The Biden administration unveiled its hydrogen tax credit proposal, estimated to deliver $140 billion in revenue and 700,000 jobs by 2030

Fri, 12/22/2023 - 11:44

a car at a blue hydrogen fuel station with lights on it — Hydrogen cars fueling up at TrueZero in Fountain Valley, California.
Allen J. Schaben / Los Angeles Times via Getty Images

The Biden administration unveiled its hydrogen tax-credit proposal on Friday.
Officials estimate the hydrogen production credits can deliver $140 billion and 700,000 jobs by 2030.
They could also help the US produce 50 million metric tons of hydrogen by 2050.

WASHINGTON (AP) — 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-fueled power.