(a) Rate.--The tax credit shall be equal to any one or more of the following:
(1) $0.81 per kilogram of clean hydrogen purchased from a Regional Clean Hydrogen Hub within this Commonwealth and used in manufacturing at the project facility by a qualified taxpayer.
(2) $0.47 per unit of natural gas that is purchased and used in manufacturing at the project facility by a qualified taxpayer.
(1) A qualified taxpayer may apply to the department for a tax credit under this section.
(2) The application must be submitted to the department by March 1 for the tax credit claimed for clean hydrogen or natural gas purchased and used in manufacturing by the qualified taxpayer at the project facility during the prior calendar year.
(3) The application must be on a form required by the department which shall include the following:
(i) information required by the department to document the amount of natural gas purchased and used in manufacturing at the project facility;
(ii) information required by the department to document the amount of clean hydrogen to be purchased from sources within the Regional Clean Hydrogen Hub in this Commonwealth and used in manufacturing at the project facility;
(iii) information required by the department to verify that the applicant is a qualified taxpayer; and
(iv) any other information as the department deems appropriate.
(c) Review and approval.-- (1) The department shall review the applications and shall issue an approval or disapproval by May 1.
(2) Upon approval, the department shall issue a certificate stating the amount of the tax credit granted for natural gas purchased and used in manufacturing at the project facility in the prior calendar year.
(3) Upon approval, the department shall issue a certificate stating the amount of the tax credit granted for clean hydrogen purchased from sources located in a Regional Clean Hydrogen Hub located in this Commonwealth and used in manufacturing at the project facility in the prior calendar year.
(d) Availability of tax credits.-- (1) Each fiscal year, $50,000,000 in tax credits shall be made available to the department in accordance with this subarticle.
(2) The department shall issue up to $50,000,000 in a fiscal year to the qualified taxpayer which first meets the qualifications to receive a tax credit under this subarticle.
(3) An amount under paragraph (1) which remains unallocated under paragraph (2) shall be issued to the qualified taxpayer which next meets the qualifications to receive a tax credit under this subarticle.
(4) The total aggregate amount of tax credits awarded to a qualified taxpayer under this subarticle may not exceed 50% of the capital investment made to construct a project facility and place the project facility into service in this Commonwealth.
Credits
1971, March 4, P.L. 6, No. 2, art. XVII-L, § 1753-L, added 2022, Nov. 3, P.L. 1695, No. 108, § 16, effective in 60 days [Jan. 3, 2023].
72 P.S. § 8753-L, PA ST 72 P.S. § 8753-L
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
