A U.S. Senate panel proposed making the tax credit for capturing carbon emissions for recovering oil equal to the $85/metric ton tax credit for permanently burying those emissions underground, a boon for oil and gas producers.

A proposal by Senate Republicans would adjust the pace at which some crucial home energy efficiency and electric vehicle tax credits are phased out in timelines different from what House Republicans proposed in the multitrillion-dollar tax bill they passed last month.

If enacted, Republicans’ draft legislation would mean that President Biden’s signature climate legislation would effectively be neutered.