Carbon Resource Innovation Act

This bill amends the Internal Revenue Code to expand the carbon oxide sequestration tax credit to include facilities that capture carbon in solid or liquid form. Sec. 2, Expansion of carbon oxide sequestration credit to include solid or liquid carbon capture facilities: The bill modifies Section 45Q of the tax code to add a new category for solid or liquid carbon capture facilities. It defines qualified carbon oxide to include carbon captured in solid or liquid form that would otherwise be released into the atmosphere as a greenhouse gas, measured at the source and verified at disposal, injection, or utilization. It sets a minimum capture threshold of 1,000 metric tons per taxable year for such facilities. It defines a solid or liquid carbon capture facility as one using equipment to capture carbon in solid or liquid form, including facilities that result in a net reduction of carbon compared to a baseline system. It also specifies that for these facilities, underground storage chambers are included as qualified disposal if carbon does not escape into the atmosphere, and the amount of carbon captured is measured as the carbon dioxide equivalent of metric tons captured. These changes apply to carbon captured after the bill's enactment date.