Us Congress 2025-2026 Regular Session

Us Congress House Bill HB1003 Compare Versions

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Old	New	Differences
1	1	I
2	2	119THCONGRESS
3	3	1
4	4	STSESSION H. R. 1003
5	5	To amend the Internal Revenue Code of 1986 to modify the carbon oxide
6	6	sequestration credit to ensure parity for different uses and utilizations
7	7	of qualified carbon oxide.
8	8	IN THE HOUSE OF REPRESENTATIVES
9	9	FEBRUARY5, 2025
10	10	Mr. H
11	11	ERNof Oklahoma introduced the following bill; which was referred to
12	12	the Committee on Ways and Means
13	13	A BILL
14	14	To amend the Internal Revenue Code of 1986 to modify
15	15	the carbon oxide sequestration credit to ensure parity
16	16	for different uses and utilizations of qualified carbon
17	17	oxide.
18	18	Be it enacted by the Senate and House of Representa-1
19	19	tives of the United States of America in Congress assembled, 2
20	20	SECTION 1. SHORT TITLE. 3
21	21	This Act may be cited as the ‘‘Enhancing Energy Re-4
22	22	covery Act’’. 5
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25	25	•HR 1003 IH
26	26	SEC. 2. PARITY FOR DIFFERENT USES AND UTILIZATIONS 1
27	27	OF QUALIFIED CARBON OXIDE. 2
28	28	(a) I
29	29	NGENERAL.—Section 45Q of the Internal Rev-3
30	30	enue Code of 1986 is amended— 4
31	31	(1) in subsection (a)— 5
32	32	(A) in paragraph (2)(B)(ii), by adding 6
33	33	‘‘and’’ at the end, 7
34	34	(B) in paragraph (3), by striking subpara-8
35	35	graph (B) and inserting the following: 9
36	36	‘‘(B)(i) disposed of by the taxpayer in se-10
37	37	cure geological storage and not used by the tax-11
38	38	payer as described in clause (ii) or (iii), 12
39	39	‘‘(ii) used by the taxpayer as a tertiary 13
40	40	injectant in a qualified enhanced oil or natural 14
41	41	gas recovery project and disposed of by the tax-15
42	42	payer in secure geological storage, or 16
43	43	‘‘(iii) utilized by the taxpayer in a manner 17
44	44	described in subsection (f)(5).’’, and 18
45	45	(C) by striking paragraph (4), 19
46	46	(2) in subsection (b)— 20
47	47	(A) in paragraph (1)— 21
48	48	(i) by striking subparagraph (A) and 22
49	49	inserting the following: 23
50	50	‘‘(A) Except as provided in subparagraph 24
51	51	(B) or (C), the applicable dollar amount shall 25
52	52	be an amount equal to— 26
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55	55	•HR 1003 IH
56	56	‘‘(i) for any taxable year beginning in 1
57	57	a calendar year after 2024 and before 2
58	58	2027, $17, and 3
59	59	‘‘(ii) for any taxable year beginning in 4
60	60	a calendar year after 2026, an amount 5
61	61	equal to the product of $17 and the infla-6
62	62	tion adjustment factor for such calendar 7
63	63	year determined under section 43(b)(3)(B) 8
64	64	for such calendar year, determined by sub-9
65	65	stituting ‘2025’ for ‘1990’.’’, and 10
66	66	(ii) in subparagraph (B), by striking 11
67	67	‘‘shall be applied’’ and all that follows 12
68	68	through the period and inserting ‘‘shall be 13
69	69	applied by substituting ‘$36’ for ‘$17’ each 14
70	70	place it appears.’’, 15
71	71	(B) in paragraph (2)(B), by striking 16
72	72	‘‘paragraphs (3)(A) and (4)(A)’’ and inserting 17
73	73	‘‘paragraph (3)(A)’’, and 18
74	74	(C) in paragraph (3), by striking ‘‘the dol-19
75	75	lar amounts applicable under paragraph (3) or 20
76	76	(4)’’ and inserting ‘‘the dollar amount applica-21
77	77	ble under paragraph (3)’’, 22
78	78	(3) in subsection (f)— 23
79	79	(A) in paragraph (5)(B)(i), by striking 24
80	80	‘‘(4)(B)(ii)’’ and inserting ‘‘(3)(B)(iii)’’, and 25
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83	83	•HR 1003 IH
84	84	(B) in paragraph (9), by striking ‘‘para-1
85	85	graphs (3) and (4) of subsection (a)’’ and in-2
86	86	serting ‘‘subsection (a)(3)’’, and 3
87	87	(4) in subsection (h)(3)(A)(ii), by striking 4
88	88	‘‘paragraph (3)(A) or (4)(A) of subsection (a)’’ and 5
89	89	inserting ‘‘subsection (a)(3)(A)’’. 6
90	90	(b) C
91	91	ONFORMING AMENDMENT.—Section 7
92	92	6417(d)(3)(C)(i)(II)(bb) of the Internal Revenue Code of 8
93	93	1986 is amended by striking ‘‘paragraph (3)(A) or (4)(A) 9
94	94	of section 45Q(a)’’ and inserting ‘‘section 45Q(a)(3)(A)’’. 10
95	95	(c) E
96	96	FFECTIVEDATE.—The amendments made by 11
97	97	this section shall apply to taxable years beginning after 12
98	98	December 31, 2024. 13
99	99	Æ
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