II 

117TH CONGRESS 

1ST SESSION S. 2475 

To amend the Internal Revenue Code of 1986 to provide investment and 

production tax credits for emerging energy technologies, and for other 

purposes. 

IN THE SENATE OF THE UNITED STATES 

JULY 27, 2021 

Mr. CRAPO (for himself, Mr. WHITEHOUSE, Mr. BARRASSO, Mr. BENNET, Mr. 

RISCH, and Mr. HICKENLOOPER) introduced the following bill; which was 

read twice and referred to the Committee on Finance 

A BILL 

To amend the Internal Revenue Code of 1986 to provide 

investment and production tax credits for emerging energy technologies, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Energy Sector Innova5 tion Credit Act of 2021’’. 

6 SEC. 2. FINDINGS. 

7 Congress finds the following: 

8 (1) Promising energy resources with zero or 

9 very low market penetration often face significant 


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1 incumbency disadvantages as they establish a foot2 hold, including suboptimal resource location relative 

3 to existing grid infrastructure and the lack of econo4 mies of scale. 

5 (2) Energy sector innovation can confer numer6 ous benefits to jobs and the economy, the environ7 ment and climate, and the general social welfare. 

8 (3) Energy sector innovation can come in nu9 merous forms, not all of which are readily quantifi10 able, including— 

11 (A) diversifying and increasing the Na12 tion’s energy generation portfolio and energy 

13 security, 

14 (B) improving the dispatchability and reli15 ability of energy generation; and 

16 (C) improving energy efficiency, emissions 

17 reductions, or other markers of performance. 

18 SEC. 3. INVESTMENT CREDIT FOR EMERGING ENERGY 

19 TECHNOLOGY. 

20 (a) IN GENERAL.—Subpart E of part IV of sub21 chapter A of chapter 1 of the Internal Revenue Code of 

22 1986 is amended by inserting after section 48C the fol23 lowing new section: 


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1 ‘‘SEC. 48D. EMERGING ENERGY TECHNOLOGY CREDIT. 

2 ‘‘(a) ESTABLISHMENT OF CREDIT.—For purposes of 

3 section 46, the emerging energy technology credit for any 

4 taxable year is an amount equal to the applicable percent5 age (as determined under subsection (c)) of the basis of 

6 any qualified emerging energy property placed in service 

7 by the taxpayer during such taxable year. 

8 ‘‘(b) QUALIFIED EMERGING ENERGY PROPERTY.— 

9 ‘‘(1) IN GENERAL.—The term ‘qualified emerg10 ing energy property’ means property which is con11 structed, reconstructed, erected, or acquired by the 

12 taxpayer, and the original use of which commences 

13 with the taxpayer, which is— 

14 ‘‘(A) a qualified production facility (as de15 fined in section 45U(d)), 

16 ‘‘(B) carbon capture equipment, or 

17 ‘‘(C) energy storage technology. 

18 ‘‘(2) CARBON CAPTURE EQUIPMENT.— 

19 ‘‘(A) IN GENERAL.—For purposes of this 

20 section, the term ‘carbon capture equipment’ 

21 means property which contains equipment that 

22 can separate and capture qualified carbon oxide 

23 (as defined in section 45Q(c)) and is placed in 

24 service at, and used in connection with, a facil25 ity— 


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1 ‘‘(i) which satisfies the requirements 

2 under section 45Q(d)(2), and 

3 ‘‘(ii) which is— 

4 ‘‘(I) an electric generating facility 

5 which— 

6 ‘‘(aa) was originally placed 

7 in service before such property, 

8 and 

9 ‘‘(bb) is a point source of air 

10 pollutants, 

11 ‘‘(II) a manufacturing or indus12 trial facility— 

13 ‘‘(aa) which was originally 

14 placed in service before such 

15 property, 

16 ‘‘(bb) which is a point 

17 source of air pollutants, and 

18 ‘‘(cc) for which such prop19 erty is primarily used to capture 

20 qualified carbon oxide (as defined 

21 in section 45Q(c)) which would 

22 otherwise be released into the at23 mosphere as a result of— 


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1 ‘‘(AA) the production of 

2 ammonia, helium, or ethanol 

3 at such facility, or 

4 ‘‘(BB) the processing of 

5 natural gas at such facility, 

6 or 

7 ‘‘(III) a manufacturing or indus8 trial facility described in subclause 

9 (II) for which item (cc) of such sub10 clause does not apply. 

11 ‘‘(B) DIRECT AIR CAPTURE.— 

12 ‘‘(i) IN GENERAL.—For purposes of 

13 this section, the term ‘carbon capture 

14 equipment’ shall include any direct air cap15 ture facility which can capture not less 

16 than 5,000 metric tons of qualified carbon 

17 oxide (as defined in section 45Q(c)) annu18 ally. 

19 ‘‘(ii) DIRECT AIR CAPTURE FACIL20 ITY.—The term ‘direct air capture facility’ 

21 has the same meaning given such term 

22 under section 45Q(e)(1) (as in effect on 

23 the date of enactment of this section). 

24 ‘‘(C) RULES REGARDING CAPTURE OF CAR25 BON OXIDE.—With respect to any qualified carVerDate Sep 11 2014 05:17 Jul 28, 2021 Jkt 019200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\S2475.IS S2475

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1 bon oxide captured using property described in 

2 subparagraph (A) or (B), the taxpayer shall 

3 physically or contractually ensure the disposal, 

4 utilization, or use of such qualified carbon oxide 

5 in a manner consistent with the requirements 

6 under section 45Q. 

7 ‘‘(3) ENERGY STORAGE TECHNOLOGY.—For 

8 purposes of this section, the term ‘energy storage 

9 technology’ means stationary equipment which— 

10 ‘‘(A) is capable of absorbing energy, stor11 ing energy for a period of time, and dispatching 

12 the stored energy using batteries, compressed 

13 air, pumped hydropower, thermal energy stor14 age, liquid air, regenerative fuel cells, flywheels, 

15 capacitors, superconducting magnets, stacked 

16 objects, or other technologies identified by the 

17 Secretary, in consultation with the Secretary of 

18 Energy, and 

19 ‘‘(B) has a capacity of not less than 1 

20 megawatt. 

21 ‘‘(4) APPLICATION WITH OTHER CREDITS.— 

22 ‘‘(A) IN GENERAL.—The term ‘qualified 

23 emerging energy property’ shall not include any 

24 property for which, for the taxable year or any 

25 prior taxable year— 


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1 ‘‘(i) electricity produced from such 

2 property is taken into account for purposes 

3 of the credit allowed under section 45, 

4 45J, or 45U, 

5 ‘‘(ii) qualified carbon oxide captured 

6 by such property is taken into account for 

7 purposes of the credit allowed under sec8 tion 45Q, 

9 ‘‘(iii) the basis of such property is 

10 taken into account for purposes of the 

11 credit allowed under section 48, 48A, 48B, 

12 or 48C, or 

13 ‘‘(iv) hydrogen produced from such 

14 property is taken into account for purposes 

15 of the credit allowed under section 45V. 

16 ‘‘(B) DENIAL OF DOUBLE BENEFIT.—With 

17 respect to any section described in clause (i), 

18 (ii), (iii), or (iv) of subparagraph (A), no credit 

19 shall be allowed under such section for any tax20 able year with respect to any property for which 

21 a credit is allowed under this section for such 

22 taxable year or any prior taxable year. 

23 ‘‘(C) ADDITIONAL RULE.—Subparagraphs 

24 (A)(ii) and (B) shall not apply for purposes of 

25 the credit allowed under this section or section 


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1 45Q with respect to any qualified carbon oxide 

2 captured using property described in subpara3 graph (A) or (B) of paragraph (2) if such car4 bon oxide is disposed of in a manner consistent 

5 with section 45Q(a)(3)(B). 

6 ‘‘(c) APPLICABLE PERCENTAGES.— 

7 ‘‘(1) QUALIFIED PRODUCTION FACILITIES.—In 

8 the case of any qualified production facility which 

9 satisfies the requirements for— 

10 ‘‘(A) a tier 1 facility (as described in 

11 clause (i) of section 45U(b)(2)(A)), the applica12 ble percentage shall be 40 percent, 

13 ‘‘(B) a tier 2 facility (as described in 

14 clause (ii) of such section), the applicable per15 centage shall be 30 percent, 

16 ‘‘(C) a tier 3 facility (as described in 

17 clause (iii) of such section), the applicable per18 centage shall be 20 percent, and 

19 ‘‘(D) a tier 4 facility (as described in 

20 clause (iv) of such section), the applicable per21 centage shall be 10 percent. 

22 ‘‘(2) CARBON CAPTURE EQUIPMENT.— 

23 ‘‘(A) IN GENERAL.—With respect to car24 bon capture equipment, the applicable percent25 age shall be— 


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1 ‘‘(i) in the case of tier 1 equipment, 

2 40 percent, 

3 ‘‘(ii) in the case of tier 2 equipment, 

4 30 percent, 

5 ‘‘(iii) in the case of tier 3 equipment, 

6 20 percent, 

7 ‘‘(iv) in the case of tier 4 equipment, 

8 10 percent, and 

9 ‘‘(v) in the case of any other such 

10 equipment, zero percent. 

11 ‘‘(B) EQUIPMENT TIERS.— 

12 ‘‘(i) IN GENERAL.—For purposes of 

13 this paragraph— 

14 ‘‘(I) TIER 1 EQUIPMENT.—The 

15 term ‘tier 1 equipment’ means any 

16 carbon capture equipment for which 

17 the market penetration level for the 

18 calendar year preceding the calendar 

19 year in which construction of such 

20 equipment began is less than 0.75 

21 percent. 

22 ‘‘(II) TIER 2 EQUIPMENT.—The 

23 term ‘tier 2 equipment’ has the same 

24 meaning given the term ‘tier 1 equip25 ment’ under subclause (I), except that 


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1 ‘at least 0.75 percent but less than 

2 1.5 percent’ shall be substituted for 

3 ‘less than 0.75 percent’. 

4 ‘‘(III) TIER 3 EQUIPMENT.—The 

5 term ‘tier 3 equipment’ has the same 

6 meaning given the term ‘tier 1 equip7 ment’ under subclause (I), except that 

8 ‘at least 1.5 percent but less than 

9 2.25 percent’ shall be substituted for 

10 ‘less than 0.75 percent’. 

11 ‘‘(IV) TIER 4 EQUIPMENT.—The 

12 term ‘tier 4 equipment’ has the same 

13 meaning given the term ‘tier 1 equip14 ment’ under subclause (I), except that 

15 ‘at least 2.25 percent but less than 3 

16 percent’ shall be substituted for ‘less 

17 than 0.75 percent’. 

18 ‘‘(ii) MARKET PENETRATION

19 LEVEL.—For purposes of this subpara20 graph, the term ‘market penetration level’ 

21 means, with respect to any calendar year, 

22 the amount equal to the greater of— 

23 ‘‘(I) the amount (expressed as a 

24 percentage) equal to the quotient of— 


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1 ‘‘(aa) the total amount (ex2 pressed in metric tons) of carbon 

3 oxide captured and disposed of, 

4 used, or utilized in a manner 

5 consistent with the requirements 

6 under section 45Q by carbon cap7 ture equipment within the United 

8 States during such calendar year 

9 (as determined by the Secretary 

10 on the basis of data reported by 

11 the Energy Information Adminis12 tration and the Environmental 

13 Protection Agency), divided by 

14 ‘‘(bb) the total amount of 

15 greenhouse gas emissions in the 

16 United States (expressed in met17 ric tons of CO2-e) during the 

18 most recent calendar year ending 

19 prior to the date of enactment of 

20 this section for which such data 

21 is available to the Administrator 

22 of the Environmental Protection 

23 Agency, or 


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1 ‘‘(II) the amount determined 

2 under this clause for the preceding 

3 calendar year. 

4 ‘‘(C) DIVISION OF EQUIPMENT FOR PUR5 POSES OF DETERMINING TIER.—For purposes 

6 of determining the applicable tier for any car7 bon capture equipment under subparagraph 

8 (B), such subparagraph shall be applied sepa9 rately (and the total amount of carbon oxide 

10 captured by such equipment shall be determined 

11 separately) with respect to— 

12 ‘‘(i) any such equipment described in 

13 subclause (I) of subsection (b)(2)(A)(ii), 

14 ‘‘(ii) any such equipment described in 

15 subclause (II) of such subsection, 

16 ‘‘(iii) any such equipment described in 

17 subclause (III) of such subsection, and 

18 ‘‘(iv) any such equipment described in 

19 subparagraph (B) of subsection (b)(2). 

20 ‘‘(D) DETERMINATION OF TIER.—For pur21 poses of this paragraph, the determination as to 

22 whether any carbon capture equipment qualifies 

23 as a tier 1, 2, 3, or 4 equipment shall be 

24 made— 


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1 ‘‘(i) during the year in which con2 struction of such equipment begins (as de3 termined under rules similar to the rules in 

4 section 45U(e)), and 

5 ‘‘(ii) based on the determinations in6 cluded in report described in section 

7 45U(b)(2)(D)(i)(II) with respect to such 

8 calendar year. 

9 ‘‘(E) REPORTING.—The Secretary shall, as 

10 part of the reports published pursuant to sec11 tion 45U(b)(2)(D)(i) and in the same manner 

12 as described under such section, publish the ap13 plicable market penetration level and tier for 

14 any carbon capture equipment (as determined 

15 separately for such equipment pursuant to sub16 paragraph (C)). 

17 ‘‘(3) ENERGY STORAGE TECHNOLOGY.— 

18 ‘‘(A) IN GENERAL.—With respect to en19 ergy storage technology, the applicable percent20 age shall be— 

21 ‘‘(i) in the case of tier 1 technology, 

22 40 percent, 

23 ‘‘(ii) in the case of tier 2 technology, 

24 30 percent, 


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1 ‘‘(iii) in the case of tier 3 technology, 

2 20 percent, 

3 ‘‘(iv) in the case of tier 4 technology, 

4 10 percent, and 

5 ‘‘(v) in the case of any other such 

6 technology, zero percent. 

7 ‘‘(B) TECHNOLOGY TIERS.— 

8 ‘‘(i) IN GENERAL.—For purposes of 

9 this paragraph— 

10 ‘‘(I) TIER 1 TECHNOLOGY.—The 

11 term ‘tier 1 technology’ means any en12 ergy storage technology for which the 

13 market penetration level for the cal14 endar year preceding the calendar 

15 year in which construction of such 

16 technology began is less than 0.75 

17 percent. 

18 ‘‘(II) TIER 2 TECHNOLOGY.—The 

19 term ‘tier 2 technology’ has the same 

20 meaning given the term ‘tier 1 tech21 nology’ under subclause (I), except 

22 that ‘at least 0.75 percent but less 

23 than 1.5 percent’ shall be substituted 

24 for ‘less than 0.75 percent’. 


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1 ‘‘(III) TIER 3 TECHNOLOGY.— 

2 The term ‘tier 3 technology’ has the 

3 same meaning given the term ‘tier 1 

4 technology’ under subclause (I), ex5 cept that ‘at least 1.5 percent but less 

6 than 2.25 percent’ shall be substituted 

7 for ‘less than 0.75 percent’. 

8 ‘‘(IV) TIER 4 TECHNOLOGY.— 

9 The term ‘tier 4 technology’ has the 

10 same meaning given the term ‘tier 1 

11 technology’ under subclause (I), ex12 cept that ‘at least 2.25 percent but 

13 less than 3 percent’ shall be sub14 stituted for ‘less than 0.75 percent’. 

15 ‘‘(ii) MARKET PENETRATION

16 LEVEL.—For purposes of this subpara17 graph, the term ‘market penetration level’ 

18 means, with respect to any calendar year, 

19 the amount equal to the greater of— 

20 ‘‘(I) the amount (expressed as a 

21 percentage) equal to the quotient of— 

22 ‘‘(aa) the total nameplate 

23 capacity (expressed in mega24 watts) of energy storage tech25 nology in operation within the 


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1 United States at the beginning of 

2 such calendar year (as deter3 mined by the Secretary on the 

4 basis of data reported by the En5 ergy Information Administra6 tion), divided by 

7 ‘‘(bb) the total domestic 

8 electricity production nameplate 

9 capacity (expressed in mega10 watts) at the close of such year, 

11 or 

12 ‘‘(II) the amount determined 

13 under this clause for the preceding 

14 calendar year. 

15 ‘‘(C) DIVISION OF TECHNOLOGY FOR PUR16 POSES OF DETERMINING TIER.— 

17 ‘‘(i) IN GENERAL.—For purposes of 

18 determining the applicable tier for any en19 ergy storage technology under subpara20 graph (B), such subparagraph shall be ap21 plied separately (and the total capacity of 

22 such technology shall be determined sepa23 rately) with respect to— 

24 ‘‘(I) any such technology which is 

25 lithium-ion based, 


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1 ‘‘(II) any such technology which 

2 uses pumped hydropower, 

3 ‘‘(III) any such technology 

4 which— 

5 ‘‘(aa) is not described in 

6 subclause (I) or (II), and 

7 ‘‘(bb) is classified as short8 duration storage under clause 

9 (ii), and 

10 ‘‘(IV) any such technology 

11 which— 

12 ‘‘(aa) is not described in 

13 subclause (I) or (II), and 

14 ‘‘(bb) is classified as long15 duration storage under clause 

16 (ii). 

17 ‘‘(ii) CLASSIFICATION.—The Secretary 

18 of Energy (in consultation with the Sec19 retary) shall issue such regulations or 

20 other guidance as the Secretary of Energy 

21 determines necessary or appropriate to de22 fine the terms ‘short-duration storage’ and 

23 ‘long-duration storage’ for purposes of 

24 classifying energy storage technology under 

25 clause (i). 


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1 ‘‘(D) DETERMINATION OF TIER.—For pur2 poses of this paragraph, the determination as to 

3 whether any energy storage technology qualifies 

4 as a tier 1, 2, 3, or 4 technology shall be 

5 made— 

6 ‘‘(i) during the year in which con7 struction of such technology begins (as de8 termined under rules similar to the rules in 

9 section 45U(e)), and 

10 ‘‘(ii) based on the determinations in11 cluded in report described in section 

12 45U(b)(2)(D)(i)(II) with respect to such 

13 calendar year. 

14 ‘‘(E) REPORTING.—The Secretary shall, as 

15 part of the reports published pursuant to sec16 tion 45U(b)(2)(D)(i) and in the same manner 

17 as described under such section, publish the ap18 plicable market penetration level and tier for 

19 any energy storage technology (as determined 

20 separately for such technology pursuant to sub21 paragraph (C)). 

22 ‘‘(d) SPECIAL RULES.— 

23 ‘‘(1) CERTAIN QUALIFIED PROGRESS EXPENDI24 TURE RULES MADE APPLICABLE.—Rules similar to 

25 the rules of subsections (c)(4) and (d) of section 46 


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1 (as in effect on the day before the enactment of the 

2 Revenue Reconciliation Act of 1990) shall apply for 

3 purposes of this section. 

4 ‘‘(2) TRANSFER OF CREDIT.— 

5 ‘‘(A) IN GENERAL.—If, with respect to a 

6 credit allowed under subsection (a) for any tax7 able year, the taxpayer elects the application of 

8 this paragraph for such taxable year with re9 spect to all (or any portion specified in such 

10 election) of such credit, the eligible project part11 ner specified in such election, and not the tax12 payer, shall be treated as the taxpayer for pur13 poses of this title with respect to such credit (or 

14 such portion thereof). 

15 ‘‘(B) ELIGIBLE PROJECT PARTNER.— 

16 ‘‘(i) IN GENERAL.—For purposes of 

17 this paragraph, the term ‘eligible project 

18 partner’ means, with respect to any quali19 fied emerging energy property, any person 

20 who— 

21 ‘‘(I) has an ownership interest in 

22 such property, 

23 ‘‘(II) provided equipment for or 

24 services in the construction of such 

25 property, 


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1 ‘‘(III) provides electric trans2 mission or distribution services for 

3 such property, 

4 ‘‘(IV) purchases electricity from 

5 such property pursuant to a contract, 

6 or 

7 ‘‘(V) provides financing for such 

8 property. 

9 ‘‘(ii) FINANCING.—For purposes of 

10 clause (i)(V), any amount paid as consider11 ation for a transfer described in subpara12 graph (A) shall not be treated as financing 

13 for qualified emerging energy property. 

14 ‘‘(C) DEDUCTION FOR PAYMENTS IN CON15 NECTION WITH TRANSFER.—A deduction under 

16 part VI of subchapter B shall be allowed in an 

17 amount equal to the amount paid by the tax18 payer as consideration for a transfer described 

19 in subparagraph (A). 

20 ‘‘(D) TAXABLE YEAR IN WHICH CREDIT

21 TAKEN INTO ACCOUNT.—In the case of any 

22 credit (or portion thereof) with respect to which 

23 an election is made under subparagraph (A), 

24 such credit shall be taken into account in the 

25 first taxable year of the eligible project partner 


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1 ending with, or after, the electing taxpayer’s 

2 taxable year with respect to which the credit 

3 was determined. 

4 ‘‘(E) LIMITATIONS ON ELECTION.— 

5 ‘‘(i) TIME FOR ELECTION.—An elec6 tion under this paragraph to transfer any 

7 portion of the credit allowed under sub8 section (a) shall be made not later than the 

9 due date for the return of tax for the elect10 ing taxpayer’s taxable year with respect to 

11 which the credit was determined. 

12 ‘‘(ii) NO FURTHER TRANSFERS.—No 

13 election may be made under this paragraph 

14 by a taxpayer with respect to any portion 

15 of the credit allowed under subsection (a) 

16 which has been previously transferred to 

17 such taxpayer under this paragraph. 

18 ‘‘(F) TREATMENT OF TRANSFER UNDER

19 PRIVATE USE RULES.—For purposes of section 

20 141(b)(1), any benefit derived by an eligible 

21 project partner in connection with an election 

22 under this paragraph shall not be taken into ac23 count as a private business use. 

24 ‘‘(G) SPECIAL RULES FOR PUBLIC PROP25 ERTY.— 


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1 ‘‘(i) IN GENERAL.—If, with respect to 

2 a credit under subsection (a) for any tax3 able year— 

4 ‘‘(I) a qualified public entity 

5 would be the taxpayer (but for this 

6 subparagraph), and 

7 ‘‘(II) such entity elects the appli8 cation of subparagraph (A) for such 

9 taxable year with respect to all (or 

10 any portion specified in such election) 

11 of such credit, 

12 the eligible project partner specified in 

13 such election, and not the qualified public 

14 entity, shall be treated as the taxpayer for 

15 purposes of this title with respect to such 

16 credit (or such portion thereof). 

17 ‘‘(ii) QUALIFIED PUBLIC ENTITY.— 

18 For purposes of this subparagraph, the 

19 term ‘qualified public entity’ means— 

20 ‘‘(I) any State or local govern21 ment, or a political subdivision there22 of, or 

23 ‘‘(II) an Indian tribal govern24 ment. 


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1 ‘‘(H) PROPERTY USED BY CERTAIN TAX2 EXEMPT ORGANIZATIONS AND GOVERNMENTAL

3 UNITS.—In the case of a taxpayer making an 

4 election under this paragraph, the credit subject 

5 to such an election shall be determined notwith6 standing— 

7 ‘‘(i) section 50(b)(3), and 

8 ‘‘(ii) in the case of any entity de9 scribed in section 50(b)(4)(A)(i), section 

10 50(b)(4). 

11 ‘‘(I) ADDITIONAL ELECTION REQUIRE12 MENTS.—The Secretary may prescribe such 

13 regulations as may be appropriate to carry out 

14 the purposes of this paragraph, including— 

15 ‘‘(i) rules for determining which per16 sons are eligible project partners with re17 spect to any qualified emerging energy 

18 property, and 

19 ‘‘(ii) requiring information to be in20 cluded in an election under subparagraph 

21 (A) or imposing additional reporting re22 quirements. 

23 ‘‘(e) REGULATIONS.—The Secretary (in consultation 

24 with the Secretary of Energy and the Administrator of 

25 the Environmental Protection Agency) shall issue such 


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1 regulations or other guidance as the Secretary determines 

2 necessary or appropriate to carry out the purposes of this 

3 section, including rules for reporting— 

4 ‘‘(1) for purposes of paragraph (2)(B)(ii) of 

5 subsection (c), the amount of carbon oxide captured 

6 by carbon capture equipment, and 

7 ‘‘(2) for purposes of paragraph (3)(B)(ii) of 

8 such subsection, the capacity of energy storage tech9 nology.’’. 

10 (b) SPECIAL RULE FOR PROCEEDS OF TRANSFERS

11 FOR MUTUAL OR COOPERATIVE ELECTRIC COMPANIES.— 

12 Section 501(c)(12)(I) of such Code is amended by insert13 ing ‘‘or 48D(d)(2)’’ after ‘‘section 45J(e)(1)’’. 

14 (c) CONFORMING AMENDMENTS.— 

15 (1) Section 46 of such Code is amended by 

16 striking ‘‘and’’ at the end of paragraph (5), by strik17 ing the period at the end of paragraph (6) and in18 serting ‘‘, and’’, and by adding at the end the fol19 lowing new paragraph: 

20 ‘‘(7) the emerging energy technology credit.’’. 

21 (2) Section 49(a)(1)(C) of such Code is amend22 ed by striking ‘‘and’’ at the end of clause (iv), by 

23 striking the period at the end of clause (v) and in24 serting ‘‘, and’’, and by adding at the end the fol25 lowing new clause: 


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1 ‘‘(vi) the basis of any qualified emerg2 ing energy property (as defined in section 

3 48D(b)(1)).’’. 

4 (3) The table of sections for subpart E of part 

5 IV of subchapter A of chapter 1 of such Code is 

6 amended by inserting after the item relating to sec7 tion 48C the following new item: 

‘‘Sec. 48D. Emerging energy technology credit.’’. 

8 (d) EFFECTIVE DATE.—The amendments made by 

9 this section shall apply to property placed in service in 

10 taxable years beginning after the date of the enactment 

11 of this Act, under rules similar to the rules of section 

12 48(m) of the Internal Revenue Code of 1986 (as in effect 

13 on the day before the date of the enactment of the Rev14 enue Reconciliation Act of 1990). 

15 SEC. 4. PRODUCTION CREDIT FOR EMERGING ENERGY 

16 TECHNOLOGY. 

17 (a) IN GENERAL.—Subpart D of part IV of sub18 chapter A of chapter 1 of the Internal Revenue Code of 

19 1986 is amended by adding at the end the following new 

20 section: 

21 ‘‘SEC. 45U. ELECTRICITY PRODUCED FROM EMERGING EN22 ERGY TECHNOLOGY. 

23 ‘‘(a) GENERAL RULE.—For purposes of section 38, 

24 the emerging energy technology production credit deter25 mined under this section for any taxable year beginning 


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1 in the credit period with respect to a qualified production 

2 facility of the taxpayer is an amount equal to the applica3 ble percentage of either of the following amounts, as elect4 ed by the taxpayer under subsection (g): 

5 ‘‘(1) The annual gross receipts of the taxpayer 

6 from the sale of electricity generated at the qualified 

7 production facility to an unrelated person (within 

8 the meaning of section 45(e)(4)) during such taxable 

9 year. 

10 ‘‘(2) An amount equal to the product of— 

11 ‘‘(A) 150 percent of the national average 

12 wholesale price of a kilowatt hour of electricity 

13 in the calendar year which began 2 years prior 

14 to the calendar year in which such taxable year 

15 begins, multiplied by 

16 ‘‘(B) the number of kilowatt hours of elec17 tricity produced at the qualified production fa18 cility and sold to an unrelated person (within 

19 the meaning of section 45(e)(4)) during such 

20 taxable year. 

21 ‘‘(b) APPLICABLE PERCENTAGE.— 

22 ‘‘(1) IN GENERAL.—For purposes of subsection 

23 (a), the applicable percentage is— 

24 ‘‘(A) in the case of a tier 1 facility, 60 per25 cent, 


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1 ‘‘(B) in the case of a tier 2 facility, 45 per2 cent, 

3 ‘‘(C) in the case of a tier 3 facility, 30 per4 cent, 

5 ‘‘(D) in the case of a tier 4 facility, 15 per6 cent, and 

7 ‘‘(E) in the case of any other facility, zero 

8 percent. 

9 ‘‘(2) FACILITY TIERS.— 

10 ‘‘(A) IN GENERAL.—For purposes of this 

11 section— 

12 ‘‘(i) TIER 1 FACILITY.—The term ‘tier 

13 1 facility’ means any qualified production 

14 facility which generates electricity from an 

15 individual energy production technology— 

16 ‘‘(I) described in subsection 

17 (d)(2)(A), and 

18 ‘‘(II) for which the market pene19 tration level for the calendar year pre20 ceding the calendar year in which con21 struction of such facility began is less 

22 than 0.75 percent. 

23 ‘‘(ii) TIER 2 FACILITY.—The term 

24 ‘tier 2 facility’ has the same meaning given 

25 the term ‘tier 1 facility’ under clause (i), 


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1 except that ‘at least 0.75 percent but less 

2 than 1.5 percent’ shall be substituted for 

3 ‘less than 0.75 percent’. 

4 ‘‘(iii) TIER 3 FACILITY.—The term 

5 ‘tier 3 facility’ has the same meaning given 

6 the term ‘tier 1 facility’ under clause (i), 

7 except that ‘at least 1.5 percent but less 

8 than 2.25 percent’ shall be substituted for 

9 ‘less than 0.75 percent’. 

10 ‘‘(iv) TIER 4 FACILITY.—The term 

11 ‘tier 4 facility’ has the same meaning given 

12 the term ‘tier 1 facility’ under clause (i), 

13 except that ‘at least 2.25 percent but less 

14 than 3 percent’ shall be substituted for 

15 ‘less than 0.75 percent’. 

16 ‘‘(B) MARKET PENETRATION LEVEL.—For 

17 purposes of this paragraph, the term ‘market 

18 penetration level’ means, with respect to any 

19 calendar year, the amount equal to the greater 

20 of— 

21 ‘‘(i) the amount (expressed as a per22 centage) equal to the quotient of— 

23 ‘‘(I) the sum of all electricity pro24 duced (expressed in terawatt hours) 

25 from the individual energy production 


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1 technology by all qualified production 

2 facilities (as defined in subsection 

3 (d)(1), except that subparagraph (D) 

4 of such subsection shall not apply) 

5 during such calendar year (as deter6 mined by the Secretary on the basis of 

7 data reported by the Energy Informa8 tion Administration), divided by 

9 ‘‘(II) the total domestic power 

10 sector electricity production (ex11 pressed in terawatt hours) for such 

12 calendar year, or 

13 ‘‘(ii) the amount determined under 

14 this subparagraph for the preceding cal15 endar year. 

16 ‘‘(C) CONSTRUCTION BEGINS.—For pur17 poses of this subsection and section 48D, the 

18 determination as to whether a facility qualifies 

19 as a tier 1, 2, 3, or 4 facility shall be— 

20 ‘‘(i) made during the calendar year in 

21 which construction of such facility begins, 

22 ‘‘(ii) based on the determinations in23 cluded in report described in subparagraph 

24 (D)(i)(II) with respect to such calendar 

25 year, and 


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1 ‘‘(iii) contingent on the taxpayer 

2 maintaining a continuous program of con3 struction or continuous efforts to advance 

4 towards completion of the facility. 

5 ‘‘(D) GUIDANCE AND REPORTS.— 

6 ‘‘(i) REPORTS.— 

7 ‘‘(I) ESTIMATES.—During the 

8 month of December of the calendar 

9 year which includes the date of enact10 ment of this section, and during the 

11 month of December of each subse12 quent year, the Secretary of Energy 

13 (in consultation with the Secretary) 

14 shall publish an annual report which 

15 contains estimates with respect to the 

16 applicable market penetration level 

17 and tier for each individual energy 

18 production technology described in 

19 subsection (d)(2)(A) which has been 

20 used to generate electricity by any 

21 qualified production facility (as de22 fined in subsection (d)(1), except that 

23 subparagraph (D) of such subsection 

24 shall not apply) during such calendar 

25 year. 


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1 ‘‘(II) FINAL REPORT.—During 

2 the month of February of each cal3 endar year beginning after the date of 

4 enactment of this section, the Sec5 retary of Energy (in consultation with 

6 the Secretary) shall publish an annual 

7 report which provides the final deter8 mination with respect to the applica9 ble market penetration level and tier 

10 for each individual energy production 

11 technology described in subsection 

12 (d)(2)(A) which has been used to gen13 erate electricity by any qualified pro14 duction facility (as defined in sub15 section (d)(1), except that subpara16 graph (D) of such subsection shall not 

17 apply) during the preceding calendar 

18 year. 

19 ‘‘(III) PREVIOUS YEARS.—In the 

20 case of a facility which began con21 struction during a calendar year pre22 ceding the calendar year which in23 cludes the date of enactment of this 

24 section, for purposes of determining 

25 whether such facility qualifies as a 


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1 tier 1, 2, 3, or 4 facility under sub2 paragraph (C), the Secretary of En3 ergy (in consultation with the Sec4 retary) shall include, as part of the 

5 first report described in subclause (II) 

6 which is published after the date of 

7 enactment of this section, the final de8 termination with respect to the appli9 cable market penetration level and tier 

10 for each individual energy production 

11 technology described in subsection 

12 (d)(2)(A) which has been used to gen13 erate electricity by any qualified pro14 duction facility (as defined in sub15 section (d)(1), except that subpara16 graph (D) of such subsection shall not 

17 apply) during such preceding calendar 

18 years as are determined by the Sec19 retary to be relevant for purposes of 

20 the administration of this section. 

21 ‘‘(ii) CLASSIFICATION OF ENERGY

22 PRODUCTION TECHNOLOGY.—The Sec23 retary of Energy (in consultation with the 

24 Secretary) shall issue such regulations or 

25 other guidance (as well as any subsequent 


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1 updates to such regulations or guidance) 

2 as the Secretary of Energy determines nec3 essary or appropriate to ensure that any 

4 qualified production facility or technology 

5 used for the production of electricity is 

6 classified within a single energy production 

7 technology for purposes of subsection 

8 (d)(2). In the case of any technology used 

9 for the production of electricity which may 

10 be classified within 2 or more different cat11 egories of energy production technology 

12 under such subsection, the Secretary of 

13 Energy shall make the determination as to 

14 the correct category with respect to such 

15 technology as rapidly as possible, with such 

16 determinations to be included in any report 

17 described in clause (i). 

18 ‘‘(iii) NATIONAL AVERAGE WHOLE19 SALE PRICE.—For purposes of determining 

20 the amount applicable under subsection 

21 (a)(2)(A) with respect to any calendar 

22 year, the Secretary of Energy (in consulta23 tion with the Secretary) shall include in 

24 any report described in clause (i) a deter25 mination with respect to the national averVerDate Sep 11 2014 05:17 Jul 28, 2021 Jkt 019200 PO 00000 Frm 00033 Fmt 6652 Sfmt 6201 E:\BILLS\S2475.IS S2475

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1 age wholesale price of a kilowatt hour of 

2 electricity during such calendar year. 

3 ‘‘(c) CREDIT PERIOD.—For purposes of this section, 

4 the credit period with respect to any qualified production 

5 facility is the 10-year period beginning with the date the 

6 facility was originally placed in service. 

7 ‘‘(d) QUALIFIED PRODUCTION FACILITY.— 

8 ‘‘(1) IN GENERAL.—For purposes of this sec9 tion, the term ‘qualified production facility’ means 

10 any electric generating facility which— 

11 ‘‘(A) is located in the United States or a 

12 possession of the United States (as such terms 

13 are used in section 638), 

14 ‘‘(B) generates electricity using energy 

15 production technology, 

16 ‘‘(C) produces such electricity with an 

17 emissions rate less than 100g CO2-e per kWh, 

18 and 

19 ‘‘(D) is placed in service after the date of 

20 enactment of this section. 

21 ‘‘(2) ENERGY PRODUCTION TECHNOLOGY.— 

22 ‘‘(A) IN GENERAL.—For purposes of para23 graph (1), each of the following shall be treated 

24 as an individual energy production technology: 

25 ‘‘(i) Traditional nuclear fission. 


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1 ‘‘(ii) Light water reactor-based ad2 vanced nuclear fission. 

3 ‘‘(iii) Non-light water reactor-based 

4 advanced nuclear fission. 

5 ‘‘(iv) Nuclear fusion. 

6 ‘‘(v) Concentrating solar thermal 

7 power. 

8 ‘‘(vi) Silicon photovoltaic. 

9 ‘‘(vii) Cadmium telluride and copper 

10 indium gallium selenide solar. 

11 ‘‘(viii) Emerging photovoltaics. 

12 ‘‘(ix) Enhanced geothermal. 

13 ‘‘(x) Hydrothermal. 

14 ‘‘(xi) Marine energy. 

15 ‘‘(xii) Fixed bottom offshore wind. 

16 ‘‘(xiii) Floating offshore wind. 

17 ‘‘(xiv) Traditional onshore wind. 

18 ‘‘(xv) New onshore wind. 

19 ‘‘(xvi) Coal. 

20 ‘‘(xvii) Natural gas. 

21 ‘‘(xviii) Petroleum. 

22 ‘‘(xix) Open-loop biomass. 

23 ‘‘(xx) Closed-loop biomass. 

24 ‘‘(xxi) Hydropower. 

25 ‘‘(B) ADDITIONAL SPECIFICATIONS.— 


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1 ‘‘(i) NUCLEAR FISSION.— 

2 ‘‘(I) TRADITIONAL NUCLEAR FIS3 SION.—For purposes of clause (i) of 

4 subparagraph (A), the term ‘tradi5 tional nuclear fission’ means any nu6 clear fission which is not described in 

7 subclause (II) or (III). 

8 ‘‘(II) LIGHT WATER REACTOR9 BASED ADVANCED NUCLEAR FIS10 SION.—For purposes of clause (ii) of 

11 such subparagraph, the term ‘light 

12 water reactor-based advanced nuclear 

13 fission’ shall include small modular 

14 light water reactors. 

15 ‘‘(III) NON-LIGHT WATER REAC16 TOR-BASED ADVANCED NUCLEAR FIS17 SION.—For purposes of clause (iii) of 

18 such subparagraph, the term ‘non19 light water reactor-based advanced 

20 nuclear fission’ means any advanced 

21 nuclear fission which is not included 

22 under clause (ii) of such subpara23 graph. 

24 ‘‘(ii) NUCLEAR FUSION.—For pur25 poses of clause (iv) of subparagraph (A), 


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1 only nuclear fusion for which net power is 

2 produced from the fusion reaction shall be 

3 included. 

4 ‘‘(iii) EMERGING PHOTOVOLTAICS.— 

5 For purposes of clause (viii) of such sub6 paragraph, the term ‘emerging photovol7 taics’ includes perovskite-based and perov8 skite-enhanced solar, quantum dots, or9 ganic photovoltaics, multi-junction tandem 

10 devices, and any photovoltaic solar tech11 nology not included under clause (vii) of 

12 such subparagraph. 

13 ‘‘(iv) MARINE ENERGY.—For pur14 poses of clause (xi) of such subparagraph, 

15 the term ‘marine energy’ has the same 

16 meaning given such term under section 

17 632 of the Energy Independence and Secu18 rity Act of 2007 (42 U.S.C. 17211). 

19 ‘‘(v) TRADITIONAL ONSHORE WIND.— 

20 For purposes of clause (xiv) of subpara21 graph (A), the term ‘traditional onshore 

22 wind’ means any energy production tech23 nology of a design which is the same as or 

24 substantially similar to wind technology 

25 that has achieved megawatt scale or larger 


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1 deployment in the United States as of the 

2 date of enactment of this section. 

3 ‘‘(vi) NEW ONSHORE WIND.—For pur4 poses of clause (xv) of such subparagraph, 

5 the term ‘new onshore wind’ means any 

6 energy production technology which is not 

7 included in clause (xiv) of such subpara8 graph. 

9 ‘‘(vii) OPEN-LOOP BIOMASS.—For 

10 purposes of clause (xix) of such subpara11 graph, the term ‘open-loop biomass’ has 

12 the same meaning given such term under 

13 section 45(c)(3). 

14 ‘‘(viii) CLOSED-LOOP BIOMASS.—For 

15 purposes of clause (xx) of such subpara16 graph, the term ‘closed-loop biomass’ has 

17 the same meaning given such term under 

18 section 45(c)(2). 

19 ‘‘(3) EMISSIONS RATE.— 

20 ‘‘(A) EXCLUSIONS.—For purposes of para21 graph (1)(C), the emissions rate shall not in22 clude— 

23 ‘‘(i) any emissions which are captured 

24 using carbon capture equipment, provided 

25 that any carbon oxide captured using such 


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1 equipment is disposed of, used, or utilized 

2 in a manner consistent with the require3 ments under section 45Q, or 

4 ‘‘(ii) in the case of electricity gen5 erated from any fossil fuel, any upstream 

6 or fugitive emissions, such as emissions re7 lated to the extraction, transportation, 

8 storage of such fuel. 

9 ‘‘(B) LIFECYCLE ANALYSIS.—For purposes 

10 of paragraph (1)(C), in the case of any facility 

11 which generates electricity through combustion 

12 of a non-fossil fuel, the emissions rate shall be 

13 determined based on a lifecycle analysis. 

14 ‘‘(4) APPLICATION WITH OTHER CREDITS.— 

15 ‘‘(A) IN GENERAL.—The term ‘qualified 

16 production facility’ shall not include any facility 

17 for which, for the taxable year or any prior tax18 able year— 

19 ‘‘(i) electricity produced from such fa20 cility is taken into account for purposes of 

21 the credit allowed under section 45 or 45J, 

22 ‘‘(ii) qualified carbon oxide captured 

23 by such facility is taken into account for 

24 purposes of the credit allowed under sec25 tion 45Q, 


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1 ‘‘(iii) the basis of any property which 

2 is part of such facility is taken into ac3 count for purposes of the credit allowed 

4 under section 48, 48A, 48B, 48C, or 48D, 

5 or 

6 ‘‘(iv) hydrogen produced from such fa7 cility is taken into account for purposes of 

8 the credit allowed under section 45V. 

9 ‘‘(B) DENIAL OF DOUBLE BENEFIT.—With 

10 respect to any section described in clause (i), 

11 (ii), (iii), or (iv) of subparagraph (A), no credit 

12 shall be allowed under such section for any tax13 able year with respect to any property for which 

14 a credit is allowed under this section for such 

15 taxable year or any prior taxable year. 

16 ‘‘(5) CO2-e.—In this section, the term ‘CO2-e’ 

17 means the quantity of a greenhouse gas that has a 

18 global warming potential equivalent to 1 metric ton 

19 of carbon dioxide, as determined under table A–1 of 

20 subpart A of part 98 of title 40, Code of Federal 

21 Regulations, as in effect on the date of enactment of 

22 this section. 

23 ‘‘(e) DETERMINATION OF WHEN CONSTRUCTION BE24 GINS; CONTINUOUS PROGRAM OF CONSTRUCTION OR

25 CONTINUITY OF EFFORT.— 


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1 ‘‘(1) IN GENERAL.—For purposes of this sec2 tion, construction of a facility begins when— 

3 ‘‘(A) physical work of a significant nature 

4 begins, or 

5 ‘‘(B) during the year in which the taxpayer 

6 begins physical work, a facility has invested not 

7 less than— 

8 ‘‘(i) 2 percent of construction costs, or 

9 ‘‘(ii) $50,000,000. 

10 ‘‘(2) WORK PERFORMED.—For purposes of 

11 paragraph (1), any work performed— 

12 ‘‘(A) by the taxpayer, or 

13 ‘‘(B) for the taxpayer by other persons 

14 under a binding written contract which is en15 tered into prior to the manufacture, construc16 tion, or production of the property for use by 

17 the taxpayer in the taxpayer’s trade or business 

18 (or for the taxpayer’s production of income), 

19 shall be taken into account in determining whether 

20 construction has begun. 

21 ‘‘(3) CONTINUOUS PROGRAM OF CONSTRUC22 TION.—For purposes of this section, the term ‘con23 tinuous program of construction’ means continuing 

24 physical work of a significant nature, as determined 


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1 by the Secretary based upon relevant facts and cir2 cumstances. 

3 ‘‘(4) CONTINUOUS EFFORTS.—For purposes of 

4 this section, the term ‘continuous efforts’ means 

5 making continuous efforts towards completion of the 

6 facility, as determined by the Secretary based upon 

7 relevant facts and circumstances. 

8 ‘‘(f) TRANSFER OF CREDIT.—Rules similar to the 

9 rules of subsection (d)(2) of section 48D shall apply for 

10 purposes of this section. 

11 ‘‘(g) ELECTION.—An election under this subsection 

12 with respect to the amounts described in paragraphs (1) 

13 and (2) of subsection (a) shall be included in the return 

14 of tax for the taxable year in which the qualified produc15 tion facility is placed in service. Such election, once made, 

16 shall be irrevocable for any taxable year during the credit 

17 period under subsection (c). 

18 ‘‘(h) REGULATIONS.—Not later than 18 months after 

19 the date of the enactment of this section, the Secretary 

20 shall prescribe such regulations as may be necessary or 

21 appropriate to carry out the purposes of this section.’’. 

22 (b) CREDIT ALLOWED AS PART OF GENERAL BUSI23 NESS CREDIT.—Section 38(b) of the Internal Revenue 

24 Code of 1986 is amended by striking ‘‘plus’’ at the end 

25 of paragraph (32), by striking the period at the end of 


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1 paragraph (33) and inserting ‘‘, plus’’, and by adding at 

2 the end the following new paragraph: 

3 ‘‘(34) the emerging energy technology produc4 tion credit determined under section 45U(a).’’. 

5 (c) SPECIAL RULE FOR PROCEEDS OF TRANSFERS

6 FOR MUTUAL OR COOPERATIVE ELECTRIC COMPANIES.— 

7 Section 501(c)(12)(I) of such Code, as amended by section 

8 3(b), is amended by striking ‘‘or 48D(d)(2)’’ and inserting 

9 ‘‘, 45U(f), or 48D(d)(2)’’. 

10 (d) CLERICAL AMENDMENT.—The table of sections 

11 for subpart D of part IV of subchapter A of chapter 1 

12 of the Internal Revenue Code of 1986 is amended by add13 ing at the end the following new item: 

‘‘Sec. 45U. Electricity produced from emerging energy technology.’’. 

14 (e) EFFECTIVE DATE.—The amendments made by 

15 this section shall apply to electricity produced and sold 

16 in taxable years beginning after the date of the enactment 

17 of this Act. 

18 SEC. 5. CLEAN HYDROGEN PRODUCTION CREDIT. 

19 (a) IN GENERAL.—Subpart D of part IV of sub20 chapter A of chapter 1 of the Internal Revenue Code of 

21 1986, as amended by section 4, is amended by adding at 

22 the end the following new section: 

23 ‘‘SEC. 45V. CLEAN HYDROGEN PRODUCTION. 

24 ‘‘(a) GENERAL RULE.— 


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1 ‘‘(1) AMOUNT OF CREDIT.—For purposes of 

2 section 38, the clean hydrogen production credit de3 termined under this section for any taxable year be4 ginning in the credit period with respect to a quali5 fied hydrogen production facility of the taxpayer is 

6 an amount equal to the product of— 

7 ‘‘(A) the applicable percentage of an 

8 amount equal to 250 percent of the national av9 erage wholesale price of a kilogram of hydrogen 

10 in the calendar year which began 2 years prior 

11 to the calendar year in which such taxable year 

12 begins, and 

13 ‘‘(B) subject to paragraph (2), the amount 

14 of clean hydrogen produced at the qualified hy15 drogen production facility during such taxable 

16 year. 

17 ‘‘(2) INCREASE FOR ZERO-EMISSIONS HYDRO18 GEN.—In the case of any clean hydrogen described 

19 in subsection (d)(1)(A)(ii), the amount determined 

20 under paragraph (1)(B) with respect to such clean 

21 hydrogen shall be equal to twice the amount other22 wise determined under such paragraph. 

23 ‘‘(b) APPLICABLE PERCENTAGE.— 

24 ‘‘(1) IN GENERAL.—For purposes of subsection 

25 (a)(1)(A), the applicable percentage is— 


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1 ‘‘(A) in the case of a tier 1 facility, 60 per2 cent, 

3 ‘‘(B) in the case of a tier 2 facility, 45 per4 cent, 

5 ‘‘(C) in the case of a tier 3 facility, 30 per6 cent, 

7 ‘‘(D) in the case of a tier 4 facility, 15 per8 cent, and 

9 ‘‘(E) in the case of any other facility, zero 

10 percent. 

11 ‘‘(2) FACILITY TIERS.— 

12 ‘‘(A) IN GENERAL.—For purposes of this 

13 subsection— 

14 ‘‘(i) TIER 1 FACILITY.—The term ‘tier 

15 1 facility’ means any qualified hydrogen 

16 production facility which produces clean 

17 hydrogen from a qualified production 

18 method for which the market penetration 

19 level for the calendar year preceding the 

20 calendar year in which construction or 

21 modification of such facility began is less 

22 than 0.75 percent. 

23 ‘‘(ii) TIER 2 FACILITY.—The term 

24 ‘tier 2 facility’ has the same meaning given 

25 the term ‘tier 1 facility’ under clause (i), 


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1 except that ‘at least 0.75 percent but less 

2 than 1.5 percent’ shall be substituted for 

3 ‘less than 0.75 percent’. 

4 ‘‘(iii) TIER 3 FACILITY.—The term 

5 ‘tier 3 facility’ has the same meaning given 

6 the term ‘tier 1 facility’ under clause (i), 

7 except that ‘at least 1.5 percent but less 

8 than 2.25 percent’ shall be substituted for 

9 ‘less than 0.75 percent’. 

10 ‘‘(iv) TIER 4 FACILITY.—The term 

11 ‘tier 4 facility’ has the same meaning given 

12 the term ‘tier 1 facility’ under clause (i), 

13 except that ‘at least 2.25 percent but less 

14 than 3 percent’ shall be substituted for 

15 ‘less than 0.75 percent’. 

16 ‘‘(B) MARKET PENETRATION LEVEL.—For 

17 purposes of this paragraph, the term ‘market 

18 penetration level’ means, with respect to any 

19 calendar year, the amount equal to the greater 

20 of— 

21 ‘‘(i) the amount (expressed as a per22 centage) equal to the quotient of— 

23 ‘‘(I) subject to subsection 

24 (d)(1)(C), the total energy content 

25 (expressed in megawatt hours) of all 


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1 clean hydrogen produced using the 

2 qualified production method by all 

3 qualified hydrogen production facili4 ties (as defined in subsection 

5 (d)(2)(A), except that clause (iii) of 

6 such subsection shall not apply) dur7 ing such calendar year (as determined 

8 by the Secretary on the basis of data 

9 reported by the Energy Information 

10 Administration), divided by 

11 ‘‘(II) the total domestic power 

12 sector electricity production (ex13 pressed in megawatt hours) for such 

14 calendar year, or 

15 ‘‘(ii) the amount determined under 

16 this subparagraph for the preceding cal17 endar year 

18 ‘‘(C) DIVISION OF PRODUCTION METHODS

19 FOR PURPOSES OF DETERMINING TIER.—For 

20 purposes of determining the applicable tier for 

21 any qualified production method under subpara22 graph (B), such subparagraph shall be applied 

23 separately with respect to— 

24 ‘‘(i) any such method described in 

25 subparagraph (A) of subsection (d)(3), and 


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1 ‘‘(ii) any such method described in 

2 subparagraph (B) of such subsection. 

3 ‘‘(D) CONSTRUCTION BEGINS.—For pur4 poses of this subsection, the determination as to 

5 whether a facility qualifies as a tier 1, 2, 3, or 

6 4 facility shall be— 

7 ‘‘(i) made during the year in which 

8 construction or modification of such facil9 ity begins, 

10 ‘‘(ii) based on the determinations in11 cluded in report described in section 

12 45U(b)(2)(D)(i)(II) with respect to such 

13 calendar year, and 

14 ‘‘(iii) contingent on the taxpayer 

15 maintaining a continuous program of con16 struction or continuous efforts to advance 

17 towards completion of the facility. 

18 ‘‘(E) REPORTS.— 

19 ‘‘(i) IN GENERAL.—The Secretary 

20 shall, as part of the reports published pur21 suant to section 45U(b)(2)(D)(i) and in 

22 the same manner as described under such 

23 section, publish the applicable market pen24 etration level and tier for each qualified 

25 production method which has been used to 


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1 produce clean hydrogen by any qualified 

2 hydrogen production facility (as defined in 

3 subsection (d)(2)(A), except that clause 

4 (iii) of such subsection shall not apply). 

5 ‘‘(ii) NATIONAL AVERAGE WHOLESALE

6 PRICE.—For purposes of determining the 

7 amount applicable under subsection 

8 (a)(1)(A) with respect to any calendar 

9 year, the Secretary of Energy (in consulta10 tion with the Secretary) shall include in 

11 any report described in section 

12 45U(b)(2)(D)(i) a determination with re13 spect to the national average wholesale 

14 price of a kilogram of hydrogen during 

15 such calendar year. 

16 ‘‘(c) CREDIT PERIOD.—For purposes of this section, 

17 the credit period with respect to any qualified hydrogen 

18 production facility is— 

19 ‘‘(1) in the case of a facility described in sub20 clause (I) of subsection (d)(2)(A)(iii), the 10-year 

21 period beginning with the date the facility was origi22 nally placed in service, or 

23 ‘‘(2) in the case of a facility described in sub24 clause (II) of such subsection, the 10-year period beVerDate Sep 11 2014 05:17 Jul 28, 2021 Jkt 019200 PO 00000 Frm 00049 Fmt 6652 Sfmt 6201 E:\BILLS\S2475.IS S2475

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1 ginning with the date that the property required to 

2 modify such facility is placed in service. 

3 ‘‘(d) DEFINITIONS.—In this section— 

4 ‘‘(1) CLEAN HYDROGEN.— 

5 ‘‘(A) IN GENERAL.—The term ‘clean hy6 drogen’ means hydrogen which, as determined 

7 based on a lifecycle analysis, is produced 

8 through a qualified production method for 

9 which the rate of the greenhouse gas emis10 sions— 

11 ‘‘(i) is greater than zero and not 

12 greater than 2,500g CO2-e (as defined in 

13 section 45U(d)(5)) per kilogram of hydro14 gen produced, or 

15 ‘‘(ii) is equal to or less than zero. 

16 ‘‘(B) SPECIAL RULES.— 

17 ‘‘(i) EMISSIONS FROM GENERATION

18 OF ELECTRICITY.—In the case of any hy19 drogen produced from a qualified produc20 tion method described in paragraph 

21 (3)(A)— 

22 ‘‘(I) if such method uses elec23 tricity generated from a renewable en24 ergy resource (as defined in section 

25 403 of the Renewable Energy ReVerDate Sep 11 2014 05:17 Jul 28, 2021 Jkt 019200 PO 00000 Frm 00050 Fmt 6652 Sfmt 6201 E:\BILLS\S2475.IS S2475

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1 sources Act of 1980 (42 U.S.C. 

2 7372)) or nuclear power, such hydro3 gen shall be deemed to be clean hy4 drogen described in subparagraph 

5 (A)(ii), or 

6 ‘‘(II) if such method uses elec7 tricity generated from a source that 

8 emits greenhouse gases during pro9 duction, any such emissions which are 

10 released into the atmosphere during 

11 such production shall be included for 

12 purposes of determining the rate of 

13 the greenhouse gas emissions under 

14 subparagraph (A). 

15 ‘‘(ii) NON-ELECTROLYSIS OR USE OF

16 FOSSIL FUELS.—In the case of any hydro17 gen produced— 

18 ‘‘(I) through the use of fossil 

19 fuels or through the use of electricity 

20 which is generated through combus21 tion of a fossil fuel, or 

22 ‘‘(II) using a method described in 

23 paragraph (3)(B), 


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1 subparagraph (A) shall be applied with re2 spect to such hydrogen on the basis of a 

3 lifecycle analysis. 

4 ‘‘(iii) EXCLUSION OF HYDROGEN

5 EMISSIONS.—For purposes of subpara6 graph (A), with respect to hydrogen pro7 duced through a qualified production meth8 od, any such hydrogen which is released 

9 into the atmosphere during such produc10 tion shall not be included for purposes of 

11 determining the rate of the greenhouse gas 

12 emissions under such subparagraph. 

13 ‘‘(iv) CARBON CAPTURE.—For pur14 poses of determining the rate of the green15 house gas emissions under subparagraph 

16 (A), such subparagraph shall not apply 

17 with respect to any qualified carbon oxide 

18 (as defined in section 45Q(c)) captured 

19 using carbon capture equipment if such 

20 carbon oxide is disposed of, used, or uti21 lized in a manner consistent with the re22 quirements under section 45Q. 

23 ‘‘(v) UPSTREAM AND DOWNSTREAM

24 EMISSIONS.— 


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1 ‘‘(I) IN GENERAL.—In the case 

2 of hydrogen produced using a quali3 fied production method described in 

4 clause (ii), for purposes of the appli5 cation of subparagraph (A) based on 

6 a lifecycle analysis with respect to 

7 such method, such subparagraph shall 

8 not apply with respect to— 

9 ‘‘(aa) any upstream emis10 sions, and 

11 ‘‘(bb) any downstream emis12 sions related to the compression, 

13 liquefaction, use, or transport of 

14 hydrogen subsequent to produc15 tion. 

16 ‘‘(II) HIGH-TEMPERATURE ELEC17 TROLYSIS.—For purposes of deter18 mining the rate of the greenhouse gas 

19 emissions under subparagraph (A) 

20 with respect to hydrogen produced 

21 using high-temperature electrolysis, 

22 such subparagraph shall apply with 

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1 ate heat to which clause (iv) does not 

2 apply. 

3 ‘‘(III) UPSTREAM EMISSIONS.— 

4 For purposes of this clause, the term 

5 ‘upstream emissions’ means the quan6 tity of greenhouse gases, expressed in 

7 metric tons of CO2-e, emitted to the 

8 atmosphere resulting from the extrac9 tion, processing, transportation, fi10 nancing, or other preparation of hy11 drogen for use. 

12 ‘‘(C) ENERGY CONTENT.—For purposes of 

13 subsection (b)(2)(B)(i)(I), the energy content of 

14 1 kilogram of clean hydrogen shall be deemed 

15 to be equal to 33.6 kilowatt hours of energy. 

16 ‘‘(2) QUALIFIED HYDROGEN PRODUCTION FA17 CILITY.— 

18 ‘‘(A) IN GENERAL.—The term ‘qualified 

19 hydrogen production facility’ means any facil20 ity— 

21 ‘‘(i) which is located in the United 

22 States or a possession of the United States 

23 (as such terms are used in section 638), 

24 ‘‘(ii) which produces clean hydrogen 

25 using a qualified production method, and 


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1 ‘‘(iii)(I) which is placed in service 

2 after the date of enactment of this section, 

3 or 

4 ‘‘(II) which— 

5 ‘‘(aa) was originally placed in 

6 service before the date of enactment 

7 of this section and, prior to the modi8 fication described in item (bb), did not 

9 produce clean hydrogen, and 

10 ‘‘(bb) after the date of enactment 

11 of this section, is modified to produce 

12 clean hydrogen, including— 

13 ‘‘(AA) modification of a fa14 cility which, prior to such modi15 fication, produced hydrogen 

16 which did not satisfy the require17 ments under paragraph (1)(A), 

18 or 

19 ‘‘(BB) for purposes of para20 graph (1)(B)(iv), installation of 

21 carbon capture equipment. 

22 ‘‘(B) APPLICATION WITH OTHER CRED23 ITS.— 


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1 ‘‘(i) IN GENERAL.—With respect to 

2 any taxable year, the term ‘qualified hydro3 gen production facility’ shall not include— 

4 ‘‘(I) any facility which— 

5 ‘‘(aa) produces electricity— 

6 ‘‘(AA) which is taken 

7 into account for purposes of 

8 the credit allowed under sec9 tion 45, 45J, or 45U for 

10 such taxable year or any 

11 previous taxable year, and 

12 ‘‘(BB) which is used by 

13 such facility for the produc14 tion of clean hydrogen, or 

15 ‘‘(bb) for such taxable year 

16 or any previous taxable year, the 

17 basis of any property which is 

18 part of such facility is taken into 

19 account for purposes of the credit 

20 allowed under section 48, 48A, 

21 48B, 48C, or 48D, or 

22 ‘‘(II) any carbon capture equip23 ment placed in service at a facility 

24 which is used to capture qualified car25 bon oxide which is taken into account 


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1 in such taxable year or any previous 

2 taxable year for purposes of the credit 

3 allowed under section 45Q. 

4 ‘‘(ii) DENIAL OF DOUBLE BENEFIT.— 

5 With respect to any section described in 

6 clause (I) or (II) of clause (i), no credit 

7 shall be allowed under such section for any 

8 taxable year with respect to any property 

9 for which a credit is allowed under this 

10 section for such taxable year or any prior 

11 taxable year. 

12 ‘‘(3) QUALIFIED PRODUCTION METHOD.—The 

13 term ‘qualified production method’ means— 

14 ‘‘(A) electrolysis, and 

15 ‘‘(B) any method not described in subpara16 graph (A). 

17 ‘‘(e) TRANSFER OF CREDIT.— 

18 ‘‘(1) IN GENERAL.—If, with respect to a credit 

19 allowed under subsection (a) for any taxable year, 

20 the taxpayer elects the application of this subsection 

21 for such taxable year with respect to all (or any por22 tion specified in such election) of such credit, the eli23 gible project partner specified in such election, and 

24 not the taxpayer, shall be treated as the taxpayer for 


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1 purposes of this title with respect to such credit (or 

2 such portion thereof). 

3 ‘‘(2) ELIGIBLE PROJECT PARTNER.— 

4 ‘‘(A) IN GENERAL.—For purposes of this 

5 subsection, the term ‘eligible project partner’ 

6 means, with respect to any qualified hydrogen 

7 production facility, any person who— 

8 ‘‘(i) has an ownership interest in such 

9 facility, 

10 ‘‘(ii) provided equipment for or serv11 ices in the construction of such facility, 

12 ‘‘(iii) provides electricity or feedstock 

13 for production of hydrogen at such facility, 

14 ‘‘(iv) purchases hydrogen, or a direct 

15 product thereof, produced at such facility 

16 pursuant to a contract, or 

17 ‘‘(v) provides financing for such facil18 ity. 

19 ‘‘(B) FINANCING.—For purposes of sub20 paragraph (A)(v), any amount paid as consider21 ation for a transfer described in paragraph (1) 

22 shall not be treated as financing for qualified 

23 hydrogen production facility. 

24 ‘‘(C) OTHER RULES.—Rules similar to the 

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1 tion 48D(d)(2) shall apply for purposes of this 

2 subsection. 

3 ‘‘(f) DETERMINATION OF WHEN CONSTRUCTION BE4 GINS; CONTINUOUS PROGRAM OF CONSTRUCTION OR

5 CONTINUITY OF EFFORT.—Rules similar to the rules of 

6 section 45U(e) shall apply for purposes of this section. 

7 ‘‘(g) REGULATIONS.—Not later than 1 year after the 

8 date of the enactment of this section, the Secretary shall 

9 prescribe such regulations as may be necessary or appro10 priate to carry out the purposes of this section.’’. 

11 (b) CREDIT ALLOWED AS PART OF GENERAL BUSI12 NESS CREDIT.—Section 38(b) of the Internal Revenue 

13 Code of 1986, as amended by section 4(b), is amended 

14 by striking ‘‘plus’’ at the end of paragraph (33), by strik15 ing the period at the end of paragraph (34) and inserting 

16 ‘‘, plus’’, and by adding at the end the following new para17 graph: 

18 ‘‘(35) the clean hydrogen production credit de19 termined under section 45V(a).’’. 

20 (c) CLERICAL AMENDMENT.—The table of sections 

21 for subpart D of part IV of subchapter A of chapter 1 

22 of the Internal Revenue Code of 1986, as amended by sec23 tion 4(d), is amended by adding at the end the following 

24 new item: 

‘‘Sec. 45V. Clean hydrogen production.’’. 


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1 (d) EFFECTIVE DATE.—The amendments made by 

2 this section shall apply to hydrogen produced in taxable 

3 years beginning after the date of the enactment of this 

4 Act. 

5 SEC. 6. REPORT ON ADDITIONAL ENERGY PRODUCTION 

6 TECHNOLOGY. 

7 (a) IN GENERAL.—Not later than 1 year after the 

8 date of enactment of this Act, and every 5 years there9 after, the Secretary of Energy (referred to in this section 

10 as the ‘‘Secretary’’) shall submit a report to the Com11 mittee on Ways and Means of the House of Representa12 tives and the Committee on Finance of the Senate 

13 which— 

14 (1) identifies new and emerging energy produc15 tion technologies which— 

16 (A) have less than 3 percent market pene17 tration level (as defined in subsection (b)(2)(B) 

18 of section 45U of the Internal Revenue Code of 

19 1986 (as added by section 4 of this Act)); and 

20 (B) the Secretary recommends should be 

21 added to subsection (d)(2)(A) of such section as 

22 an individual energy production technology; 

23 (2) includes legislative language to carry out 

24 the recommendations described in paragraph (1)(B); 

25 and 


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1 (3) considers petitions and comments submitted 

2 under subsection (b). 

3 (b) REPORT PROCESS.— 

4 (1) IN GENERAL.—Not later than 24 months 

5 after the date of enactment of this Act, the Sec6 retary shall publish in the Federal Register and on 

7 a publicly available Internet website of the Depart8 ment of Energy a notice requesting members of the 

9 public to submit to the Department of Energy dur10 ing the 60-day period beginning on the date of such 

11 publication petitions for inclusion of any technology 

12 used for the production of electricity as an individual 

13 energy production technology under subsection 

14 (d)(2) of section 45U of the Internal Revenue Code 

15 of 1986 (as added by section 4 of this Act). 

16 (2) CONTENT.—Each petition described in 

17 paragraph (1) shall include the following informa18 tion: 

19 (A) The name and address of the peti20 tioner. 

21 (B) A description of the technology used 

22 for the production of electricity. 

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1 section (d)(1)(C) of section 45U of the Internal 

2 Revenue Code of 1986. 

3 (D) Such other information as the Sec4 retary may require. 

5 (3) PROCEDURES.—The Secretary shall pre6 scribe and publish in the Federal Register and on a 

7 publicly available internet website of the Department 

8 of Energy procedures to be complied with by mem9 bers of the public submitting petitions for inclusion 

10 under paragraph (1). 

11 (c) REVIEW.— 

12 (1) PUBLICATION AND PUBLIC AVAILABILITY.— 

13 As soon as practicable, the Secretary shall publish 

14 on a publicly available internet website of the De15 partment of Energy the petitions for inclusions sub16 mitted under paragraph (1) of subsection (b) that 

17 contain the information required under paragraph 

18 (2) of such subsection. 

19 (2) PUBLIC COMMENT.— 

20 (A) IN GENERAL.—The Secretary shall 

21 publish in the Federal Register and on a pub22 licly available internet website of the Depart23 ment of Energy a notice requesting members of 

24 the public to submit to the Department of En25 ergy comments on the petitions for inclusion 


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1 published by the Department of Energy under 

2 paragraph (1). 

3 (B) PUBLICATION.—The Secretary shall 

4 publish a notice in the Federal Register direct5 ing members of the public to a publicly avail6 able internet website of the Department of En7 ergy to view the comments of the members of 

8 the public received under subparagraph (A). 

9 (d) SENSE OF CONGRESS.—It is the sense of Con10 gress that, to incentivize innovation in energy generation 

11 technologies and to promote the reliability of and perform12 ance improvements in the United States energy sector, 

13 Congress should, not later than 90 days after the Sec14 retary submits any report under subsection (a), consider 

15 a bill to add any technology used for the production of 

16 electricity which is included in such report to the list of 

17 individual energy production technologies under section 

18 45U(d)(2) of the Internal Revenue Code of 1986. 

Æ 


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