Title: ACCESS 45Q Act
Policy area: Taxation

Summary:
Accelerating Carbon Capture and Extending Secure Storage through 45Q Act or the ACCESS 45Q Act
This bill extends the tax credit for carbon oxide sequestration through 2033 and allows taxpayers an election to receive payments in lieu of the credit.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8858 Introduced in House (IH)]

<DOC>






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 carbon oxide sequestration.

    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 ``Accelerating Carbon Capture and 
Extending Secure Storage through 45Q Act'' or as the ``ACCESS 45Q 
Act''.

SEC. 2. EXTENSION OF CREDIT FOR CARBON OXIDE SEQUESTRATION.

    (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 SEQUESTRATION.

    (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 SEQUESTRATION.

    ``(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 
taxpayer 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 of the return of tax for 
such taxable year or the date on which such return is filed.
    ``(c) Exclusion From Gross Income.--Gross income of the taxpayer 
shall be determined without regard to this section.
    ``(d) Denial of Double Benefit.--Solely for purposes 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 election 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 described 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 income 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.''.
    (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.
                                 <all>