(a)Any carbon dioxide provider may apply for and receive
an enhanced oil recovery stimulus in accordance with all of the
following:
(i)The carbon dioxide provider seeking the stimulus
shall complete an application for the stimulus on a form and in
intervals prescribed by the authority. A carbon dioxide provider
may request from the authority a preapplication determination of
eligibility for the stimulus under this chapter;
(ii)To qualify for the stimulus:
(A)The carbon dioxide shall be captured by the
carbon dioxide provider through the use of carbon capture,
utilization and storage technology;
(B)The carbon dioxide provider shall sell,
deliver or provide the captured carbon dioxide for use in
enhanced oil and gas recovery projects in Wyoming; and
(C)The crude oil or natural gas prod
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(a) Any carbon dioxide provider may apply for and receive
an enhanced oil recovery stimulus in accordance with all of the
following:
(i) The carbon dioxide provider seeking the stimulus
shall complete an application for the stimulus on a form and in
intervals prescribed by the authority. A carbon dioxide provider
may request from the authority a preapplication determination of
eligibility for the stimulus under this chapter;
(ii) To qualify for the stimulus:
(A) The carbon dioxide shall be captured by the
carbon dioxide provider through the use of carbon capture,
utilization and storage technology;
(B) The carbon dioxide provider shall sell,
deliver or provide the captured carbon dioxide for use in
enhanced oil and gas recovery projects in Wyoming; and
(C) The crude oil or natural gas produced from
enhanced oil and gas recovery shall be produced using carbon
dioxide specified in subparagraphs (A) and (B) of this
paragraph.
(iii) The captured carbon dioxide provided by the
carbon dioxide provider and used in the enhanced oil and gas
recovery production of the crude oil or natural gas shall be
from a carbon dioxide source originating within the state of
Wyoming;
(iv) The carbon capture, utilization and storage
technology and the captured carbon dioxide specified in
paragraph (iii) of this subsection that is used in the enhanced
oil and gas recovery production of the crude oil or natural gas
shall qualify for the federal tax credit available for carbon
oxide sequestration under 26 U.S.C. 45Q, as amended as of
January 1, 2023 and subject to subsection (c) of this section;
(v) The carbon dioxide provider shall qualify for and
receive the federal tax credit under 26 U.S.C. 45Q before
receiving the stimulus authorized under this chapter;
(vi) To ensure that the enhanced oil and gas recovery
production and the use of a carbon dioxide provider's captured
carbon dioxide satisfies the conditions specified in this
subsection, the authority may consult with any federal or state
agency necessary before approving the stimulus authorized under
this chapter.
(b) Subject to available funding, the stimulus that is
available to a carbon dioxide provider shall, subject to
subsection (d) of this section, be equal to ten dollars ($10.00)
for every one (1) ton of carbon dioxide that:
(i) The carbon dioxide provider sells or delivers for
use in enhanced oil and gas recovery; and
(ii) Is stored through the enhanced oil and gas
recovery production that meets the requirements of this section.
(c) The stimulus shall be available to a carbon dioxide
provider until the date that the carbon dioxide provider no
longer qualifies for the federal tax credit under 26 U.S.C. 45Q.
The authority shall adjust the amount of the stimulus in
proportion to any change in the difference between the amount of
the credit available under 26 U.S.C. 45Q for a qualified
enhanced oil or natural gas recovery project and the amount of
the credit available under 26 U.S.C. 45Q for secure geological
storage that is not used for enhanced oil or natural gas
recovery. The stimulus shall not be available during any time
that the amount of the credit available under 26 U.S.C. 45Q for
secure geological storage that is not used for enhanced oil or
natural gas recovery exceeds the amount of the credit available
under 26 U.S.C. 45Q for a qualified enhanced oil or natural gas
recovery project by not more than fifteen dollars ($15.00) or if
the credit available under 26 U.S.C. 45Q for secure geological
storage that is not used for enhanced oil or natural gas
recovery is equal to or less than the amount of the credit
available under 26 U.S.C. 45Q for a qualified enhanced oil or
natural gas recovery project.
(d) The stimulus shall be paid from funds in the enhanced
oil recovery stimulus account created in W.S. 9-26-104, subject
to available funds within the account. The stimulus shall not be
paid from any other source except upon express approval by
legislative act. In the event of insufficient funds in the
enhanced oil recovery stimulus account established in W.S. 9-26-
104 for any one (1) fiscal year, stimulus payments shall be
prorated.