Summary/Abstract
This bill amends the Internal Revenue Code, Section 45Q, to revise the requirements for the secure geological storage of carbon oxide for the purpose of the tax credits for permanent sequestration and enhanced oil recovery. The bill requires the Treasury Department to establish regulations setting out these requirements, including compliance with federal environmental statutes and regulations. The Internal Revenue Service (IRS) regulations must consider the carbon oxide to be disposed of in secure geological storage if it is stored in compliance with specified rules promulgated by the EPA under the Clean Air Act and the Safe Drinking Water Act for the geologic sequestration of carbon oxide. The bill also revises the definition of “qualified enhanced oil or natural gas recovery project” to exclude a requirement for the first injection of liquids, gases, or other matter to commence after December 31, 1990.