Recent News

Wednesday, September 8, 2021

Three members of the House of Representatives today introduced legislation that would create a tax credit for the production of “green” and “blue” hydrogen. The Clean Hydrogen Production and Investment Tax Credit Act of 2021 (H.R. 5192) would provide the tax credit to companies that reduce carbon emissions by the production of hydrogen. The credit would be worth an applicable amount (a sliding percentage, based on the production method, multiplied by $3, adjusted for inflation) multiplied by the kilograms of qualified clean energy produced by the taxpayer during the taxable year. 

Tuesday, September 7, 2021

Nine members of the House of Representatives introduced legislation to allow solar energy to qualify for a full value production tax credit (PTC). H.R. 5175 would extend the federal PTC to electricity produced by solar energy. The legislative text was not immediately available. The nine House members–including eight members of the Ways and Means Committee and one member of the Energy and Commerce Committee–introduced the legislation ahead of the Ways and Means Committee markup of the budget reconciliation package. 

Tuesday, August 24, 2021

The House of Representatives approved the fiscal year 2022 budget resolution Tuesday, unlocking forthcoming $3.5 trillion reconciliation legislation that will likely include a significant expansion of the low-income housing tax credit (LIHTC), creation of the neighborhood homes tax credit (NHTC) to incentivize the development and rehabilitate single-family housing in distressed neighborhoods and more funding for a wide variety of U.S. Department of Housing and Urban Development (HUD) programs. In addition to these resources, the forthcoming reconciliation legislation possibly could include the creation of the middle-income housing tax credit (MIHTC) to serve renters earning just above LIHTC income limits and expansion and enhancement for the federal historic tax credit (HTC), permanence and expansion of new markets tax credit (NMTC), extension and substantial expansion of renewable and clean energy tax credits

Tuesday, August 17, 2021

Rep. Linda Sanchez, D-California, introduced legislation to extend the residential energy efficient property tax credit under Internal Revenue Code Section 25D for five years at 30% before gradually phasing down to a 10% credit after 2028. The Residential Solar Opportunity Act (H.R. 4852) would make the residential credit mirror the phasedown schedule of the renewable energy investment tax credit (ITC).

Monday, August 16, 2021

Four Democratic senators introduced legislation to promote offshore wind energy through tax credits. The Offshore Wind Manufacturing Act of 2021 would provide a manufacturing investment tax credit (ITC) and a production tax credit (PTC) for facilities that produce offshore wind turbine components. Qualified facilities would receive a 30% ITC and the PTC would be from 2 cents to 5 cents per watt, multiplied by the total rated capacity of the turbine.

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