Page 123

136 STAT. 1939 PUBLIC LAW 117–169—AUG. 16, 2022 ‘‘(3) CREDIT REDUCED FOR TAX-EXEMPT BONDS.—Rules similar to the rule under section 45(b)(3) shall apply for pur- poses of this section.’’. (3) MODIFICATION OF EXISTING FACILITIES.—Section 45V(d), as added and amended by the preceding provisions of this section, is amended by adding at the end the following new paragraph: ‘‘(4) MODIFICATION OF EXISTING FACILITIES.—For purposes of subsection (a)(1), in the case of any facility which— ‘‘(A) was originally placed in service before January 1, 2023, and, prior to the modification described in subpara- graph (B), did not produce qualified clean hydrogen, and ‘‘(B) after the date such facility was originally placed in service— ‘‘(i) is modified to produce qualified clean hydrogen, and ‘‘(ii) amounts paid or incurred with respect to such modification are properly chargeable to capital account of the taxpayer, such facility shall be deemed to have been originally placed in service as of the date that the property required to complete the modification described in subparagraph (B) is placed in service.’’. (4) CONFORMING AMENDMENTS.— (A) Section 38(b), as amended by the preceding provi- sions of this Act, is amended— (i) in paragraph (34), by striking ‘‘plus’’ at the end, (ii) in paragraph (35), by striking the period at the end and inserting ‘‘, plus’’, and (iii) by adding at the end the following new para- graph: ‘‘(36) the clean hydrogen production credit determined under section 45V(a).’’. (B) The table of sections for subpart D of part IV of subchapter A of chapter 1, as amended by the preceding provisions of this Act, is amended by adding at the end the following new item: ‘‘Sec. 45V. Credit for production of clean hydrogen.’’. (5) EFFECTIVE DATES.— (A) IN GENERAL.—The amendments made by para- graphs (1) and (4) of this subsection shall apply to hydrogen produced after December 31, 2022. (B) CREDIT REDUCED FOR TAX-EXEMPT BONDS.—The amendment made by paragraph (2) shall apply to facilities the construction of which begins after the date of enactment of this Act. (C) MODIFICATION OF EXISTING FACILITIES.—The amendment made by paragraph (3) shall apply to modifica- tions made after December 31, 2022. (b) CREDIT FOR ELECTRICITY PRODUCED FROM RENEWABLE RESOURCES ALLOWED IF ELECTRICITY IS USED TO PRODUCE CLEAN HYDROGEN.— (1) IN GENERAL.—Section 45(e), as amended by the pre- ceding provisions of this Act, is amended by adding at the end the following new paragraph: Applicability. 26 USC 45V note. 26 USC 38 prec. Effective date. 26 USC 45V. Applicability. VerDate Sep 11 2014 13:57 Oct 25, 2022 Jkt 029139 PO 00169 Frm 00123 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL169.117 PUBL169 jmbennett on LAP3P8D0R2PROD with Publaw