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Carbon oxide sequestration credit (45Q)

A tax credit provided under Section 45Q of the U.S. tax code, which offers financial incentives to companies that capture carbon dioxide (a 'carbon oxide') and store it permanently underground or use it in certain ways.

Internal Revenue Code of 1986

The main body of federal tax law in the United States, which includes all the rules and regulations for federal taxes.

Taxable years

The accounting period for which taxes are calculated, typically a calendar year for individuals or a fiscal year for businesses.

Conforming amendments

Changes made to other parts of a law or code to make them consistent with a primary change, ensuring there are no contradictions.

Secure geological storage

The long-term storage of captured carbon dioxide deep underground in specific rock formations, designed to prevent its escape into the atmosphere.