HYSKY Society Hosts Hydrogen Provisions Webinar with Orrick's Peter Connors
Updated: Apr 1
Dallas, TX, USA - On March 20, 2023, HYSKY Society, a 501(c)(3) non-profit organization dedicated to advancing hydrogen aviation, hosted their latest HYSKY Monthly webinar, featuring tax partner Peter Connors from Orrick. The webinar covered the hydrogen provisions under the Inflation Reduction Act (IRA), including tax incentives for the production of green hydrogen and investment credits for facilities producing green hydrogen.
During the webinar, Mr. Connors provided valuable insights, explaining that the IRA provides approximately $9 billion in tax incentives for hydrogen. Mr. Connors highlighted the production credit and investment credit, which provide a $3 per kilogram credit for the production of green hydrogen or a 30% investment credit. Taxpayers can choose between the production credit and investment credit based on their calculations, with the investment credit varying depending on greenhouse gas reductions. Mr. Connors also highlighted the social justice elements in the IRA’s provisions, including special incentives for clean energy facilities located in areas where coal mines have shut down.
"We were honored to have Peter Connors join us for this HYSKY Monthly webinar to provide insights on the IRA's hydrogen credits," said Danielle McLean, CEO of HYSKY Society. "These tax incentives can help promote the use of green hydrogen, which is crucial to reducing greenhouse gas emissions in the transportation sector."
HYSKY Monthly is a free webinar series that takes place on the third Monday of every month, featuring industry experts who discuss the latest developments in hydrogen aviation and related topics. The series is open to the public, and past webinars can be purchased HERE.
For more information about HYSKY Society and their initiatives, please visit their website at hysky.org.