Kyle Hayes Quoted on Proposed 45V Hydrogen Tax Credits
Foley & Lardner LLP partner Kyle Hayes is quoted in the Canary Media article, “New ‘clean’ hydrogen rules will favor some regions more than others,” where he discusses the new proposed rules for the 45V hydrogen production tax credit – an incentive for using water and carbon-free electricity to produce “green” hydrogen.
To be eligible, hydrogen producers must follow strict rules for when, where, and how the clean power they use is generated and consumed. But there are concerns that certain regions of the country will benefit while others may suffer because hydrogen production will likely be driven to places where new renewable power can be built at the lowest cost and produce as much power as possible. These considerations will likely play a role in how the proposed rules are finalized.
“I think that the guidance coming out is not the end of the discussion — it is really the start,” said Hayes. “We are probably in for a very heavy comment period” over the next 60 days, as the Treasury Department fields challenges and collects support from various energy analysts and industry players with a stake in the outcome.
