or subdivision submits a claim for credit or refund (at such time and in such manner as the Secretary shall provide), and (B) in any other case, the later of the due date of the return of tax for the taxable year or the date on which such return is filed. (5) Waiver of special rules In the case of an election under this section, the determination of any applicable credit shall be without regard to paragraphs (3) and (4)(A)(i) of section 50(b). (c) Exclusion from gross income Gross income of the taxpayer shall be determined without regard to this section. (d) Denial of double benefit Solely for purposes of section 38, in the case of a taxpayer making an election under this section, the applicable credit shall be reduced by the amount of the portion of such credit with respect to which the taxpayer makes such election. . (b) Clerical amendment The table of sections for subchapter B of chapter 65 is amended by adding at the end the following new item: Sec. 6432. Elective payment of credits related to carbon oxide sequestration. . D Support for Carbon Dioxide Transportation and Sequestration Infrastructure 141. Securing geologic reservoirs for carbon dioxide (a) In general Subtitle B of title IV of the Energy Policy Act of 2005 ( 42 U.S.C. 15971 et seq.) is further amended by adding after section 418 (as added by this Act) the following new section: 419. Securing geologic reservoirs for storage of carbon dioxide (a) In general The Secretary shall establish a program to— (1) identify geological formations that are capable of storing, cumulatively, at least 250,000,000 tons of carbon dioxide with a target storage cost of less than $10 per ton