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136 STAT. 1928 PUBLIC LAW 117–169—AUG. 16, 2022 of determining an increased credit amount under para- graph (1) for a taxable year, the requirement under clause (ii) of this subparagraph is applied to such taxable year in which the alteration or repair of qualified facility occurs. ‘‘(B) CORRECTION AND PENALTY RELATED TO FAILURE TO SATISFY WAGE REQUIREMENTS.—Rules similar to the rules of section 45(b)(7)(B) shall apply. ‘‘(4) APPRENTICESHIP REQUIREMENTS.—Rules similar to the rules of section 45(b)(8) shall apply. ‘‘(5) REGULATIONS AND GUIDANCE.—The Secretary shall issue such regulations or other guidance as the Secretary deter- mines necessary to carry out the purposes of this subsection, including regulations or other guidance which provides for requirements for recordkeeping or information reporting for purposes of administering the requirements of this subsection.’’. (e) CREDIT REDUCED FOR TAX-EXEMPT BONDS.—Section 45Q(f) is amended— (1) by striking the second paragraph (3), as added at the end of such section by section 80402(e) of the Infrastructure Investment and Jobs Act (Public Law 117-58), and (2) by adding at the end the following new paragraph: ‘‘(8) CREDIT REDUCED FOR TAX-EXEMPT BONDS.—Rules similar to the rule under section 45(b)(3) shall apply for pur- poses of this section.’’. (f) APPLICATION OF SECTION FOR CERTAIN CARBON CAPTURE EQUIPMENT.—Section 45Q(g) is amended by inserting ‘‘the earlier of January 1, 2023, and’’ before ‘‘the end of the calendar year’’. (g) ELECTION.—Section 45Q(f), as amended by subsection (e), is amended by adding at the end the following new paragraph: ‘‘(9) ELECTION.—For purposes of paragraphs (3) and (4) of subsection (a), a person described in paragraph (3)(A)(ii) may elect, at such time and in such manner as the Secretary may prescribe, to have the 12–year period begin on the first day of the first taxable year in which a credit under this section is claimed with respect to carbon capture equipment which is originally placed in service at a qualified facility on or after the date of the enactment of the Bipartisan Budget Act of 2018 (after application of paragraph (6), where applicable) if— ‘‘(A) no taxpayer claimed a credit under this section with respect to such carbon capture equipment for any prior taxable year, ‘‘(B) the qualified facility at which such carbon capture equipment is placed in service is located in an area affected by a federally-declared disaster (as defined by section 165(i)(5)(A)) after the carbon capture equipment is origi- nally placed in service, and ‘‘(C) such federally-declared disaster results in a ces- sation of the operation of the qualified facility or the carbon capture equipment after such equipment is originally placed in service.’’. (h) REGULATIONS FOR BASELINE CARBON OXIDE PRODUCTION.— Subsection (i) of section 45Q, as redesignated by subsection (d), is amended— (1) in paragraph (1), by striking ‘‘and’’, (2) in paragraph (2), by striking the period at the end and inserting ‘‘, and’’, and Time period. Applicability. 26 USC 45Q. Determination. Requirements. Records. Applicability. VerDate Sep 11 2014 13:57 Oct 25, 2022 Jkt 029139 PO 00169 Frm 00112 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL169.117 PUBL169 jmbennett on LAP3P8D0R2PROD with Publaw