Agency: Department of the Treasury
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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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Advanced Energy Project Credit
Agency: Department of the Treasury Description: Credit for eligible projects, including but not limited to investments reequipping, expanding or establishing industrial or manufacturing facilities for production or recycling of certain renewable energy, renewable fuel (defined as low-carbon and low-emission), electric grid equipment, CCS, energy conservation and storage, energy efficiency, certain hybrid, fuel cell, and…
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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: …
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Clean Vehicle Credit
Agency: Department of the Treasury Description: Tax credit for the purchase of certain new electric vehicles. Bill Section: 13401 US Code: 26 USC 30D New or Existing: Existing Potential Cost: $7,541,000,000 Timeline: 2023 – 2032 Implementation Status/Rulemaking: On October 5, 2022, the Internal Revenue Service issued Notice 2022-46 which requests comments…
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Credit for Previously-Owned Clean Vehicles
Agency: Department of the Treasury Description: Tax credit of 30% of the sale price of a previously owned electric vehicle but no more than $4,000 Bill Section: 13402 US Code: 26 USC 25E New or Existing: New Potential Cost: $1,347,000,000 Timeline: 2023 – 2032 Implementation Status/Rulemaking: Guidance on the Used Clean…
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Credit for Qualified Commercial Clean Vehicles
Agency: Department of the Treasury Description: Tax credit for certain electric and hydrogen powered fuel cell commercial vehicles Bill Section: 13403 US Code: 26 USC 45W New or Existing: New Potential Cost: $3,583,000,000 Timeline: 2023 – 2032 Implementation Status/Rulemaking: On November 3, 2022, the Internal Revenue Service issued Notice 2022-56 which…
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Clean Fuel Production Credit
Agency: Department of the Treasury Description: Tax credit of $0.20-$1.00/gallon for production of fuels with carbon intensity reductions (less than 50 kilograms of CO2e per mmBTU); sustainable aviation fuel could receive credit of up to $1.75/gallon, with a minimum of $0.35/gallon. Bill Section: 13704 US Code: 26 USC 45Z New or Existing: New Potential…