Carbon Sequestration Collaboration Act This bill modifies the Energy Policy Act of 2005 to revise and expand the Department of Energy's program to research, develop, demonstrate, and commercialize carbon storage. Specifically, it directs the program to include terrestrial carbon sequestration (i.e., the storage of carbon in plants and biomass) and carbon sequestration in geologic formations (e.g., carbon sequestration in basins or aquifers). The Department of Energy (DOE) must also annually submit a long-term strategic and prioritized research plan that identifies and addresses scientific challenges for widespread adoption of terrestrial carbon sequestration and carbon sequestration in geological formations. DOE must submit the first research plan within two years of this bill's enactment.