The Department of Treasury and the Internal Revenue Service have finalized regulations related to the clean electricity production and investment tax credits under Sections 45Y and 48E. These tax credits, introduced under the Inflation Reduction Act of 2022, are designed to support any electricity generation that achieves zero greenhouse gas emissions, regardless of technology type. The new credits are set to replace previous credits and apply to projects commencing construction from 2025 onwards. The final regulations, released on January 7, 2025, maintain most of the proposed rules but offer clarifications and additional guidance. Notable changes include the removal of the 'End Use' requirement for hydrogen stored in hydrogen energy storage property, allowing for more flexibility in usage. Further guidance on lifecycle analysis is provided, with specific requirements and a 30-year analysis timeframe for qualifying facilities. The 'One Megawatt Exception' is also clarified, providing relief for low output facilities from certain requirements. Effective from January 15, 2025, these regulations aim to enhance incentives for clean energy projects. Additionally, the regulations introduce a low-income community bonus credit, granting an extra 20% credit for projects in eligible areas. Taxpayers can benefit from this bonus credit by meeting requirements and applying for an annual nationwide capacity limitation allocation from the IRS, further encouraging investments in clean electricity production.