IRA Tax Credit Tracker

House Republicans have begun drafting the legislative text for the budget bill they intend to pass through the reconciliation process. This process bypasses the Senate filibuster and allows the bill to be sent to the President’s desk with only a simple majority vote. As debate is underway, the fate of the Inflation Reduction Act’s (IRA) tax credits remains to be seen.

Some House Republicans are urging the GOP party to “take a scalpel, not a sledgehammer approach” to the IRA. Most recently on March 10, 2025, 21 House Republicans, led by Rep. Andrew Garbarino (R-N.Y.), wrote a letter to House Ways and Means Chairman Jason Smith (R-Mo.) urging him to preserve IRA energy tax credits. While specific credits were not mentioned, Representatives such as Mariannette Meeks Miller (R-W.V.) have said that “Tax incentives like the tech-neutral clean energy credits under 45Y, 45E, and the 45Q carbon sequestration credit and the 45X advanced manufacturing credit aim to strengthen manufacturing capability and reduce the engineering, procurement and construction risk that have plagued major energy projects.” Activity on the Hill is also busy as numerous and various industry associations make their case to Republicans about preserving specific IRA energy tax credits.

Below, ML Strategies is actively tracking IRA tax credit developments, updating as needed.

Carbon Management Credits

Clean Energy Investment Tax Credits

Clean Energy Production Tax Credits

Clean Vehicle Tax Credits

Fuel Tax Credits

Tax Credit	Credit Type	IRC Number	Summary of Credit and Latest Guidance
Advanced Manufacturing Production Credit	Clean Energy Production Tax Credits	§45X	Issued on October 28, 2024, the Final Rule grants a credit for the domestic production and sale of eligible components critical to clean energy technologies, such as solar modules and wind turbines.
Clean Electricity Production Tax Credit	Clean Energy Production Tax Credits	§45Y	Issued on January 15, 2025, the Final Rule provides a credit for the production of clean electricity from qualified facilities placed in service after December 31, 2024.
Clean Hydrogen Production Tax Credit	Clean Energy Production Tax Credits	§45V	Issued on Jan. 10, 2024, the Final Rule provides a credit for the production of clean hydrogen through processes that meet specified greenhouse gas emission rates.
Production Tax Credit for Electricity from Renewables	Clean Energy Production Tax Credits	§45	Issued on July 11, 2024, the Final Rule offers a credit for the production of energy from renewable sources including wind, closed-loop biomass, geothermal energy, hydropower, and marine and hydrokinetic sources.
Zero-Emission Nuclear Power Production Credit	Clean Energy Production Tax Credits	§45U	The zero-emission nuclear power production credit is for electricity produced at a qualified nuclear power facility and sold by the taxpayer to an unrelated person in tax years beginning after December 31, 2023, and before January 1, 2033. The base amount of the Zero-Emission Nuclear Power Production Credit is 0.3 cents/kWh, inflation adjusted after 2024. Credit amount is reduced based on the amount of the qualified nuclear power facility’s gross receipts. Credit amount is increased by up to 5 times or up to 30 percent for facilities meeting prevailing wage requirements.