A bill to amend the Internal Revenue Code of 1986 to enhance the requirements for secure geological storage of carbon oxide for purposes of the carbon oxide sequestration credit, and for other purposes.
CO2 Regulatory Certainty Act
This bill amends the Internal Revenue Code to revise requirements for the secure geological storage of carbon oxide.
The bill requires the Internal Revenue Service (IRS), in consultation with other federal agencies, including the Environmental Protection Agency (EPA), to prescribe regulations for determining adequate security measures for the geological storage of carbon oxide so that it does not escape into the atmosphere.
The 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.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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