Sec. 112011. Restrictions on carbon oxide sequestration credit

207 words·~1 min read·/bill/119/hr/1/pcs/section-112011

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Section 45Q(f) is amended by adding at the end the following new paragraph: No credit determined under subsection

(a)shall be allowed under section 38 for any taxable year beginning after the date of enactment of this paragraph if the taxpayer is a specified foreign entity (as defined in section 7701(a)(51)(B)). No credit determined under subsection

(a)shall be allowed under section 38 for any taxable year beginning after the date which is 2 years after the date of enactment of this paragraph if the taxpayer is a foreign-influenced entity (as defined in section 7701(a)(51)(D)). . Section 6418(f)(1), as amended by section 112010, is amended— in subparagraph (A), by striking clause (iii), and in subparagraph (B)— in the matter preceding clause (i), by striking clause (ii), (iii), or

(v)and inserting clause

(ii)or

(v), and in clause (ii), by striking (or, in the case and all that follows through at such facility) . The amendments made by subsection

(a)shall apply to taxable years beginning after the date of enactment of this Act. The amendments made by subsection

(b)shall apply to carbon capture equipment the construction of which begins after the date that is 2 years after the date of enactment of this Act.