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$369 Billion Inflation Reduction Act Includes Nuclear Power in New Tax Credits for Clean Energy – Must Know!

New Guidelines Broaden Clean Energy Tax Incentives to Include Nuclear Power

Treasury Department Expands Tax Incentives to Nuclear Power and Other Carbon-Neutral Technologies

According to Quartz, The U.S. Treasury Department and IRS are proposing new rules under the Inflation Reduction Act that would give more tax breaks for clean energy including nuclear power. This means changing from the old “Production Tax Credit” to a new one called “Clean Electricity Production Credit.” Before the tax breaks were only for a few clean energy types like wind and solar. Now they want to include nuclear, geothermal, and other clean energy methods. This is to encourage new technologies that don’t make greenhouse gases and to give investors clear rules. It’s part of a bigger plan to fight climate change and use more sustainable energy.

“These new Clean Electricity credits are one of the law’s most significant reforms providing incentives for the first time to any clean energy facility that achieves net-zero greenhouse gas emissions” the Treasury Department stated. “These credits provide the ability for new zero greenhouse gas emissions technologies to develop over time while also providing long-term clarity and certainty to investors and developers of clean energy projects.” This update comes as part of broader efforts under the Inflation Reduction Act to combat climate change and promote sustainable energy solutions. By including nuclear power in these tax credits the government aims to support a diverse range of clean energy sources recognizing the role of nuclear energy in achieving a low-carbon future. The Calvert Cliffs Nuclear Power Plant in Lusby, Maryland serves as a prime example of a facility that could benefit from these new credits. With nuclear power now eligible for these incentives facilities like Calvert Cliffs can continue to contribute to the nation’s clean energy goals while benefiting from financial support.

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$369 Billion Inflation Reduction Act Includes Nuclear Power in New Tax Credits for Clean Energy – Must Know! (PHOTO: LinkedIn)

Inclusion of Nuclear Power in Tax Credits Signals Progress Towards Environmental Sustainability

Furthermore, adding nuclear power to the new tax credit system shows that the government is serious about looking into and backing all clean energy options that can work. As climate change gets worse these changes give hope for making and using energy in ways that don’t harm the environment. With the Clean Electricity Production Credit the U.S. is moving forward in a big way toward a plan that includes more types of clean energy. This means more ways to cut down on gases that cause global warming and to keep our environment healthy.

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