Enhancing Energy Recovery Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 1003 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 1003 To amend the Internal Revenue Code of 1986 to modify the carbon oxide sequestration credit to ensure parity for different uses and utilizations of qualified carbon oxide. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES February 5, 2025 Mr. Hern of Oklahoma introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to modify the carbon oxide sequestration credit to ensure parity for different uses and utilizations of qualified carbon oxide. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Enhancing Energy Recovery Act''. SEC. 2. PARITY FOR DIFFERENT USES AND UTILIZATIONS OF QUALIFIED CARBON OXIDE. (a) In General.--Section 45Q of the Internal Revenue Code of 1986 is amended-- (1) in subsection (a)-- (A) in paragraph (2)(B)(ii), by adding ``and'' at the end, (B) in paragraph (3), by striking subparagraph (B) and inserting the following: ``(B)(i) disposed of by the taxpayer in secure geological storage and not used by the taxpayer as described in clause (ii) or (iii), ``(ii) used by the taxpayer as a tertiary injectant in a qualified enhanced oil or natural gas recovery project and disposed of by the taxpayer in secure geological storage, or ``(iii) utilized by the taxpayer in a manner described in subsection (f)(5).'', and (C) by striking paragraph (4), (2) in subsection (b)-- (A) in paragraph (1)-- (i) by striking subparagraph (A) and inserting the following: ``(A) Except as provided in subparagraph (B) or (C), the applicable dollar amount shall be an amount equal to-- ``(i) for any taxable y