; or (2) the date that is 7 years after the date of enactment of this section. (d) Application (1) In general An entity seeking support provided under subsection (a) shall submit to the Secretary an application at such time and in such manner as the Secretary may require. (2) Criteria In evaluating such an application, the Secretary shall consider technical, financial, and other factors that the Secretary determines appropriate. (e) Considerations In implementing subsection (a), the Secretary shall seek to support the use of carbon capture, utilization, and storage with projects covering diverse fuel types and technologies, including first-of-its-kind technology for carbon capture, utilization, and storage capacity. (f) Definitions In this section: (1) Power system The term power system means an electricity generating unit that utilizes fossil fuels to generate electricity that is provided to the electric grid or directly to a consumer. (2) Eligible power system The term eligible power system means a power system that— (A) is equipped with carbon capture technology, or otherwise produces a separate carbon dioxide stream that is suitable for utilization or storage; (B) is designed to capture carbon dioxide that would otherwise be emitted by the power system; and (C) will utilize or store the captured carbon dioxide, or has contracted with one or more other entities to utilize or store the captured carbon dioxide. . (b) Table of contents amendment The table of contents for the Energy Policy Act of 2005 is amended by adding after the item relating to section 417 the following: Sec. 418. Federal support for deployment of carbon capture, utilization, and storage with electricity generation. . C Federal Support for Commercial Deployment of Carbon Capture, Utilization, and Storage 131. Enhancement of carbon dioxide sequestration credit (a) Extension of credit period Section 45Q(a) of the Internal Revenue Code of 1986 is amended— (1) by striking 12-year in paragraph (3)(A) and inserting 20-year