Biden’s Carbon-Capture Plan Hands Lifeline to Coal Plants
- Proposal to increase tax credit for carbon capture decried
- Possible to see $6 billion in payments to a single plant
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Coal-fired power plants would be eligible for billions of dollars in extra tax breaks under President Joe Biden’s economic legislation if they install carbon-capture systems, an incentive that environmental groups say may delay the retirement of dozens of facilities.
Power plants that capture their carbon dioxide emissions would be eligible for a tax credit of as much as $85 per metric ton under the draft of Biden’s $1.75 trillion spending plan released by the House last week. That’s an increase from a rate of $50 a metric ton in current law.