Proposed 45Q Tax Credit Reform Could Give a Big Boost to Carbon Capture Projects by Emeka Ochu |May 6, 2021 A pair of coal trains idle on the tracks near Dry Fork Station, a coal-fired power plant being built by the Basin Electric Power Cooperative near Gillette, Wyoming, in April 2010. (AP Photo/Matthew Brown) A critical aspect of President Biden’s $2 trillion American Job Plan focuses on mobilizing private capital to invest in clean energy production and deployment in order to achieve 100 percent carbon-free electricity production by 2035. These investments are crucial to his strategy to meet the ambitious new national commitments to the Paris agreement and keep global average temperature to a 1.5 degree C limit. The plan earmarks $15 billion to fund clean energy demonstration projects, including carbon capture and storage, and $46 billion in federal buying power, including of recycled CO2. To spur the expansive deployment of carbon capture, utilization, and storage (CCUS), the plan aims to reform and expand the bipartisan Section 45Q tax credit.