Whitehouse, Merkley, Heinrich Call on Treasury to Swiftly Implement Strict Clean Hydrogen Tax Credit RulesStrict implementation of 45V tax credit would ensure that clean hydrogen is produced using only zero-carbon electricity sourcesWashington, DC – Senators Sheldon Whitehouse (D-RI), Jeff Merkley (D-OR), and Martin Heinrich (D-NM) called on the Treasury Department to urgently produce strict rules for the Section 45V Tax Credit for Production of Clean Hydrogen (45V) that was passed as part of Democrats’ historic Inflation Reduction Act. The 45V tax credit as designed by Congress aims to jump start innovation in the hydrogen industry to give clean hydrogen an opportunity to compete with conventional “grey” hydrogen. “We cannot afford the hydrogen tax credit to serve as yet another subsidy for the fossil fuel industry,” added the senators. To realize this potential clean hydrogen will have to outcompete conventional ‘grey’ hydrogen. 45V is based on the Clean Hydrogen Production Incentives Act of 2021 (S.1017), which Sen. Heinrich introduced on March 25, 2021.

Source: Washington Post October 18, 2023 04:42 UTC