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April 10, 2024

IRS releases guidance on emissions value request process for IRC Section 45V clean hydrogen production credit

The IRS today released guidance (REG 117631-23), which supplements earlier guidance on the credit for production of clean hydrogen and the election to treat clean hydrogen production facilities as energy property for purposed of IRC Sections 45V and 48(a)(15), respectively (see Tax Alert 2024-0131). The proposed regulation describes the process for obtaining an emissions value from the Department of Energy that must be attached to Form 7210, Clean Hydrogen Production Credit or Form 3468, Investment Credit to petition the Secretary of Treasury for a provision emissions rate.

Published by NTD’s Tax Technical Knowledge Services group; Chris DeZinno, legal editor