WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) joined a bipartisan group of colleagues to introduce the Furthering carbon capture, Utilization, Technology, Underground storage, and Reduced Emissions (FUTURE) Act. Brown’s legislation, also cosponsored by Sen. Rob Portman (R-OH), would update and expand the 45Q tax credit, a current tax program that provides tax credits to encourage technological innovation to capture carbon, reduce emissions, and support diverse energy jobs.
The 45Q tax credit, which the bill would extend, supports maintaining a place in our energy mix for existing resources like coal and natural gas by encouraging development and use of carbon capture, utilization and storage (CCUS) technologies and processes—while also spurring adoption of low-carbon technologies to transform carbon pollution into useable products.
“By spurring investment in carbon capture technology, these tax credits support clean air and good jobs,” Brown said.
The 45Q provision is an integral part of the tax code for incentivizing carbon capture. Analysts believe that carbon capture cannot take off on a large scale unless there is federal support to encourage investment and implementation of the technology through tax credits and other mechanisms, which this bill would provide. The bill would also provide a crucial lifeline to coal miners by providing a pathway to maintain coal as a part of our diverse energy mix, doing so in a cleaner way, and reinforcing bipartisan support for standing up for these workers and their communities. The bipartisan bill is supported by business, labor, and environmental groups.
Along with Brown and Portman, cosponsors of the bill include U.S. Senators Heidi Heitkamp (D-ND), Sheldon Whitehouse (D-RI), and Shelley Moore Capito (R-WV), Michael Bennet (D-CO), Roy Blunt (R-MO), Cory Booker (D-NJ), Bob Casey (D-PA), Thad Cochran (R-MS), Chris Coons (D-DE), Joe Donnelly (D-IN), Tammy Duckworth (D-IL), Dick Durbin (D-IL), Al Franken (D-MN), Angus King (I-ME), Amy Klobuchar (D-MN), Joe Manchin (D-WV), Gary Peters (D-MI), Brian Schatz (D-HI), Jon Tester (D-MT), and Mark Warner (D-VA).