Enacted in August 2022, the Inflation Reduction Act (IRA) has expanded energy tax credits by increasing credit amounts across the board and broadening eligibility criteria to include new technologies. The new technology-neutral electricity tax credits replace the previous energy investment tax credit (ITC) and production tax credit (PTC), offering incentives equal to 30% of qualifying clean energy investments or based on the kilowatt hours of electricity produced at clean energy facilities. Additional bonus credits are available for projects in low-income communities, using domestically manufactured components, or meeting prevailing wage requirements. Final regulations released by Treasury and the IRS provide guidance on qualifying technologies, including provisions for retrofitted energy property and clean hydrogen production. The IRA aims to support a wide range of emerging technologies and encourage innovation in energy production. Additional updates in 2025 include clean hydrogen credits, bonus credits for clean energy projects in low-income communities, and tax credits for purchasing qualifying clean vehicles for commercial use.