12 2 STA T .38 31 PUBLIC LA W 11 0– 3 4 3 —O CT. 3 , 2008 ‘ ‘ (7)INFLATIO NA DJUS T ME NT .— I nthecas e of an y ta x a bl e yea r be gi nning in a calen d ar year after 20 0 9, there shall be s u bstituted for each dollar a m ount contained in subsection (a) an amount e q ual to the p roduct of— ‘‘( A ) such dollar amount, multiplied by ‘‘( B ) the inflation ad j ustment factor for such calendar year determined under section 43 (b)(3)(B) for such calendar year, determined by substituting ‘200 8’ for ‘ 1 990’. ‘‘(e) A P PLI C ATION OF S ECTION.— T he credit under this section shall apply w ith respect to qualified carbon dioxide before the end of the calendar year in which the Secretary, in consultation with the Administrator of the E n v ironmental P rotection Agency, certifies that 7 5 ,000,000 metric tons of qualified carbon dioxide have been captured and disposed of or used as a tertiary injectant.’’. (b) C ONFO R MIN G AMENDMENT.—Section 38(b) (relating to gen - eral business credit) is amended by stri k ing ‘‘plus’’ at the end of paragraph (32), by striking the period at the end of paragraph (33) and inserting ‘‘, plus’’, and by adding at the end of following new paragraph
‘‘(34) the carbon dioxide sequestration credit determined under section 45 Q (a).’’. (c) CLERICAL AMENDMENT.—The table of sections for subpart BofpartI V of subchapter A of chapter 1 (relating to other credits) is amended by adding at the end the following new section: ‘ ‘ Sec.45Q . Cr e ditfo rc a r b o n dio x ide s e qu estration. ’ ’. (d) EFFECTI V E D ATE.—The amendments made by this section shall apply to carbon dioxide captured after the date of the enact- ment of this Act. SEC.1 1 6 . CE RTAIN INC OM EAN DG AINS RE L ATING TO IND U STRIAL SOURCE CAR B ON DIO X IDE TREATED AS Q UALI FY ING INCOME FOR P UBLICLY TRADED PARTNERS H IPS. (a) IN G ENERAL.—Subparagraph (E) of section 7704(d)(1) (defining qualifying income) is amended by inserting ‘‘or industrial source carbon dioxide’’ after ‘‘timber)’’. (b) EFFECTIVE DATE.—The amendment made by this section shall take effect on the date of the enactment of this Act, in taxable years ending after such date. SEC. 11 7 . CARBON AUDIT OF THE TAX CODE. (a) STUD Y .—The Secretary of the Treasury shall enter into an agreement with the N ational Academy of Sciences to undertake a comprehensive review of the Internal R evenue Code of 198 6 to identify the types of and specific tax provisions that have the largest effects on carbon and other greenhouse gas emissions and to estimate the magnitude of those effects. (b) REPORT.—Not later than 2 years after the date of enactment of this Act, the National Academy of Sciences shall submit to Congress a report containing the results of study authori z ed under this section. (c) AUT H ORI Z ATION OF APPROPRIATIONS.—There is authorized to be appropriated to carry out this section $ 1,500,000 for the period of fiscal years 2009 and 2010. Contrac t s.26US C 7 7 04 not e . 26 USC 38 note. 26 USC 38.
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