US Senate committee pushes ahead with hydrogen tax credit cut in draft budget bill
A US Senate committee has opted to retain proposed cuts to the Section 45V hydrogen production tax credit and other clean energy incentives in its draft budget bill.
The Senate Finance Committee released its draft legislative text of the so-called “One Big, Beautiful Bill” on Monday (16 June) as part of the Senate’s version of the budget reconciliation.
As included in the version passed by the House of Representatives last month, the draft retains a clause to terminate the Section 45V clean hydrogen production tax credit from the 2022 Inflation Reduction Act.
The termination would see 45V’s expiry date pulled back from 1 January 2033 to 1 January 2026. This would mean that only projects that start construction before the end of 2025 will be eligible for the lucrative incentive.
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