End Polluter Welfare for Enhanced Oil Recovery Act of 2024

Bill: 118-hr-9838
Sponsor: full_name: Rep. Khanna, Ro [D-CA-17]
Introduced: 2024-09-25
Policy area: Taxation
Latest action: action_date: 2024-09-25
text: Referred to the House Committee on Ways and Means.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 9838 IN THE HOUSE OF REPRESENTATIVES September 25, 2024 Mr. Khanna (for himself, Ms. Norton , Ms. Bush , Ms. Tlaib , Mr. Grijalva , Mrs. Ramirez , Mr. Jackson of Illinois , Mr. Mullin , Mr. Bowman , Ms. Schakowsky , Mr. Raskin , Ms. Ocasio-Cortez , Mr. Frost , Ms. Lee of California , Ms. Barragán , Ms. Brownley , Mr. Huffman , and Mr. García of Illinois ) 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 provide for an end date for the credit for certain qualified carbon oxide, and for other purposes.

1. Short title This Act may be cited as the End Polluter Welfare for Enhanced Oil Recovery Act of 2024 . 2. Elimination of use of carbon oxide as tertiary injectant (a) In general Section 45Q(f) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (10) Elimination of use of carbon oxide as tertiary injectant In the case of any qualified facility the construction of which begins after the date of the enactment of the End Polluter Welfare for Enhanced Oil Recovery Act of 2024 , subsection (a)(4)(B)(i) shall not apply. . (b) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act. 3. Enhanced oil recovery credit (a) In general Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 43. (b) Conforming amendments (1) Section 38(b) of such Code is amended by striking paragraph (6). (2) Section 45Q of such Code is amended— (A) by striking section 43(b)(3)(B) each place it appears and inserting section 43(b)(3)(B) (as in effect on the day before the date of the enactment of the End Polluter Welfare for Enhanced Oil Recovery Act of 2024 ) , and (B) in subsection (e)(4), by inserting (as in effect on the day before the date of the enactment of the End Polluter Welfare for Enhanced Oil Recovery Act of 2024 ) after section 43(c)(2) . (3) Section 196(c) of such code is amended by striking paragraph (5) and by redesignating paragraphs (6) through (14) as paragraphs (5) through (13), respectively. (4) The table of sections for subpart D of part IV of subchapter A of chapter 1 is amended by striking the item relating to section 43. (c) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.