Section 45Q, as amended by the Bipartisan Budget Act of 2018 (BBA), provides a substantial tax credit for the capture and sequestration of carbon dioxide and other carbon oxides. Taxpayers have been awaiting guidance from the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) since that statutory change. In late 2019, it became clear that the guidance would be issued in three parts. The first two parts were issued on February 19, 2020, in Notice 2020-12 and Revenue Procedure 2020-12. Treasury and the IRS recently issued the third part on May 29, 2020, as a notice of proposed rulemaking, also known as Proposed Regulations (Proposed Regulations).