Treasury Department, IRS Issue Additional Section 45V Clean Hydrogen PTC Guidance

Highlights

• The U.S. Department of the Treasury and IRS on April 10, 2024, issued a supplemental notice of proposed rulemaking (NPRM) regarding the clean hydrogen production tax credit (PTC) under Section 45V of the Internal Revenue Code.
• The supplemental NPRM provides additional information on the provisional emissions rate (PER) process.
• The Treasury Department and IRS are seeking comments on the supplemental NPRM within approximately 30 days of its release.

The U.S. Department of the Treasury Department and IRS on April 10, 2024, issued a supplemental notice of proposed rulemaking (NPRM) under the Internal Revenue Code's Section 45V clean hydrogen production tax credit (PTC). The supplemental NPRM provides additional information on the provisional emissions rate (PER) process and requests comments on the same. The supplemental NPRM follows the initial NPRM under Section 45V, issued on Dec. 26, 2023. (See Holland & Knight's previous alerts, "Treasury,