Treasury and IRS release proposed guidance on production of clean hydrogen
On December 22, 2023, the U.S. Department of Treasury (Treasury) and the Internal Revenue Service (IRS) released the much anticipated proposed regulations regarding section 45V (clean hydrogen production tax credit) and section 48(a)(15) (clean hydrogen production facility energy credit) of the Internal Revenue Code (Code), as enacted by the Inflation Reduction Act of 2022 (IRA). Concurrently with the proposed regulations, the U.S. Department of Energy (DOE) released a whitepaper on assessing lifecycle greenhouse gas emissions associated with the use of electricity in hydrogen production.
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