S.Amdt. 2318

SA 2318. Mr. HOEVEN (for himself and Mr. Cramer) submitted an
amendment intended to be proposed to amendment SA 2137 proposed by Mr.
Schumer (for Ms. Sinema (for herself, Mr. Portman, Mr. Manchin, Mr.
Cassidy, Mrs. Shaheen, Ms. Collins, Mr. Tester, Ms. Murkowski, Mr.
Warner, and Mr. Romney)) to the bill H.R. 3684, to authorize funds for
Federal-aid highways, highway safety programs, and transit programs,
and for other purposes; which was ordered to lie on the table; as
follows:

At the appropriate place in division H, insert the
following:

SEC. __. ELECTIVE PAYMENT FOR CARBON OXIDE SEQUESTRATION.

(a) In General.--Subchapter B of chapter 65 of the Internal
Revenue Code of 1986 is amended by adding at the end the
following new section:

``SEC. 6431. ELECTIVE PAYMENT FOR CARBON OXIDE SEQUESTRATION.

``(a) Energy Property.--In the case of a taxpayer making an
election (at such time and in such manner as the Secretary
may provide) under this section with respect to any portion
of a carbon oxide sequestration credit which would (without
regard to this section) be determined under section 45Q with
respect to such taxpayer, such taxpayer shall be treated as
making a payment against the tax imposed by subtitle A for
the taxable year equal to the amount of such portion.
``(b) Timing.--The payment described in subsection (a)
shall be treated as made on the later of the due date of the
return of tax for such taxable year or the date on which such
return is filed.
``(c) Exclusion From Gross Income.--Gross income of the
taxpayer shall be determined without regard to this section.
``(d) Denial of Double Benefit.--Solely for purposes of
section 38, in the case of a taxpayer making an election
under this section, the carbon oxide sequestration credit
determined under section 45Q shall be reduced by the amount
of the portion of such credit with respect to which the
taxpayer makes such election.''.
(b) Special Rule for Proceeds of Transfers for Mutual or
Cooperative Electric Companies.--Section 501(c)(12)(I) of the
Internal Revenue Code of 1986 is amended by inserting ``or
6431(a)'' after ``section 45J(e)(1)''.
(c) Clerical Amendment.--The table of sections for
subchapter B of chapter 65 of such Code is amended by adding
at the end the following new item:

``Sec. 6431. Elective payment for carbon oxide sequestration.''.
(d) Effective Date.--The amendments made by this section
shall apply to taxable years beginning after the date of
enactment of this Act.
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