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Ending tax breaks for carbon dioxide use in enhanced oil recovery.

This bill aims to end tax credits for companies using carbon dioxide in enhanced oil recovery. This means new projects employing this method will no longer qualify for special tax deductions, potentially impacting oil production costs and fuel prices.
Key points
Elimination of tax credits for new enhanced oil recovery projects using carbon dioxide.
Repeal of existing provisions for enhanced oil recovery credits, affecting company tax calculations.
Changes apply to tax years beginning after the bill's enactment date.
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Status:
Expired
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Additional Information
Print number: 117_HR_6249
Sponsor: Rep. Khanna, Ro [D-CA-17]
Process start date: 2021-12-13