DSK125TN23PROD with BILLS