industrial carbon dioxide facility shall not include— (I) any geological gas facility (as defined in clause (iii)), or (II) any air separation unit that— (aa) does not qualify as gasification equipment, or (bb) is not a necessary component of an oxy-fuel combustion process. (iii) Geological gas facility The term geological gas facility means a facility that— (I) produces a raw product consisting of gas or mixed gas and liquid from a geological formation, (II) transports or removes impurities from such product, or (III) separates such product into its constituent parts. (3) Capture and storage requirement (A) In general Subject to subparagraph (B), the eligible components of an industrial carbon dioxide facility shall have a capture and storage percentage (as determined under subparagraph (C)) that is equal to or greater than 65 percent. (B) Exception In the case of an industrial carbon dioxide facility with a capture and storage percentage that is less than 65 percent, the percentage of the cost of the eligible components installed in such facility that may be financed with tax-exempt bonds may not be greater than the capture and storage percentage. (C) Capture and storage percentage (i) In general Subject to clause (ii), the capture and storage percentage shall be an amount, expressed as a percentage, equal to the quotient of— (I) the total metric tons of carbon dioxide annually captured, transported, and injected into— (aa) a facility for geologic storage, or (bb) an enhanced oil or gas recovery well followed by geologic storage, divided by (II) the total metric tons of carbon dioxide which would otherwise be released into the atmosphere each year as industrial emission of greenhouse gas if the eligible components were not installed in the industrial carbon dioxide facility. (ii) Limited application of eligible components In the case of eligible components that are designed to capture carbon dioxide solely from specific sources of emissions or portions thereof within an industrial carbon dioxide facility, the