Code · BILL · 117th Congress · S. 5216 (Introduced in Senate) — To reduce the Federal budget deficit by closing big oil tax loopholes, and for other purposes. · Sec. 106

Sec. 106. Limitation on credit for carbon oxide sequestration

74 words·~1 min read·/bill/117/s/5216/is/section-106

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Section 45Q(f) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: In the case of any qualified facility the construction of which begins after the date of the enactment of the Close Big Oil Tax Loopholes Act , subsection (a)(4)(B)(i) shall not apply. . The amendment made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2022.