Hydrogen tax credit plan unveiled as Biden administration tries to jump start industry

The Biden administration released its highly anticipated proposal for doling out billions of dollars in tax credits to hydrogen producers Friday, in a massive effort to build out an industry that some hope can be a cleaner alternative to fossil fuel power. The U.S. credit is has been called the most generous in the world for hydrogen production. The proposal — which is part of Democrats’ Inflation Reduction Act passed last year — outlines a tiered system to determine which hydrogen producers get the most credits, with cleaner energy projects receiving more, and smaller, but still meaningful credits going to those that use fossil fuels to produce hydrogen.