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.

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

Senate Republicans proposed a tax budget bill on Monday that would end the EV tax credit 180 days after it’s signed into law if it reaches the president’s desk.