SECTION 7. RECORDKEEPING

REQUIREMENT

.01 In General . A taxpayer is not required to attach documentation to the return on which the credit is claimed. However, § 6001 of the Code provides that every person liable for any tax imposed by the Code, or for the collection thereof, must keep such records, render such statements, make such returns, and comply with such rules and regulations as the Secretary may from time to time prescribe. See Treas. Reg. § 1.6001–1(e).

.02 Information Must Be Available for Inspection . The taxpayer must retain in its records documentation establishing that the taxpayer qualifies for the § 45Q credit. The taxpayer must, upon request, make such documentation available for inspection by the Service regardless of whether the taxpayer physically or contractually ensures injection or disposal in secure geological storage. Such necessary documentation includes, but is not limited to, the following:

(a) Methodology, inputs, and equations used to measure the amount of CO 2 at the source of capture and verify the amount at the point of disposal or injection. Qualified CO § 45Q credit 2 for purposes of the does not include the amount of CO 2 recycled or re-injected as part of EOR operations.

(b) Evidence of disposal of captured CO 2 in secure geological storage, as specified in section 5 of this notice. As future Federal and state regulations are promulgated, such evidence may also include any certificates issued or determinations made by a Federal or state government that the geological storage meets the necessary requirements to ensure secure storage.

(c) Methodology, inputs, and equations used to calculate the amount of CO 2 emitted from secure geological storage.

(d) All contracts entered into by the taxpayer and any contracting party that ensures the use of the CO a tertiary in2 as jectant or the disposal of the CO 2 in secure geological storage.