CCU Parity Act of 2023

Bill: 118-s-542
Sponsor: full_name: Sen. Whitehouse, Sheldon [D-RI]
Introduced: 2023-02-28
Policy area: Taxation
Latest action: action_date: 2023-02-28
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2023-02-28
action_desc: Introduced in Senate
text: <p> <strong>CCU Parity Act of 2023 </strong></p> This bill increases the tax credit for carbon capture and use to match incentives for carbon capture and sequestration for both direct air capture and the power and industrial sectors.

tv_txt: II 118th CONGRESS 1st Session S. 542 IN THE SENATE OF THE UNITED STATES February 28, 2023 Mr. Whitehouse (for himself and Mr. Cassidy ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to increase the applicable dollar amount for qualified carbon oxide which is captured and utilized for purposes of the carbon oxide sequestration credit.

1. Short title This Act may be cited as the CCU Parity Act of 2023 . 2. Increase applicable dollar amount for qualified carbon oxide which is captured and utilized (a) In general Section 45Q(b)(1)(A) of the Internal Revenue Code of 1986 is amended— (1) in clause (i), by striking subclause (II) and inserting the following: (II) for purposes of paragraph (4) of such subsection— (aa) with respect to any qualified carbon oxide which is captured and used in the manner described in clause (i) of paragraph (4)(B) of such subsection, $12, and (bb) with respect to any qualified carbon oxide which is captured and utilized in the manner described in clause (ii) of paragraph (4)(B) of such subsection, $17, and , and (2) in clause (ii), by striking subclause (II) and inserting the following: (II) for purposes of paragraph (4) of such subsection— (aa) with respect to any qualified carbon oxide which is captured and used in the manner described in clause (i) of paragraph (4)(B) of such subsection, an amount equal to the product of $12 and the inflation adjustment factor for such calendar year determined under section 43(b)(3)(B) for such calendar year, determined by substituting 2025 for 1990 , and (bb) with respect to any qualified carbon oxide which is captured and utilized in the manner described in clause (ii) of paragraph (4)(B) of such subsection, an amount equal to the product of $17 and the inflation adjustment factor for such calendar year determined under section 43(b)(3)(B) for such calendar year, determined by substituting 2025 for 1990 . . (b) Effective date The amendments made by this section shall apply to carbon oxide captured and utilized after December 31, 2023.