qualified carbon capture and sequestration equipment (1) In general For purposes of subsection (a)(1)(B)(i), the qualified investment with respect to qualified carbon capture and sequestration equipment for any taxable year is the basis of any qualified carbon capture and sequestration equipment placed in service by the taxpayer during such taxable year. (2) Qualified carbon capture and sequestration equipment The term qualified carbon capture and sequestration equipment means property— (A) installed at a facility placed in service before January 1, 2021, which produces electricity, (B) which results in at least a 50 percent reduction in the carbon dioxide emissions rate at the facility, as compared to such rate before installation of such equipment, through the capture and disposal or utilization of qualified carbon dioxide (as defined in paragraph (3)(A)), (C) with respect to which depreciation is allowable, (D) which is constructed, reconstructed, erected, or acquired by the taxpayer, (E) the original use of which commences with the taxpayer, and (F) with respect to which— (i) no credit has been allowed under section 45Q or section 45T, and (ii) the taxpayer makes an irrevocable election to have this subsection apply. (3) Qualified carbon dioxide The term qualified carbon dioxide means carbon dioxide captured from an industrial source which— (A) would otherwise be released into the atmosphere as industrial emission of greenhouse gas, (B) is measured at the source of capture and verified at the point of disposal or utilization, (C) (i) is disposed of by the taxpayer in secure geological storage (as such term is defined under section 45Q(f)(2)), or (ii) utilized by the taxpayer in a manner described in section 45Q(f)(5), and (D) is captured and disposed or utilized within the United States (within the meaning of section 638(1)) or a possession of the United States (within the meaning of section 638(2)). (4) Coordination with other credits No credit shall be allowed under section 45Q or section 45T for any