On May 29, 2024, the Treasury Department and the IRS released proposed regulations regarding new clean electricity production and investment tax credits under the Inflation Reduction Act of 2022. These regulations are aimed at promoting energy transition by incentivizing projects with zero greenhouse gas emissions. Unlike the previous credits, the new tax credits take a technology-neutral approach, allowing a wide range of projects to qualify as long as they meet the emission criteria. The proposed regulations outline various eligible technologies such as wind, solar, hydropower, geothermal, hydrogen storage, and even nuclear fission and fusion facilities. They also address concerns about eligibility for facilities not explicitly mentioned. The regulations provide detailed guidance on determining eligibility, including the types of property that qualify for the new tax credits. For energy storage, technologies like electrical storage, hydrogen storage, and thermal storage with specific capacities are explicitly mentioned. Facilities using combined heat and power, as well as those without combustion or gasification, are also covered under the new credits. The proposed rules offer clarity on how the GHG emission rate will be calculated for different types of facilities. Additionally, the regulations introduce mechanisms for determining the emission rate, such as relying on an 'Annual Table' that will be published post-final regulations or obtaining a 'Provisional Emission Rate' from the DOE. Taxpayers can also use a life cycle analysis model to assess the GHG emission rate. The regulations aim to streamline the process of determining eligibility for the new tax credits, providing a pathway for a diverse range of projects to benefit from the incentives.