I 
116TH CONGRESS 
2D SESSION 
H. R. 8858 
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 
DECEMBER 3, 2020 
Mr. MCKINLEY (for himself, Mr. VEASEY, Mr. ARMSTRONG, Mrs. BUSTOS, 
Mr. MOONEY of West Virginia, Mr. MICHAEL F. DOYLE of Pennsylvania, 
Mrs. FLETCHER, and Mr. BERGMAN) 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. 
(a) IN GENERAL.—Section 45Q(d)(1) of the Internal 
Revenue Code of 1986 is amended by striking ‘‘January 
1, 2024’’ and inserting ‘‘January 1, 2034’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section applies to facilities the construction of which 
begins after December 31, 2023. 
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) ENERGY PROPERTY.—In the case of a taxpayer 
making an election (at such time and in such manner as 
the Secretary 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 section 45Q with respect to such taxpayer, such tax-
payer shall be treated as making a payment against the 
tax imposed by subtitle A for the taxable year equal to 
the amount of such portion. 
‘‘(b) TIMING.—The payment described in subsection 
(a) shall be treated as made on the later of the due date 
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of the return of tax for such taxable year or the date on 
which such return is filed. 
‘‘(c) EXCLUSION FROM GROSS INCOME.—Gross in-
come of the taxpayer shall be determined without regard 
to this section. 
‘‘(d) 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. 
‘‘(e) 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-
come received or accrued in connection with the 
credit under this section shall be treated as an 
amount collected from members for the sole purpose 
of meeting losses and expenses.’’. 
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(b) CLERICAL AMENDMENT.—The table of sections 
for subchapter B of chapter 65 of such Code is amended 
by adding at the end the following new item: 
‘‘Sec. 6431. Elective payment for carbon oxide sequestration.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to property originally placed in 
service after the date of the enactment of this Act. 
Æ 
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