Section 1. Short title
This Act may be cited as the End Polluter Welfare for Enhanced Oil Recovery Act of 2024.
(a) In general
Section 45Q(f) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
(10) Elimination of use of carbon oxide as tertiary injectant
In the case of any qualified facility the construction of which begins after the date of the enactment of the End Polluter Welfare for Enhanced Oil Recovery Act of 2024, subsection (a)(4)(B)(i) shall not apply.
(a) In general
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(b) Effective date
The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.
(a) In general
Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by striking section 43.
(1) Section 38(b) of such Code is amended by striking paragraph (6).
(2) Section 45Q of such Code is amended—
(A) by striking section 43(b)(3)(B) each place it appears and inserting section 43(b)(3)(B) (as in effect on the day before the date of the enactment of the End Polluter Welfare for Enhanced Oil Recovery Act of 2024), and
(B) in subsection (e)(4), by inserting (as in effect on the day before the date of the enactment of the End Polluter Welfare for Enhanced Oil Recovery Act of 2024) after section 43(c)(2).
(3) Section 196(c) of such code is amended by striking paragraph (5) and by redesignating paragraphs (6) through (14) as paragraphs (5) through (13), respectively.
(4) The table of sections for subpart D of part IV of subchapter A of chapter 1 is amended by striking the item relating to section 43.
(c) Effective date
The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.