The Inflation Reduction Act ushers in the largest clean energy tax credit package in US history.

Key Points:

• Wind and solar tax credits receive a multi-year extension at full rates, and solar projects are eligible for the production tax credit.

• New tax credits are available for emerging technologies, including energy storage and clean hydrogen.

• Carbon capture tax credit rules are simplified and expanded.

• New manufacturing tax credits are available to support and grow the clean energy supply chain in the US.

• Most tax credits may be converted to cash payments from the Treasury Department under a new direct pay program or sold in the market under new tax credit transfer procedures.