Sec. 134. Extension of publicly traded partnership ownership structure
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Section 7704(d)(1)(E) of the Internal Revenue Code of 1986 is amended— by striking income and gains derived from the exploration and inserting income and gains derived from any of the following: The exploration ; and by inserting a period after 40A(d)(1) and inserting thereafter the following: The production, storage, or transportation of any fuel which— uses carbon dioxide captured from an anthropogenic source or the atmosphere as its primary feedstock, and is determined by the Secretary, in consultation with the Secretary of Energy and the Administrator of the Environmental Protection Agency, to achieve a reduction of not less than a 60 percent in lifecycle greenhouse gas emissions (as defined in section 211(o)(1)(H) of the Clean Air Act) compared to baseline lifecycle greenhouse gas emissions (as defined in section 211(o)(1)(C) of such Act).
This clause shall not apply to any fuel which uses as its primary feedstock carbon dioxide which is deliberately released from naturally occurring subsurface springs. The production of any product or the generation of electric power from a project— which meets the requirements of subparagraphs
(A)and
(B)of section 48B(c)(1), and not less than 75 percent of the total carbon dioxide emissions of which is qualified carbon oxide (as defined in section 45Q(c)) which is disposed of or utilized as provided in paragraph (6). The generation or storage of electric power (including associated income from the sale or marketing of energy, capacity, resource adequacy, and ancillary services) produced from any power generation facility which is, or from any power generation unit within, a qualified facility under section 45Q(d) and not less than 50 percent (30 percent in the case of a facility or unit placed in service before January 1, 2017) of the total carbon dioxide emissions of which is qualified carbon oxide which is disposed of or utilized as provided in paragraph (7). The sale of any good or service from any facility (other than a power generation facility) which is a qualified facility described in section 45Q(c) and the captured qualified carbon oxide (as so defined) of which is disposed of as provided in paragraph (6). . Section 7704(d) of such Code is amended by adding at the end the following new paragraph: For purposes of clauses (iii)(II) and (iv)(II) of paragraph (1)(E), carbon dioxide is disposed of or utilized as provided in this paragraph if such carbon dioxide is— placed into secure geological storage (as determined under section 45Q(f)(2)), used as a tertiary injectant (as defined in section 45Q(e)(3)) in a qualified enhanced oil or natural gas recovery project (as defined in section 45Q(e)(2)) and placed into secure geological storage (as so determined), fixed through photosynthesis or chemosynthesis (including through the growing of algae or bacteria), chemically converted to a material or chemical compound in which it is securely stored, or used for any other purpose which the Secretary determines has the potential to strengthen or significantly develop a competitive market for carbon dioxide captured from man-made sources. . The amendments made by this section shall take effect on the date of the enactment of this Act, in taxable years ending after such date.