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Carbon Capture Utilization and Storage Act This bill amends the Internal Revenue Code to extend and modify the tax credit for carbon dioxide (CO2) sequestration. The bill modifies the credit to: allow certain new industrial facilities or equipment to qualify for the credit if construction begins before January 1, 2024; allow qualified projects to claim the credit for 12 years, beginning on the date the equipment was originally placed in service; increase the separate credit amounts, with respect to projects placed in service upon or after the enactment of this bill, that apply to captured CO2 that is: (1) disposed of in secure geological storage, and (2) used as a tertiary injectant in an enhanced oil or natural gas recovery project and disposed of in secure geological storage; expand the purposes for which captured CO2 may be used; establish separate CO2 capture thresholds based on whether the facility is an electricity generating facility or used for other purposes; specify that the 75 million metric ton cap on the CO2 that may qualify for the credit applies only to projects placed in service before the enactment of this bill; and allow the credit to be transferred from the entity that owns and uses the capture equipment to the entity that disposes of or uses the CO2.

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