Agency: Department of the Treasury
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Biodiesel tax credit
Agency: Department of the Treasury Description: Tax credit of $1/gallon for biomass-based diesel (biodiesel and renewable diesel) fuel, plus tax credit for alternative fuels Bill Section: 13201 US Code: 26 USC 40A New or Existing: Existing Potential Cost: $5,600,000,000 Timeline: Calendar years 2023-2024, with costs incurred in FY23-25 TCS Notes: Most…
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CCS/45Q tax credit
Agency: Department of the Treasury Description: Tax credit for carbon oxide captured and sequestered. Bill Section: 13104 US Code: 26 USC 45Q New or Existing: Existing Potential Cost: $3,200,000,000 Timeline: Through 2032 TCS Notes: The Joint Committee on Taxation (JCT) estimated that the IRA’s expansion of the 45Q tax credit would…
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Cellulosic tax credit
Agency: Department of the Treasury Description: $1.01/gallon tax credit for production of cellulosic based biofuel. Bill Section: 13202 US Code: 26 USC 40 New or Existing: Existing Potential Cost: $540,000,000 Timeline: Calendar years 2022-2024 (2022 is retroactive). Cost projection is for FY23-25. TCS Notes: The cellulosic biofuel industry was intended to…
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Energy Efficient Home Improvement Credit
Agency: Department of the Treasury Description: Tax credit of 30% for individuals implementing “qualified energy efficiency improvements” for certain “residential energy property expenditures” and home energy audits. Bill Section: 13301 US Code: 26 USC 25C New or Existing: Existing Potential Cost: $12,451,000,000 Timeline: 2022-2032 Implementation Status/Rulemaking: On August 4, 2023, the…
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Zero-emission Nuclear Power Production Credit
Agency: Department of the Treasury Description: Tax credit for electricity produced at qualified nuclear power facilities. Bill Section: 13105 US Code: 26 USC 45U New or Existing: New Potential Cost: $30,000,000,000 Timeline: Through 2032 Implementation Status/Rulemaking: On October 5, 2022, the Internal Revenue Service issued Notice 2022-49 to requested comments on…
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Residential Clean Energy Credit
Agency: Department of the Treasury Description: Tax credit of up to 30% (varying amounts depending on year) for expenditures for certain solar electric, solar water heater, fuel cell, small wind, geothermal heat pump, and battery storage technologies. Bill Section: 13302 US Code: 26 USC 25D New or Existing: Existing Potential Cost: $22,000,000,000 Timeline:…
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Credit for Builders of New Energy Efficient Homes
Agency: Department of the Treasury Description: Tax credit for certain energy efficient homes, those meeting the Energy Star requirements or the Zero Energy Ready Home standards. Bill Section: 13304 US Code: 26 USC 45L New or Existing: Existing Potential Cost: $2,043,000,000 Timeline: 2022 – 2032 Implementation Status/Rulemaking: On Sept. 27, 2023,…
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Sustainable Aviation Fuel Credit
Agency: Department of the Treasury Description: Tax credit of $1.25/gallon or more for aviation fuel meeting certain GHG and other requirements Bill Section: 13203 US Code: 26 USC 40B New or Existing: New Potential Cost: $490,000,000 Timeline: 2023-2024 (later folds into Clean Fuel Production credit) Implementation Status/Rulemaking: On December 19, 2022,…
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Credit for Production of Clean Hydrogen
Agency: Department of the Treasury Description: Tax credit of up to $0.60/kg for production of hydrogen, defined as 4 kilograms of CO2e per kilogram or less; credit varies by lifecycle GHG emissions rate, with lower emission hydrogen receiving higher credits Bill Section: 13204 US Code: 26 USC 45V New or Existing: New Potential Cost:…
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Energy Efficient Commercial Buildings Deduction
Agency: Department of the Treasury Description: Tax deduction of for the cost of energy efficient commercial building property, calculated by the size of the building. Bill Section: 13303 US Code: 26 USC 179D New or Existing: Existing Potential Cost: $362,000,000 Timeline: Property placed in service in 2023 and after Implementation Status/Rulemaking: …