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S. 2475: Energy Sector Innovation Credit Act of 2021


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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jul 27, 2021.


Energy Sector Innovation Credit Act of 2021

This bill adds new tax credits for investment in qualified emerging technology energy property and for the production of electricity from emerging energy technology. The bill defines qualified emerging energy property as property that is constructed, reconstructed, erected, or acquired by the taxpayer and is (1) a facility for the production of electricity from emerging energy technology, (2) carbon capture equipment, or (3) energy storage technology.

The bill also adds a new tax credit for the production of electricity from clean hydrogen. The bill defines clean hydrogen as hydrogen that is produced through a production method for which the rate of the greenhouse gas emission is greater than zero and not greater that 2,500g CO2-e per kilogram of hydrogen produced, or is equal to or less than zero.