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B-332871 1 (2021-01-28)

handle is hein.gao/gaobaecny0001 and id is 1 raw text is: 1O o - U.S. GOVERNMENT ACCOUNTABILITY OFFICE G A0 A Century of Non-Partisan Fact-Based Work 441 G St. N.W. Washington, DC 20548 B-332871 January 28, 2021 Chair Ranking Member Committee on Finance United States Senate The Honorable Richard Neal Chairman The Honorable Kevin Brady Republican Leader Committee on Ways and Means House of Representatives Subject: Department of the Treasury, Internal Revenue Service: Credit for Carbon Oxide Sequestration Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of the Treasury, Internal Revenue Service (IRS) entitled Credit for Carbon Oxide Sequestration (RIN: 1545-BP42). We received the rule on January 15, 2021. It was published in the Federal Register as final regulations on January 15, 2021. 86 Fed. Reg. 4728. The stated effective date of the rule is January 13, 2021. IRS states the final rule provides guidance regarding the credit for carbon oxide sequestration under section 45Q of the Internal Revenue Code, as amended by the Bipartisan Budget Act of 2018. 26 U.S.C. § 45Q. According to IRS, this rule provides procedures to determine adequate security measures for the geological storage of qualified carbon oxide, exceptions to the general rule for determining the taxpayer to which a section 45Q credit is attributable, procedures for a taxpayer to make an election to allow third-party taxpayers to claim the section 45Q credit, standards for measuring utilization of qualified carbon oxide, and rules for credit recapture. IRS states that this rule affects persons who physically or contractually ensure the capture and disposal of qualified carbon oxide, use of qualified carbon oxide as a tertiary injectant in a qualified enhanced oil or natural gas recovery project, or utilization of qualified carbon oxide in a manner that qualifies for the credit. The Congressional Review Act (CRA) requires a 60-day delay in the effective date of a major rule from the date of publication in the Federal Register or receipt of the rule by B-332871

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