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Tax Credits for Emerging Energy Technologies and Clean Hydrogen

This act introduces new tax credits for investments in emerging energy technologies, such as energy storage, carbon capture, and clean hydrogen production. The goal is to foster innovation, which Congress finds can benefit jobs, the economy, the environment, and the reliability of energy generation.
Key points
Businesses investing in new energy technologies like energy storage and carbon capture can receive investment tax credits.
Production tax credits are established for electricity generated from emerging energy technologies and for clean hydrogen production.
The act allows for the transfer of tax credits to eligible project partners, facilitating financing for projects, including those involving public entities.
The Secretary of Energy will regularly report on new energy production technologies that may qualify for credits, considering public petitions.
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Additional Information
Print number: 117_HR_4720
Sponsor: Rep. Reed, Tom [R-NY-23]
Process start date: 2021-07-27
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OFFICIAL LEGAL TITLE

Energy Sector Innovation Credit Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_4720.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-07-27.

What are the main provisions?

Key points include:

  • Businesses investing in new energy technologies like energy storage and carbon capture can receive investment tax credits.
  • Production tax credits are established for electricity generated from emerging energy technologies and for clean hydrogen production.
  • The act allows for the transfer of tax credits to eligible project partners, facilitating financing for projects, including those involving public entities.
  • The Secretary of Energy will regularly report on new energy production technologies that may qualify for credits, considering public petitions.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Reed, Tom [R-NY-23].

What is the latest detailed status?

The latest detailed status is: ASSUMING FIRST SPONSORSHIP - Mr. Schweikert asked unanimous consent that he may hereafter be considered as the first sponsor of H.R. 4720, a bill originally introduced by Representative Reed, for the purpose of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Taxes Environment Economy