ACORE Statement on Biden Administration's Proposal for Guidance on Clean Hydrogen Production Tax Credit

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) released proposed guidance on the Section 45V Production Tax Credit for clean hydrogen. Following is a statement From Ray Long, President and CEO of the American Council on Renewable Energy (ACORE):

"While we’ve been eagerly awaiting the Administration’s proposal on 45V guidance for the clean hydrogen Production Tax Credit (PTC), we are concerned with the lack of flexibility in the proposed rule and the impact it may have in jump-starting a hydrogen industry at scale. As our analysis with E3 demonstrated, an annual match accounting approach could help unleash America’s nascent clean hydrogen industry and accelerate our energy transition. ACORE will continue to work with the Administration throughout this comment period, and we remain hopeful the final rule ultimately released has the needed flexibility to support the scale and role that hydrogen can play in achieving our decarbonization goals."