|Name of Act
|Name of Provision
|10yr Revenue Estimate ($millions)
|The American Recovery and Reinvestment Act of 2009 (Public Law 111-5)
|Modification of credit for carbon dioxide sequestration
Modification of credit for carbon dioxide sequestration
Explanation of Provision
The provision requires that carbon dioxide used as a tertiary injectant and otherwise eligible for a $10 per metric ton credit must be sequestered by the taxpayer in permanent geological storage in order to qualify for such credit. The provision also clarifies that the term permanent geological storage includes oil and gas reservoirs in addition to unminable coal seams and deep saline formations. In addition, the provision requires that the Secretary of the Treasury consult with the Secretary of Energy and the Secretary of the Interior, in addition to the Administrator of the Environmental Protection Agency, in promulgating regulations relating to the permanent geological storage of carbon dioxide.