Utilizing Significant Emissions with Innovative Technologies Act or the USE IT Act This bill addresses the capture, utilization, and sequestration of carbon dioxide. The Environmental Protection Agency must (1) establish a competitive prize program for certain technology projects that capture carbon dioxide directly from the air, (2) research and develop technologies or approaches that transform carbon dioxide generated by industrial processes into a product of commercial value, and (3) support research and infrastructure activities relating to carbon dioxide utilization by providing technical and financial assistance. The bill includes the construction of infrastructure for carbon capture (e.g., carbon dioxide pipelines) among those projects subject to performance schedules designed to reduce permitting and project delivery time. The Government Accountability Office must issue a report that identifies grant programs that research carbon capture and utilization technologies and examines whether the programs overlap. 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) support the development of such projects and pipelines. The CEQ must also establish at least two task forces to (1) identify challenges and successes that permitting authorities and project developers and operators face, and (2) improve the performance of the permitting process and regional coordination.