12 2 STA T .38 2 9PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 2008 requi re m e ntsof t h is se c tion a re met , the c l aim for refun d shall b e p aid not later than 180 da y s after the S ecretary ma k es such determination .( f )INTER E S T. —A ny refund paid pursuant to this section shall be paid by the Secretary w ith interest from the date of o v erpayment determined by usin g the overpayment rate and method under sec - tion 6 6 2 1 of the Internal R evenue C odeof1 9 86. (g) D EN IALOF DO UB LE B ENEFIT.— T he payment under sub- section (a) with respect to any coal shall not e x ceed— (1) in the case of a payment to a coal producer, the amount of tax paid under section 4 121 of the Internal Revenue Code of 1986 with respect to such coal by such coal producer or a party related to such coal producer, and (2) in the case of a payment to an exporter, an amount equal to $ 0.82 5 per ton with respect to such coal exported by the exporter or caused to be exported by the exporter. (h) A P PLI C ATION OF SECTION.—This section applies only to claims on coal exported or shipped on or after O ctober 1, 1990, through the date of the enactment of this Act. (i) STAN D IN GN OT CONFERRED.— (1) EX PORTERS.— W ith respect to exporters, this section shall not confer standing upon an exporter to commence, or intervene in, any j udicial or administrative proceeding con- cerning a claim for refund by a coal producer of any F ederal or State tax, fee, or royalty paid by the coal producer. (2) COAL PRODUCERS.—With respect to coal producers, this section shall not confer standing upon a coal producer to com- mence, or intervene in, any judicial or administrative pro- ceeding concerning a claim for refund by an exporter of any Federal or State tax, fee, or royalty paid by the producer and alleged to have been passed on to an exporter. SEC.1 1 5 . TAX C R E DI T FO R CAR B O N DIOXIDE SE QU ESTRATION. (a) IN G ENERAL.—Subpart D of part I V of subchapter A of chapter 1 (relating to business credits) is amended by adding at the end the following new section
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‘SEC. 4 5Q. CREDIT FOR CARBON DIOXIDE SEQUESTRATION. ‘ ‘(a) GENERAL RULE.—For purposes of section 3 8, the carbon dioxide sequestration credit for any taxable year is an amount equal to the sum of— ‘‘(1) $20 per metric ton of qualified carbon dioxide which is— ‘‘(A) captured by the taxpayer at a qualified facility, and ‘‘(B) disposed of by the taxpayer in secure geological storage, and ‘‘(2) $10 per metric ton of qualified carbon dioxide which is— ‘‘(A) captured by the taxpayer at a qualified facility, and ‘‘(B) used by the taxpayer as a tertiary injectant in a qualified enhanced oil or natural gas recovery project. ‘‘(b) Q UALIFIED CARBON DIOXIDE.—For purposes of this sec- tion— ‘‘(1) IN GENERAL.—The term ‘qualified carbon dioxide ’ means carbon dioxide captured from an industrial source which— Defin i t i o n .
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