Utilizing Significant Emissions with Innovative Technologies Act or the USE IT Act

This bill amends the Clean Air Act to require the Environmental Protection Agency (EPA) to establish: (1) a competitive prize program for certain technology projects that capture carbon dioxide directly from the air, and (2) a Direct Air Capture Technology Advisory Board to advise the EPA on carrying out the program.

The EPA must: (1) carry out a research and development program for carbon dioxide utilization to promote technologies that transform carbon dioxide generated by industrial processes into a product of commercial value, and (2) support activities relating to carbon dioxide utilization by providing technical and financial assistance.

The bill amends the Fixing America's Surface Transportation Act to apply the Act's accelerated environmental review and permitting procedures to the construction of infrastructure that captures, utilizes, or sequesters carbon dioxide and the construction of carbon dioxide pipelines.

The Council on Environmental Quality (CEQ) must publish guidance to: (1) facilitate reviews associated with the deployment of carbon capture, utilization, and sequestration projects and carbon dioxide pipelines; and (2) identify activities that transform captured carbon dioxide into a product of commercial value.

The CEQ must also establish at least two task forces to identify permitting challenges that permitting authorities and project developers and operators face.