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136 STAT. 2007 PUBLIC LAW 117–169—AUG. 16, 2022 ‘‘(iii) REVOCATION OF ELECTION.—In the case of a taxpayer who makes an election described in para- graph (1)(C) with respect to carbon capture equipment, such taxpayer may, at any time during the period described in clause (i)(II)(aa), revoke the application of such election with respect to such equipment for any subsequent taxable years during such period. Any such election, if made, shall apply to the applicable year specified in such election and each subsequent taxable year within the period described in clause (i)(II)(aa). Any election under this subclause may not be subsequently revoked. ‘‘(D) CREDIT FOR PRODUCTION OF CLEAN HYDROGEN.— ‘‘(i) IN GENERAL.—In the case of the credit described in subsection (b)(5), any election under sub- section (a) shall— ‘‘(I) apply separately with respect to each qualified clean hydrogen production facility, ‘‘(II) be made for the taxable year in which such facility is placed in service (or within the 1-year period subsequent to the date of enactment of this section in the case of facilities placed in service before December 31, 2022), and ‘‘(III)(aa) in the case of a taxpayer who makes an election described in paragraph (1)(B), apply to such taxable year and the 4 subsequent taxable years with respect to such facility which end before January 1, 2033, and ‘‘(bb) in any other case, apply to such taxable year and all subsequent taxable years with respect to such facility. ‘‘(ii) PROHIBITION ON TRANSFER.—For any taxable year described in clause (i)(III)(aa) with respect to a qualified clean hydrogen production facility, no election may be made by the taxpayer under section 6418(a) for such taxable year with respect to such facility for purposes of the credit described in subsection (b)(5). ‘‘(iii) REVOCATION OF ELECTION.—In the case of a taxpayer who makes an election described in para- graph (1)(B) with respect to a qualified clean hydrogen production facility, such taxpayer may, at any time during the period described in clause (i)(III)(aa), revoke the application of such election with respect to such facility for any subsequent taxable years during such period. Any such election, if made, shall apply to the applicable year specified in such election and each subsequent taxable year within the period described in clause (i)(II)(aa). Any election under this subclause may not be subsequently revoked. ‘‘(E) CLEAN ELECTRICITY PRODUCTION CREDIT.—In the case of the credit described in subsection (b)(8), any election under subsection (a) shall— ‘‘(i) apply separately with respect to each qualified facility, ‘‘(ii) be made for the taxable year in which such facility is placed in service, and Applicability. Applicability. Applicability. Time period. Applicability. VerDate Sep 11 2014 15:35 Oct 25, 2022 Jkt 029139 PO 00169 Frm 00191 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL169.117 PUBL169 jmbennett on LAP3P8D0R2PROD with Publaw