A bill to amend the Internal Revenue Code of 1986 to extend the energy credit for qualified fuel cell property.
A bill to amend the Internal Revenue Code of 1986 to extend the energy credit for qualified fuel cell property.
Plain Language Summary
# Summary of S. 1043: Fuel Cell Energy Tax Credit Extension **What the Bill Does** This bill would extend a federal tax credit for fuel cell technology by eight years. Currently, businesses and property owners can claim a tax credit covering up to 30% of the cost to install qualified fuel cell property, but only if construction begins by December 31, 2024. The bill would push that deadline to December 31, 2032, giving people and companies a longer window to invest in this technology and claim the tax break. **Who It Affects** The bill would benefit businesses, manufacturers, and property owners interested in installing fuel cell systems—technology that generates electricity from hydrogen and produces water as a byproduct.
It could make fuel cell projects more financially attractive by extending the tax incentive period. Supporters argue this encourages clean energy adoption; critics might question the cost to federal tax revenues. **Current Status** The bill was introduced by Senator Lindsey Graham (R-SC) in the 119th Congress and is currently under review in committee. It has not yet been voted on or passed.
CRS Official Summary
This bill extends the energy investment tax credit for qualified fuel cell property for eight years.Under current law, an energy investment tax credit of up to 30% of the cost of qualified fuel cell property is available provided construction of the qualified fuel cell property begins on or before December 31, 2024. This bill extends the energy investment tax credit to include qualified fuel cell property where construction begins on or before December 31, 2032.
Latest Action
Read twice and referred to the Committee on Finance.