(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.
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