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  1. Projects
  2. United States: Could final clean hydrogen regulations be coming?

United States: Could final clean hydrogen regulations be coming?

Tax news and developments September 2024
30 Sept 2024    1 minute read
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IRA Energy Credits Energy Transition Sustainability Hydrogen

In brief

On 11 September 2024, 66 members of Congress published a letter urging the Biden administration to finalize proposed regulations (REG-117631-23) ("Proposed Regulations") published late last year and supplemental guidance published in April, relating to the tax credit for production of clean hydrogen under Section 45V (the "clean hydrogen production tax credit") and the associated energy credit under Section 48(a)(15). The supplemental guidance followed an extended comment period, which resulted in over 29,000 taxpayer comments and a three-day hearing on the Proposed Regulations. The letter emphasized the intent of the underlying statute and the importance of finalizing the Proposed Regulations. We provide an overview of the Proposed Regulations, below.


Contents

Key takeaways

  • Section 45V for hydrogen production received significant interest from taxpayers (both producers and potential buyers of credits) 
  • The credit is calculated by reference to the amount of clean hydrogen actually produced determined under very specific rules 
  • The supplemental guidance discussed herein generally narrowed the eligibility for the credits 
  • Notwithstanding, hydrogen production can be economically beneficial to producers and potential buyers of credits who can successfully navigate the rules

Click here to access the full alert.

Contact Information
Stas Getmanenko
Partner
Dallas
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stas.getmanenko@bakermckenzie.com
Ryan Meservey
Associate
Palo Alto
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ryan.meservey@bakermckenzie.com
Eric Min
Associate
New York
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eric.min@bakermckenzie.com

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