1. Short title This Act may be cited as the Accelerating Carbon Capture and Extending Secure Storage through 45Q Act or as the ACCESS 45Q Act . 2. Extension of credit for carbon oxide sequestration (a) In general Section 45Q(d)(1) of the Internal Revenue Code of 1986 is amended by striking January 1, 2024 and inserting January 1, 2034 . (b) Effective date The amendment made by this section applies to facilities the construction of which begins after December 31, 2023. 3. Elective payment for carbon oxide sequestration (a) In general Subchapter B of chapter 65 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 6431. Elective payment for carbon oxide sequestration (a) Energy property 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 a carbon oxide sequestration credit which would (without regard to this section) be determined under section 45Q with respect to such taxpayer, 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) Timing The payment described in subsection (a) shall be treated as made on the later of the due date of the return of tax for such taxable year or the date on which such return is filed. (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 carbon oxide sequestration credit determined under section 45Q shall be reduced by the amount of the portion of such credit with respect to which the taxpayer makes such election. (e) Special rules (1) In the case of a taxpayer making an election under this subsection, the credit subject to such an election shall be determined notwithstanding— (A) section 50(b)(3)