I 
117TH CONGRESS 
1ST SESSION H. R. 1062 
To amend the Internal Revenue Code of 1986 to extend and allow an elective 
payment of the tax credit for carbon oxide sequestration. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 15, 2021 
Mr. MCKINLEY (for himself and Mr. VEASEY) 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 extend 
and allow an elective payment of the tax credit for car-
bon oxide sequestration. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Accelerating Carbon 
Capture and Extending Secure Storage through 45Q Act’’ 
or as the ‘‘ACCESS 45Q Act’’. 
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SEC. 2. EXTENSION OF CREDIT FOR CARBON OXIDE SE-
QUESTRATION. 
Section 45Q(d)(1) of the Internal Revenue Code of 
1986 is amended by striking ‘‘January 1, 2026’’ and in-
serting ‘‘January 1, 2036’’. 
SEC. 3. ELECTIVE PAYMENT FOR CARBON OXIDE SEQUES-
TRATION. 
(a) IN GENERAL.—Subchapter B of chapter 65 of the 
Internal Revenue Code of 1986 is amended by adding at 
the end the following new section: 
‘‘SEC. 6431. ELECTIVE PAYMENT FOR CARBON OXIDE SE-
QUESTRATION. 
‘‘(a) IN GENERAL.—In the case of a taxpayer making 
an election (at such time and in such manner as the Sec-
retary may provide) under this section with respect to any 
portion of a carbon oxide sequestration credit which would 
(without regard to this section) be determined under sec-
tion 45Q with respect to such taxpayer, such taxpayer 
shall be treated as making a payment against the tax im-
posed by subtitle A for the taxable year equal to the 
amount of such portion. 
‘‘(b) LIMITATION.—The portion of a carbon oxide se-
questration credit with respect to which a taxpayer may 
make an election under this section shall not exceed the 
portion of such credit which is attributable to property 
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originally placed in service after the date of the enactment 
of this section. 
‘‘(c) TIMING.—The payment described in subsection 
(a) shall be treated as made on the later of the due date 
of the return of tax for such taxable year or the date on 
which such return is filed. 
‘‘(d) EXCLUSION FROM GROSS INCOME.—Gross in-
come of the taxpayer shall be determined without regard 
to this section. 
‘‘(e) DENIAL OF DOUBLE BENEFIT.—Solely for pur-
poses of section 38, in the case of a taxpayer making an 
election under this section, the carbon oxide sequestration 
credit determined under section 45Q shall be reduced by 
the amount of the portion of such credit with respect to 
which the taxpayer makes such election. 
‘‘(f) SPECIAL RULES.— 
‘‘(1) In the case of a taxpayer making an elec-
tion under this subsection, the credit subject to such 
an election shall be determined notwithstanding— 
‘‘(A) section 50(b)(3); and 
‘‘(B) section 50(b)(4) for an entity de-
scribed in 50(b)(4)(A)(i). 
‘‘(2) In the case of a mutual or cooperative 
electric company described in this paragraph or an 
organization described in section 1381(a)(2), any in-
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