DOE Launches Emissions Value Request Process for Clean Hydrogen Tax Credit
Sept. 30, 2024
Clean hydrogen producers: New DOE process may impact your tax credits.
Source The U.S. Department of Energy
The U.S. Department of Energy (DOE) has launched its Emissions Value Request Process to support the Clean Hydrogen Production Tax Credit (45V) implementation by the U.S. Department of the Treasury. This tax credit was established under the Inflation Reduction Act (IRA).
This process is designed for taxpayers whose hydrogen production technology or feedstock isn't included in the latest 45VH2-GREET model. These individuals can now request an emissions value from the DOE, which is required to petition the Internal Revenue Service for a provisional emissions rate (PER).
The Emissions Value Request Process was first introduced in Treasury's December 2023 Notice of Proposed Rulemaking for the 45V tax credit. In April 2024, Treasury issued a supplemental notice to gather feedback on the proposed information collection for this process.
After considering stakeholder comments, the DOE has now outlined specific procedures and requirements for accessing the process and is accepting applications.
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