The Biden administration has completed the finalization of key rules for clean energy tax credits under the Inflation Reduction Act of 2022, introducing historic subsidies to promote renewable energy production and reduce greenhouse gas emissions. The U.S. Department of Energy estimates potential savings of up to $38 billion on utility bills by 2030 through new incentives. Two significant sections, the Clean Electricity Investment and PTC, aim to encourage a broader range of clean energy investments by focusing on GHG emissions rates rather than specific technologies. Eligibility is expanded to include technologies like hydropower, marine, nuclear, and waste energy. On the other hand, the Clean Hydrogen Production Tax Credit under Section 45V promotes low-carbon hydrogen production technologies with incentives of up to $3 per kilogram for methods with minimal emissions. Energy producers are recommended to inventory their projects, develop tax strategies for optimal credit utilization, and prepare for potential tax credit transfers. Understanding the eligibility criteria, including GHG emissions thresholds, and requirements like PWA standards is crucial for claiming the full credit amount. By leveraging both the Investment Tax Credits and Production Tax Credits, producers can maximize tax savings. The IRS provides a helpful chart to identify applicable tax credits. Additionally, building relationships with potential credit buyers can facilitate monetization upfront, enhancing the funding prospects for large-scale projects. Forvis Mazars offers expertise in navigating the evolving energy industry landscape, identifying tax credit opportunities, and ensuring compliance with the eligibility criteria to optimize benefits.