Clean hydrogen investment tax credits proposed as part of Canada’s budget have been passed into law.
The CAD $5.6bn Clean Hydrogen Investment Tax Credit (ITC) was revealed last March. Now the Budget Implementation Act, 2024, has received Royal Assent, seeing the ITC and other measures pass into law.
Offering between 15 and 40% of the investments for eligible hydrogen projects, using a carbon intensity-based tier structure, the ITC is hoped to supercharge Canada’s hydrogen development.
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