[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5179 Introduced in House (IH)]
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117th CONGRESS
1st Session
H. R. 5179
To amend the Internal Revenue Code of 1986 to extend and modify the
credit for carbon oxide sequestration, and for other purposes.
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IN THE HOUSE OF REPRESENTATIVES
September 7, 2021
Mr. Beyer (for himself and Ms. DelBene) introduced the following bill;
which was referred to the Committee on Ways and Means
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A BILL
To amend the Internal Revenue Code of 1986 to extend and modify the
credit for carbon oxide sequestration, and for other purposes.
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 ``Negating Emissions to Zero Act of
2021'' or the ``NET Zero Act of 2021''.
SEC. 2. EXTENSION AND MODIFICATION OF CREDIT FOR CARBON OXIDE
SEQUESTRATION.
(a) Extension.--Section 45Q(d)(1) is amended by striking ``January
1, 2026'' and inserting ``January 1, 2032''.
(b) Modification of Carbon Oxide Capture Requirements.--Section
45Q(d)(2) is amended to read as follows:
``(2) which captures--
``(A) in the case of a direct air capture facility,
not less than 10,000 metric tons of qualified carbon
oxide during the taxable year,
``(B) in the case of an electricity generating
facility, not less than 18,750 metric tons of qualified
carbon oxide during the taxable year and not less than
75 percent of the carbon oxide that would otherwise be
released into the atmosphere by such facility during
such taxable year, and
``(C) in the case of any other facility, not less
than 12,500 metric tons of qualified carbon oxide
during the taxable year and not less than 50 percent of
the carbon oxide that would otherwise be released into
the atmosphere by such facility during such taxable
year.''.
(c) Determination of Applicable Dollar Amount.--
(1) In general.--Section 45Q(b)(1) is amended by
redesignating subparagraph (B) as subparagraph (C) and by
inserting after subparagraph (A) the following new
subparagraph:
``(B) Special rule for direct air capture
facilities.--For any taxable year beginning after
December 31, 2021, in the case of any qualified
facility described in subsection (d)(2)(C), the
applicable dollar amount shall be an amount equal to--
``(i) for purposes of paragraph (3) of
subsection (a), an amount equal to the product
of $180 and the inflation adjustment factor for
such calendar year determined under section
43(b)(3)(B) for such calendar year, determined
by substituting `2020' for `1990', and
``(ii) for purposes of paragraph (4) of
such subsection, an amount equal to the product
of $130 and the inflation adjustment factor for
such calendar year determined under section
43(b)(3)(B) for such calendar year, determined
by substituting `2020' for `1990'.''.
(2) Conforming amendments.--
(A) Section 45Q(b)(1)(A) is amended by striking
``The applicable dollar amount'' and inserting ``Except
as provided in subparagraph (B), the applicable dollar
amount''.
(B) Section 45Q(b)(1)(C), as redesignated by
subparagraph (A), is amended by striking ``subparagraph
(A)'' and inserting ``subparagraph (A) or (B)''.
(d) Effective Dates.--
(1) Extension.--The amendment made by subsection (a) shall
apply to facilities the construction of which begins after
December 31, 2025.
(2) Other amendments.--The amendments made by subsections
(b) and (c) shall apply to taxable years beginning after
December 31, 2021.
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