after the date of the enactment of this Act. 136. Elective payment of credit (a) Subchapter B of chapter 65 of the Internal Revenue Code is amended by adding at the end the following new section: 6431. Elective payment of credits relating to carbon oxide sequestration (a) Election In the case of a taxpayer making an election (at such time and in such manner as the Secretary may provide) under this section with respect to any portion of an applicable credit, such taxpayer shall be treated as making a payment against the tax imposed by subtitle A for the taxable year equal to the amount of such portion. (b) Definitions and special rules For purposes of this section— (1) Governmental entities treated as taxpayers In the case of an election under this section— (A) any State or local government, or a political subdivision thereof, or (B) an Indian Tribal government, shall be treated as a taxpayer for purposes of this section and determining any applicable credit. (2) Applicable credit The term applicable credit means each of the following credits that would (without regard to this section) be determined with respect to the taxpayer: (A) A carbon oxide sequestration credit under section 45Q. (B) A carbon capture production credit under section 45U. (3) Indian tribal government The term Indian Tribal government shall have the meaning given such term by section 139E. (4) Timing The payment described in subsection (a) shall be treated as made on— (A) in the case of any government, or political subdivision, to which paragraph (1) applies and for which no return is required under section 6011 or 6033(a), the later of the date that a return would be due under section 6033(a) if such government or subdivision were described in that section or the date on which such government 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