H.R. 8108 would change federal tax law to end a particular tax credit connected to enhanced oil recovery. Specifically, it ends the use of carbon oxide as a “tertiary injectant” for facilities whose construction begins after the bill is enacted, and it strikes the existing enhanced oil recovery credit by removing Internal Revenue Code Section 43. The bill applies starting with taxable years beginning after enactment, affecting how companies can claim related tax incentives. It also makes technical changes to other parts of the Internal Revenue Code that reference the eliminated credit to keep the provisions consistent.
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