IR-2023-248: Treasury, IRS issue guidance on the tax credit for the production of clean hydrogen

IRS Newswire

December 22, 2023

Issue Number: ??IR-2023-248

Inside This Issue

Treasury, IRS issue guidance on the tax credit for the production of clean hydrogen

IR-2023-248, Dec. 22, 2023

WASHINGTON ? The Treasury Department and Internal Revenue Service today issued proposed regulations for the tax credit for the production of clean hydrogen.

The Inflation Reduction Act (IRA) of 2022 provides a production credit for each kilogram of qualified clean hydrogen produced by a taxpayer at a qualified clean hydrogen production facility.

The credit amount is dependent on the emissions intensity of the hydrogen production process and the taxpayer?s compliance with prevailing wage and apprenticeship requirements during the qualified clean hydrogen production facility?s construction, alteration, and repair.

The proposed regulations provide definitions and procedures for administering and claiming this credit, including guidance for determining the lifecycle greenhouse gas emissions rate resulting from the hydrogen production process.

The guidance also provides procedures for petitioning the IRS for a provisional emissions rate, requirements for verifying the production and sale or use of hydrogen, and requirements for modifying an existing hydrogen production facility to obtain a new original placed in service date for purposes of the credit.

?? ?? ?

Thank you for subscribing to the IRS Newswire, an IRS e-mail service.

If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe.

This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message.

Update your subscriptions, modify your password or email address, or stop subscriptions at any time on your Subscriber Preferences Page. You will need to use your email address to log in. If you have questions or problems with the subscription service, please contact subscriberhelp.govdelivery.com.

This service is provided to you at no charge by the Internal Revenue Service (IRS).

This email was sent to [email protected] by: Internal Revenue Service (IRS) ? Internal Revenue Service ? 1111 Constitution Ave. N.W. ? Washington DC 20535

News Essentials

The Newsroom Topics

IRS Resources

Issue Number: ??IR-2023-248

Inside This Issue