The American Chemistry Council (ACC) is urging the Biden administration to release draft guidance on eligibility criteria for the Section 45V Clean Hydrogen Tax Credit. ACC emphasizes that this guidance's outcome can significantly impact the acceleration of the U.S. clean hydrogen economy, considering the tax credit's importance within the Inflation Reduction Act and Bipartisan Infrastructure Law. ACC stresses the need for flexibility in defining project and qualification conditions for the 45V tax credit, crucial for meeting the Administration's clean hydrogen goals. The chemical sector, a major hydrogen producer, plays a pivotal role, and ACC seeks continued collaboration with the Administration for industrial emissions reduction incentives.
In a Dec. 20 release, ACC Senior Director for Energy, Climate and Environment Charles Franklin noted: “The U.S. chemical sector is incredibly diverse, touching every sector of the economy throughout the value chain. The chemical sector is also one of the primary sources of hydrogen production today, and one of the most promising sectors for low-carbon hydrogen production in the future. Our industry’s process expertise, and access to opportunities to build new markets, makes our sector a critical stakeholder and future partner in the Administration’s efforts to rapidly build out national supply of clean hydrogen economy.”
