# Bulletin No. 2025–13

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URL: https://www.frixlaw.com/law-library/documents/agency%3Airs%3A223febf58da99b8e

## Record

- **Collection:** Agency decision
- **Document type:** Agency decision

## Text

HIGHLIGHTS
OF THIS ISSUE




Bulletin No. 2025–13
March 24, 2025

These synopses are intended only as aids to the reader in
identifying the subject matter covered. They may not be
relied upon as authoritative interpretations.

ADMINISTRATIVE
Rev. Rul. 2025-7, page 1239.

Interest rates: underpayments and overpayments. The rates
for interest determined under Section 6621 of the code for
the calendar quarter beginning April 1, 2025, will be 7 percent for overpayments (6 percent in the case of a corporation), 7 percent for underpayments, and 9 percent for large
corporate underpayments. The rate of interest paid on the
portion of a corporate overpayment exceeding $10,000 will
be 4.5 percent.

INCOME TAX
Notice 2025-16, page 1378.

Notice 2025-16 provides for adjustments to the limitation on
housing expenses for purposes of section 911 of the Internal Revenue Code for the 2025 tax year. These adjustments
are made on the basis of geographic differences in housing
costs relative to housing costs in the United States. If the
limitation on housing expenses is higher for the 2025 tax
year than the adjusted limitations on housing expenses provided in Notice 2024-31, qualified taxpayers may apply the
adjusted limitations in this notice for the 2025 tax year to
their 2024 tax year.

Rev. Proc. 2025-17, page 1382.

Generally, U.S. citizens or resident aliens living and working
abroad are taxed on their worldwide income. However, if
their tax home is in a foreign country and they meet either the
bona fide residence test or the physical presence test, they
can choose to exclude from their income a limited amount
of their foreign earned income (up to $126,500 for 2024).
Both the bona fide residence test and the physical presence
test contain minimum time requirements. Revenue Procedure

Finding Lists begin on page ii.

2025-17 provides a waiver under section 911(d)(4) for the
time requirements for individuals electing to exclude their
foreign earned income who must leave a foreign country
because of war, civil unrest, or similar adverse conditions in
that country. Rev. Proc. 2025-17 adds Ukraine, Iraq, Haiti,
and Bangladesh to the list of waiver countries for tax year
2024 for which the minimum time requirements are waived.

T.D. 10023, page 1259.

These final regulations provide rules for the new section 45V
tax credit for the production of qualified clean hydrogen that
was added by the Inflation Reduction Act of 2022. The final
regulations provide guidance on how to claim the section
45V credit, a production tax credit, the amount of which is
dependent on the quantity and emissions intensity of the
hydrogen produced. The final regulations also provide guidance on the election to treat qualified property that is part
of a specified clean hydrogen production facility as energy
property under section 48, which is part of the investment
tax credit under section 46.

TAX CONVENTIONS
Announcement 2025-8, page 1384.

The competent authorities of the United States and the Swiss
Confederation have entered a Competent Authority Arrangement under paragraph 3 of Article 25 (Mutual Agreement
Procedure) of the Convention Between the United States of
America and the Swiss Confederation for the Avoidance of
Double Taxation with Respect to Taxes on Income signed at
Washington on October 2, 1996, as amended by the Protocol, signed on September 23, 2009, regarding certain U.S.
and Swiss pension or other retirement arrangements, including individual retirement savings plans, that may be eligible
for benefits under paragraph 3 of Article 10 (Dividends).

The IRS Mission
Provide America’s taxpayers top-quality service by helping
them understand and meet their tax responsibilities and
enforce the law with integrity and fairness to all.

Introduction
The Internal Revenue Bulletin is the authoritative instrument
of the Commissioner of Internal Revenue for announcing official rulings and procedures of the Internal Revenue Service
and for publishing Treasury Decisions, Executive Orders, Tax
Conventions, legislation, court decisions, and other items of
general interest. It is published weekly.
It is the policy of the Service to publish in the Bulletin all substantive rulings necessary to promote a uniform application
of the tax laws, including all rulings that supersede, revoke,
modify, or amend any of those previously published in the
Bulletin. All published rulings apply retroactively unless otherwise indicated. Procedures relating solely to matters of internal management are not published; however, statements of
internal practices and procedures that affect the rights and
duties of taxpayers are published.
Revenue rulings represent the conclusions of the Service
on the application of the law to the pivotal facts stated in
the revenue ruling. In those based on positions taken in rulings to taxpayers or technical advice to Service field offices,
identifying details and information of a confidential nature are
deleted to prevent unwarranted invasions of privacy and to
comply with statutory requirements.
Rulings and procedures reported in the Bulletin do not have the
force and effect of Treasury Department Regulations, but they
may be used as precedents. Unpublished rulings will not be
relied on, used, or cited as precedents by Service personnel in
the disposition of other cases. In applying published rulings and
procedures, the effect of subsequent legislation, regulations,
court decisions, rulings, and procedures must be considered,
and Service personnel and others concerned are cautioned

against reaching the same conclusions in other cases unless
the facts and circumstances are substantially the same.
The Bulletin is divided into four parts as follows:
Part I.—1986 Code.
This part includes rulings and decisions based on provisions
of the Internal Revenue Code of 1986.
Part II.—Treaties and Tax Legislation.
This part is divided into two subparts as follows: Subpart A,
Tax Conventions and Other Related Items, and Subpart B,
Legislation and Related Committee Reports.
Part III.—Administrative, Procedural, and Miscellaneous.
To the extent practicable, pertinent cross references to these
subjects are contained in the other Parts and Subparts. Also
included in this part are Bank Secrecy Act Administrative
Rulings. Bank Secrecy Act Administrative Rulings are issued
by the Department of the Treasury’s Office of the Assistant
Secretary (Enforcement).
Part IV.—Items of General Interest.
This part includes notices of proposed rulemakings, disbarment and suspension lists, and announcements.
The last Bulletin for each month includes a cumulative index
for the matters published during the preceding months. These
monthly indexes are cumulated on a semiannual basis, and are
published in the last Bulletin of each semiannual period.

The contents of this publication are not copyrighted and may be reprinted freely. A citation of the Internal Revenue Bulletin as the source would be appropriate.

March 24, 2025 

Bulletin No. 2025–13

Part I
Section 6621.–
Determination of Rate of
Interest
26 CFR 301.6621-1: Interest rate.

Rev. Rul. 2025-7
Section 6621 of the Internal Revenue Code establishes the interest rates
on overpayments and underpayments of
tax. Under section 6621(a)(1), the overpayment rate is the sum of the federal
short-term rate plus 3 percentage points (2
percentage points in the case of a corporation), except the rate for the portion of
a corporate overpayment of tax exceeding
$10,000 for a taxable period is the sum
of the federal short-term rate plus 0.5 of
a percentage point. Under section 6621(a)
(2), the underpayment rate is the sum of
the federal short-term rate plus 3 percentage points.
Section 6621(c) provides that for purposes of interest payable under section
6601 on any large corporate underpayment, the underpayment rate under section
6621(a)(2) is determined by substituting
“5 percentage points” for “3 percentage
points.” See section 6621(c) and section
301.6621-3 of the Regulations on Procedure and Administration for the definition
of a large corporate underpayment and
for the rules for determining the applicable date. Section 6621(c) and section
301.6621-3 are generally effective for
periods after December 31, 1990.
Section 6621(b)(1) provides that the
Secretary will determine the federal shortterm rate for the first month in each calendar quarter. Section 6621(b)(2)(A)
provides that the federal short-term rate

Bulletin No. 2025–13

determined under section 6621(b)(1) for
any month applies during the first calendar quarter beginning after that month.
Section 6621(b)(3) provides that the federal short-term rate for any month is the
federal short-term rate determined during
that month by the Secretary in accordance
with section 1274(d), rounded to the nearest full percent (or, if a multiple of 1/2 of
1 percent, the rate is increased to the next
highest full percent).
Notice 88-59, 1988-1 C.B. 546,
announced that in determining the quarterly interest rates to be used for overpayments and underpayments of tax under
section 6621, the Internal Revenue Service will use the federal short-term rate
based on daily compounding because that
rate is most consistent with section 6621
which, pursuant to section 6622, is subject
to daily compounding.
The federal short-term rate determined
in accordance with section 1274(d) during
January 2025 is the rate published in Revenue Ruling 2025-5, 2025-7 IRB 767, to
take effect beginning February 1, 2025.
The federal short-term rate, rounded to the
nearest full percent, based on daily compounding determined during the month of
January 2025 is 4 percent. Accordingly,
an overpayment rate of 7 percent (6 percent in the case of a corporation) and an
underpayment rate of 7 percent are established for the calendar quarter beginning
April 1, 2025. The overpayment rate for
the portion of a corporate overpayment
exceeding $10,000 for the calendar quarter beginning April 1, 2025, is 4.5 percent.
The underpayment rate for large corporate
underpayments for the calendar quarter beginning April 1, 2025, is 9 percent.
These rates apply to amounts bearing
interest during that calendar quarter.

1239

Sections 6654(a)(1) and 6655(a)
(1) provide that the underpayment rate
established under section 6621 applies
in determining the addition to tax under
sections 6654 and 6655 for failure to
pay estimated tax for any taxable year.
Thus, the 7 percent rate also applies to
estimated tax underpayments for the
second calendar quarter beginning April
1, 2025. Pursuant to section 6621(b)(2)
(B), in determining the addition to tax
under section 6654 for any taxable year
for an individual, the federal short-term
rate that applies during the third month
following the taxable year also applies
during the first 15 days of the fourth
month following the taxable year. See
Rev. Rul. 2024-25, 2024-49 IRB 1181 (7
percent rate for the first quarter of 2025).
In addition, pursuant to section 6603(d)
(4), the rate of interest on section 6603
deposits is 4 percent for the second calendar quarter in 2025.
Interest factors for daily compound
interest for annual rates of 4.5 percent, 6
percent, 7 percent and 9 percent are published in Tables 14, 17, 19 and 23 of Rev.
Proc. 95-17, 1995-1 C.B. 568, 571, 573,
and 577.
Annual interest rates to be compounded
daily pursuant to section 6622 that apply
for prior periods are set forth in the tables
accompanying this revenue ruling.
DRAFTING INFORMATION
The principal author of this revenue
ruling is Casey R. Conrad of the Office of
the Associate Chief Counsel (Procedure
and Administration). For further information regarding this revenue ruling, contact
Mr. Conrad at (202) 317-6844 (not a tollfree call).

March 24, 2025

APPENDIX A

Days
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21

Factor
0.000013699
0.000027397
0.000041096
0.000054796
0.000068495
0.000082195
0.000095894
0.000109594
0.000123294
0.000136995
0.000150695
0.000164396
0.000178097
0.000191798
0.000205499
0.000219201
0.000232902
0.000246604
0.000260306
0.000274008
0.000287711

365 Day Year
0.5% Compound Rate 184 Days
Days
Factor
63
0.000863380
64
0.000877091
65
0.000890801
66
0.000904512
67
0.000918223
68
0.000931934
69
0.000945646
70
0.000959357
71
0.000973069
72
0.000986781
73
0.001000493
74
0.001014206
75
0.001027918
76
0.001041631
77
0.001055344
78
0.001069057
79
0.001082770
80
0.001096484
81
0.001110197
82
0.001123911
83
0.001137625

22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41

0.000301413
0.000315116
0.000328819
0.000342522
0.000356225
0.000369929
0.000383633
0.000397336
0.000411041
0.000424745
0.000438449
0.000452154
0.000465859
0.000479564
0.000493269
0.000506974
0.000520680
0.000534386
0.000548092
0.000561798

84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103

March 24, 2025

0.001151339
0.001165054
0.001178768
0.001192483
0.001206198
0.001219913
0.001233629
0.001247344
0.001261060
0.001274776
0.001288492
0.001302208
0.001315925
0.001329641
0.001343358
0.001357075
0.001370792
0.001384510
0.001398227
0.001411945

1240

Days
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145

Factor
0.001713784
0.001727506
0.001741228
0.001754951
0.001768673
0.001782396
0.001796119
0.001809843
0.001823566
0.001837290
0.001851013
0.001864737
0.001878462
0.001892186
0.001905910
0.001919635
0.001933360
0.001947085
0.001960811
0.001974536
0.001988262

146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165

0.002001988
0.002015714
0.002029440
0.002043166
0.002056893
0.002070620
0.002084347
0.002098074
0.002111801
0.002125529
0.002139257
0.002152985
0.002166713
0.002180441
0.002194169
0.002207898
0.002221627
0.002235356
0.002249085
0.002262815

Bulletin No. 2025–13

42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62

0.000575504
0.000589211
0.000602917
0.000616624
0.000630331
0.000644039
0.000657746
0.000671454
0.000685161
0.000698869
0.000712578
0.000726286
0.000739995
0.000753703
0.000767412
0.000781121
0.000794831
0.000808540
0.000822250
0.000835960
0.000849670

Bulletin No. 2025–13

104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124

0.001425663
0.001439381
0.001453100
0.001466818
0.001480537
0.001494256
0.001507975
0.001521694
0.001535414
0.001549133
0.001562853
0.001576573
0.001590293
0.001604014
0.001617734
0.001631455
0.001645176
0.001658897
0.001672619
0.001686340
0.001700062

1241

166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184

0.002276544
0.002290274
0.002304004
0.002317734
0.002331465
0.002345195
0.002358926
0.002372657
0.002386388
0.002400120
0.002413851
0.002427583
0.002441315
0.002455047
0.002468779
0.002482511
0.002496244
0.002509977
0.002523710

March 24, 2025

Days
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42

March 24, 2025

Factor
0.000013661
0.000027323
0.000040984
0.000054646
0.000068308
0.000081970
0.000095632
0.000109295
0.000122958
0.000136620
0.000150283
0.000163947
0.000177610
0.000191274
0.000204938
0.000218602
0.000232266
0.000245930
0.000259595
0.000273260
0.000286924
0.000300590
0.000314255
0.000327920
0.000341586
0.000355252
0.000368918
0.000382584
0.000396251
0.000409917
0.000423584
0.000437251
0.000450918
0.000464586
0.000478253
0.000491921
0.000505589
0.000519257
0.000532925
0.000546594
0.000560262
0.000573931

366 Day Year
0.5% Compound Rate 184 Days
Days
Factor
63
0.000861020
64
0.000874693
65
0.000888366
66
0.000902040
67
0.000915713
68
0.000929387
69
0.000943061
70
0.000956735
71
0.000970409
72
0.000984084
73
0.000997758
74
0.001011433
75
0.001025108
76
0.001038783
77
0.001052459
78
0.001066134
79
0.001079810
80
0.001093486
81
0.001107162
82
0.001120839
83
0.001134515
84
0.001148192
85
0.001161869
86
0.001175546
87
0.001189223
88
0.001202900
89
0.001216578
90
0.001230256
91
0.001243934
92
0.001257612
93
0.001271291
94
0.001284969
95
0.001298648
96
0.001312327
97
0.001326006
98
0.001339685
99
0.001353365
100
0.001367044
101
0.001380724
102
0.001394404
103
0.001408085
104
0.001421765

1242

Days
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166

Factor
0.001709097
0.001722782
0.001736467
0.001750152
0.001763837
0.001777522
0.001791208
0.001804893
0.001818579
0.001832265
0.001845951
0.001859638
0.001873324
0.001887011
0.001900698
0.001914385
0.001928073
0.001941760
0.001955448
0.001969136
0.001982824
0.001996512
0.002010201
0.002023889
0.002037578
0.002051267
0.002064957
0.002078646
0.002092336
0.002106025
0.002119715
0.002133405
0.002147096
0.002160786
0.002174477
0.002188168
0.002201859
0.002215550
0.002229242
0.002242933
0.002256625
0.002270317

Bulletin No. 2025–13

43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62

0.000587600
0.000601269
0.000614939
0.000628608
0.000642278
0.000655948
0.000669618
0.000683289
0.000696959
0.000710630
0.000724301
0.000737972
0.000751643
0.000765315
0.000778986
0.000792658
0.000806330
0.000820003
0.000833675
0.000847348

Bulletin No. 2025–13

105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124

0.001435446
0.001449127
0.001462808
0.001476489
0.001490170
0.001503852
0.001517533
0.001531215
0.001544897
0.001558580
0.001572262
0.001585945
0.001599628
0.001613311
0.001626994
0.001640678
0.001654361
0.001668045
0.001681729
0.001695413

1243

167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184

0.002284010
0.002297702
0.002311395
0.002325087
0.002338780
0.002352473
0.002366167
0.002379860
0.002393554
0.002407248
0.002420942
0.002434636
0.002448331
0.002462025
0.002475720
0.002489415
0.002503110
0.002516806

March 24, 2025

TABLE OF INTEREST RATES
PERIODS BEFORE JUL. 1, 1975 – PERIODS ENDING DEC. 31, 1986
OVERPAYMENTS AND UNDERPAYMENTS
PERIOD

RATE

Before Jul. 1, 1975
Jul. 1, 1975–Jan. 31, 1976
Feb. 1, 1976–Jan. 31, 1978
Feb. 1, 1978–Jan. 31, 1980
Feb. 1, 1980–Jan. 31, 1982
Feb. 1, 1982–Dec. 31, 1982
Jan. 1, 1983–Jun. 30, 1983
Jul. 1, 1983–Dec. 31, 1983
Jan. 1, 1984–Jun. 30, 1984
Jul. 1, 1984–Dec. 31, 1984
Jan. 1, 1985–Dec. 31, 1985
Jul. 1, 1985–Dec. 31, 1985
Jan. 1, 1986–Jun. 30, 1986
Jul. 1, 1986–Dec. 31, 1986

6%
9%
7%
6%
12%
20%
16%
11%
11%
11%
13%
11%
10%
9%

Table
Table
Table
Table
Table
Table
Table
Table
Table
Table
Table
Table
Table
Table

In 1995-1 C.B.
DAILY RATE TABLE
2,
pg.
4,
pg.
3,
pg.
2,
pg.
5,
pg.
6,
pg.
37,
pg.
27,
pg.
75,
pg.
75,
pg.
31,
pg.
27,
pg.
25,
pg.
23,
pg.

557
559
558
557
560
560
591
581
629
629
585
581
579
577

TABLE OF INTEREST RATES
FROM JAN. 1, 1987 – Dec. 31, 1998

Jan. 1, 1987–Mar. 31, 1987
Apr. 1, 1987–Jun. 30, 1987
Jul. 1, 1987–Sep. 30, 1987
Oct. 1, 1987–Dec. 31, 1987
Jan. 1, 1988–Mar. 31, 1988
Apr. 1, 1988–Jun. 30, 1988
Jul. 1, 1988–Sep. 30, 1988
Oct. 1, 1988–Dec. 31, 1988
Jan. 1, 1989–Mar. 31, 1989
Apr. 1, 1989–Jun. 30, 1989
Jul. 1, 1989–Sep. 30, 1989
Oct. 1, 1989–Dec. 31, 1989
Jan. 1, 1990–Mar. 31, 1990
Apr. 1, 1990–Jun. 30, 1990
Jul. 1, 1990–Sep. 30, 1990
Oct. 1, 1990–Dec. 31, 1990
Jan. 1, 1991–Mar. 31, 1991
Apr. 1, 1991–Jun. 30, 1991
Jul. 1, 1991–Sep. 30, 1991
Oct. 1, 1991–Dec. 31, 1991
Jan. 1, 1992–Mar. 31, 1992

March 24, 2025

RATE
8%
8%
8%
9%
10%
9%
9%
10%
10%
11%
11%
10%
10%
10%
10%
10%
10%
9%
9%
9%
8%

OVERPAYMENTS
1995-1 C.B.
TABLE
PG
21
575
21
575
21
575
23
577
73
627
71
625
71
625
73
627
25
579
27
581
27
581
25
579
25
579
25
579
25
579
25
579
25
579
23
577
23
577
23
577
69
623

1244

UNDERPAYMENTS
1995-1 C.B. RATE
RATE
TABLE
PG
9%
23
577
9%
23
577
9%
23
577
10%
25
579
11%
75
629
10%
73
627
10%
73
627
11%
75
629
11%
27
581
12%
29
583
12%
29
583
11%
27
581
11%
27
581
11%
27
581
11%
27
581
11%
27
581
11%
27
581
10%
25
579
10%
25
579
10%
25
579
9%
71
625

Bulletin No. 2025–13

Apr. 1, 1992–Jun. 30, 1992
Jul. 1, 1992–Sep. 30, 1992
Oct. 1, 1992–Dec. 31, 1992
Jan. 1, 1993–Mar. 31, 1993
Apr. 1, 1993–Jun. 30, 1993
Jul. 1, 1993–Sep. 30, 1993
Oct. 1, 1993–Dec. 31, 1993
Jan. 1, 1994–Mar. 31, 1994
Apr. 1, 1994–Jun. 30, 1994
Jul. 1, 1994–Sep. 30, 1994
Oct. 1, 1994–Dec. 31, 1994
Jan. 1, 1995–Mar. 31, 1995
Apr. 1, 1995–Jun. 30, 1995
Jul. 1, 1995–Sep. 30, 1995
Oct. 1, 1995–Dec. 31, 1995
Jan. 1, 1996–Mar. 31, 1996
Apr. 1, 1996–Jun. 30, 1996
Jul. 1, 1996–Sep. 30, 1996
Oct. 1, 1996–Dec. 31, 1996
Jan. 1, 1997–Mar. 31, 1997
Apr. 1, 1997–Jun. 30, 1997
Jul. 1, 1997–Sep. 30, 1997
Oct. 1, 1997–Dec. 31, 1997
Jan. 1, 1998–Mar. 31, 1998
Apr. 1, 1998–Jun. 30, 1998
Jul. 1, 1998–Sep. 30, 1998
Oct. 1, 1998–Dec. 31, 1998

Bulletin No. 2025–13

7%
7%
6%
6%
6%
6%
6%
6%
6%
7%
8%
8%
9%
8%
8%
8%
7%
8%
8%
8%
8%
8%
8%
8%
7%
7%
7%

67
67
65
17
17
17
17
17
17
19
21
21
23
21
21
69
67
69
69
21
21
21
21
21
19
19
19

1245

621
621
619
571
571
571
571
571
571
573
575
575
577
575
575
623
621
623
623
575
575
575
575
575
573
573
573

8%
8%
7%
7%
7%
7%
7%
7%
7%
8%
9%
9%
10%
9%
9%
9%
8%
9%
9%
9%
9%
9%
9%
9%
8%
8%
8%

69
69
67
19
19
19
19
19
19
21
23
23
25
23
23
71
69
71
71
23
23
23
23
23
21
21
21

623
623
621
573
573
573
573
573
573
575
577
577
579
577
577
625
623
625
625
577
577
577
577
577
575
575
575

March 24, 2025

TABLE OF INTEREST RATES
FROM JANUARY 1, 1999 – PRESENT
NONCORPORATE OVERPAYMENTS AND UNDERPAYMENTS
1995-1 C.B.
Jan. 1, 1999–Mar. 31, 1999
Apr. 1, 1999–Jun. 30, 1999
Jul. 1, 1999–Sep. 30, 1999
Oct. 1, 1999–Dec. 31, 1999
Jan. 1, 2000–Mar. 31, 2000
Apr. 1, 2000–Jun. 30, 2000
Jul. 1, 2000–Sep. 30, 2000
Oct. 1, 2000–Dec. 31, 2000
Jan. 1, 2001–Mar. 31, 2001
Apr. 1, 2001–Jun. 30, 2001
Jul. 1, 2001–Sep. 30, 2001
Oct. 1, 2001–Dec. 31, 2001
Jan. 1, 2002–Mar. 31, 2002
Apr. 1, 2002–Jun. 30, 2002
Jul. 1, 2002–Sep. 30, 2002
Oct. 1, 2002–Dec. 31, 2002
Jan. 1, 2003–Mar. 31, 2003
Apr. 1, 2003–Jun. 30, 2003
Jul. 1, 2003–Sep. 30, 2003
Oct. 1, 2003–Dec. 31, 2003
Jan. 1, 2004–Mar. 31, 2004
Apr. 1, 2004–Jun. 30, 2004
Jul. 1, 2004–Sep. 30, 2004
Oct. 1, 2004–Dec. 31, 2004
Jan. 1, 2005–Mar. 31, 2005
Apr. 1, 2005–Jun. 30, 2005
Jul. 1, 2005–Sep. 30, 2005
Oct. 1, 2005–Dec. 31, 2005
Jan. 1, 2006–Mar. 31, 2006
Apr. 1, 2006–Jun. 30, 2006
Jul. 1, 2006–Sep. 30, 2006
Oct. 1, 2006–Dec. 31, 2006
Jan. 1, 2007–Mar. 31, 2007
Apr. 1, 2007–Jun. 30, 2007
Jul. 1, 2007–Sep. 30, 2007
Oct. 1, 2007–Dec. 31, 2007
Jan. 1, 2008–Mar. 31, 2008
Apr. 1, 2008–Jun. 30, 2008
Jul. 1, 2008–Sep. 30, 2008
Oct. 1, 2008–Dec. 31, 2008
Jan. 1, 2009–Mar. 31, 2009

RATE
7%
8%
8%
8%
8%
9%
9%
9%
9%
8%
7%
7%
6%
6%
6%
6%
5%
5%
5%
4%
4%
5%
4%
5%
5%
6%
6%
7%
7%
7%
8%
8%
8%
8%
8%
8%
7%
6%
5%
6%
5%

March 24, 2025

1246

TABLE
19
21
21
21
69
71
71
71
23
21
19
19
17
17
17
17
15
15
15
13
61
63
61
63
15
17
17
19
19
19
21
21
21
21
21
21
67
65
63
65
15

PAGE
573
575
575
575
623
625
625
625
577
575
573
573
571
571
571
571
569
569
569
567
615
617
615
617
569
571
571
573
573
573
575
575
575
575
575
575
621
619
617
619
569

Bulletin No. 2025–13

Apr. 1, 2009–Jun. 30, 2009
Jul. 1, 2009–Sep. 30, 2009
Oct. 1, 2009–Dec. 31, 2009
Jan. 1, 2010–Mar. 31, 2010
Apr. 1, 2010–Jun. 30, 2010
Jul. 1, 2010–Sep. 30, 2010
Oct. 1, 2010–Dec. 31, 2010
Jan. 1, 2011–Mar. 31, 2011
Apr. 1, 2011–Jun. 30, 2011
Jul. 1, 2011–Sep. 30, 2011
Oct. 1, 2011–Dec. 31, 2011
Jan. 1, 2012–Mar. 31, 2012
Apr. 1, 2012–Jun. 30, 2012
Jul. 1, 2012–Sep. 30, 2012
Oct. 1, 2012–Dec. 31, 2012
Jan. 1, 2013–Mar. 31, 2013
Apr. 1, 2013–Jun. 30, 2013
Jul. 1, 2013–Sep. 30, 2013
Oct. 1, 2013–Dec. 31, 2013
Jan. 1, 2014–Mar. 31, 2014
Apr. 1, 2014–Jun. 30, 2014
Jul. 1, 2014–Sep. 30, 2014
Oct. 1, 2014–Dec. 31, 2014
Jan. 1, 2015–Mar. 31, 2015
Apr. 1, 2015–Jun. 30, 2015
Jul. 1, 2015–Sep. 30, 2015
Oct. 1, 2015–Dec. 31, 2015
Jan. 1, 2016–Mar. 31, 2016
Apr. 1, 2016–Jun. 30, 2016
Jul. 1, 2016–Sep. 30, 2016
Oct. 1, 2016–Dec. 31, 2016
Jan. 1, 2017–Mar. 31, 2017
Apr. 1, 2017–Jun. 30, 2017
Jul. 1, 2017–Sep. 30, 2017
Oct. 1, 2017–Dec. 31, 2017
Jan. 1, 2018–Mar. 31, 2018
Apr. 1, 2018–Jun. 30, 2018
Jul. 1, 2018–Sep. 30, 2018
Oct. 1, 2018–Dec. 31, 2018
Jan. 1, 2019–Mar. 31, 2019
Apr. 1, 2019–Jun. 30, 2019
Jul. 1, 2019–Sep. 30, 2019
Oct. 1, 2019–Dec. 31, 2019
Jan. 1, 2020–Mar. 31, 2020
Apr. 1, 2020–Jun. 30, 2020

4%
4%
4%
4%
4%
4%
4%
3%
4%
4%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
4%
4%
4%
4%
4%
4%
4%
4%
5%
5%
5%
6%
6%
5%
5%
5%
5%

Bulletin No. 2025–13

1247

13
13
13
13
13
13
13
11
13
13
11
59
59
59
59
11
11
11
11
11
11
11
11
11
11
11
11
59
61
61
61
13
13
13
13
13
15
15
15
17
17
15
15
63
63

567
567
567
567
567
567
567
565
567
567
565
613
613
613
613
565
565
565
565
565
565
565
565
565
565
565
565
613
615
615
615
567
567
567
567
567
569
569
569
571
571
569
569
617
617

March 24, 2025

Jul. 1, 2020–Sep. 30, 2020
Oct. 1, 2020–Dec. 31, 2020
Jan. 1, 2021–Mar. 31, 2021
Apr. 1, 2021–Jun. 30, 2021
Jul. 1, 2021–Sep. 30, 2021
Oct. 1, 2021–Dec. 31, 2021
Jan. 1, 2022–Mar. 31, 2022
Apr. 1, 2022–Jun. 30, 2022
Jul. 1, 2022–Sep. 30, 2022
Oct. 1, 2022–Dec. 31, 2022
Jan. 1, 2023–Mar. 31, 2023
Apr. 1, 2023–Jun. 30, 2023
Jul. 1, 2023–Sep. 30, 2023
Oct. 1, 2023–Dec. 31, 2023
Jan. 1, 2024–Mar. 31, 2024
Apr. 1, 2024–Jun. 30, 2024
Jul. 1, 2024–Sep. 30, 2024
Oct. 1, 2024–Dec. 31, 2024
Jan. 1, 2025–Mar. 31, 2025
Apr. 1, 2025–Jun. 30, 2025

3%
3%
3%
3%
3%
3%
3%
4%
5%
6%
7%
7%
7%
8%
8%
8%
8%
8%
7%
7%

March 24, 2025

1248

59
59
11
11
11
11
11
13
15
17
19
19
19
21
69
69
69
69
19
19

613
613
565
565
565
565
565
567
569
571
573
573
573
575
623
623
623
623
573
573

Bulletin No. 2025–13

TABLE OF INTEREST RATES
FROM JANUARY 1, 1999 – PRESENT
CORPORATE OVERPAYMENTS AND UNDERPAYMENTS

Jan. 1, 1999–Mar. 31, 1999
Apr. 1, 1999–Jun. 30, 1999
Jul. 1, 1999–Sep. 30, 1999
Oct. 1, 1999–Dec. 31, 1999
Jan. 1, 2000–Mar. 30, 2000
Apr. 1, 2000–Jun. 30, 2000
Jul. 1, 2000–Sep. 30, 2000
Oct. 1, 2000–Dec. 31, 2000
Jan. 1, 2001–Mar. 31, 2001
Apr. 1, 2001–Jun. 30, 2001
Jul. 1, 2001–Sep. 30, 2001
Oct. 1, 2001–Dec. 31, 2001
Jan. 1, 2002–Mar. 31, 2002
Apr. 1, 2002–Jun. 30, 2002
Jul. 1, 2002–Sep. 30, 2002
Oct. 1, 2002–Dec. 31, 2002
Jan. 1, 2003–Mar. 31, 2003
Apr. 1, 2003–Jun. 30, 2003
Jul. 1, 2003–Sep. 30, 2003
Oct. 1, 2003–Dec. 31, 2003
Jan. 1, 2004–Mar. 31, 2004
Apr. 1, 2004–Jun. 30, 2004
Jul. 1, 2004–Sep. 30, 2004
Oct. 1, 2004–Dec. 31, 2004
Jan. 1, 2005–Mar. 31, 2005
Apr. 1, 2005–Jun. 30, 2005
Jul. 1, 2005–Sep. 30, 2005
Oct. 1, 2005–Dec. 31, 2005
Jan. 1, 2006–Mar. 31, 2006
Apr. 1, 2006–Jun. 30, 2006
Jul. 1, 2006–Sep. 30, 2006
Oct. 1, 2006–Dec. 31, 2006
Jan. 1, 2007–Mar. 31, 2007
Apr. 1, 2007–Jun. 30, 2007
Jul. 1, 2007–Sep. 30, 2007
Oct. 1, 2007–Dec. 31, 2007
Jan. 1, 2008–Mar. 31, 2008
Apr. 1, 2008–Jun. 30, 2008
Jul. 1, 2008–Sep. 30, 2008
Oct. 1, 2008–Dec. 31, 2008

Bulletin No. 2025–13

OVERPAYMENTS
1995-1 C.B.
RATE
TABLE
6%
17
7%
19
7%
19
7%
19
7%
67
8%
69
8%
69
8%
69
8%
21
7%
19
6%
17
6%
17
5%
15
5%
15
5%
15
5%
15
4%
13
4%
13
4%
13
3%
11
3%
59
4%
61
3%
59
4%
61
4%
13
5%
15
5%
15
6%
17
6%
17
6%
17
7%
19
7%
19
7%
19
7%
19
7%
19
7%
19
6%
65
5%
63
4%
61
5%
63

1249

PG
571
573
573
573
621
623
623
623
575
573
571
571
569
569
569
569
567
567
567
565
613
615
613
615
567
569
569
571
571
571
573
573
573
573
573
573
619
617
615
617

UNDERPAYMENTS
1995-1 C.B.
RATE
TABLE
PG
7%
19
573
8%
21
575
8%
21
575
8%
21
575
8%
69
623
9%
71
625
9%
71
625
9%
71
625
9%
23
577
8%
21
575
7%
19
573
7%
19
573
6%
17
571
6%
17
571
6%
17
571
6%
17
571
5%
15
569
5%
15
569
5%
15
569
4%
13
567
4%
61
615
5%
63
617
4%
61
615
5%
63
617
5%
15
569
6%
17
571
6%
17
571
7%
19
573
7%
19
573
7%
19
573
8%
21
575
8%
21
575
8%
21
575
8%
21
575
8%
21
575
8%
21
575
7%
67
621
6%
65
619
5%
63
617
6%
65
619

March 24, 2025

Jan. 1, 2009–Mar. 31, 2009
Apr. 1, 2009–Jun. 30, 2009
Jul. 1, 2009–Sep. 30, 2009
Oct. 1, 2009–Dec. 31, 2009
Jan. 1, 2010–Mar. 31, 2010
Apr. 1, 2010–Jun. 30, 2010
Jul. 1, 2010–Sep. 30, 2010
Oct. 1, 2010–Dec. 31, 2010
Jan. 1, 2011–Mar. 31, 2011
Apr. 1, 2011–Jun. 30, 2011
Jul. 1, 2011–Sep. 30, 2011
Oct. 1, 2011–Dec. 31, 2011
Jan. 1, 2012–Mar. 31, 2012
Apr. 1, 2012–Jun. 30, 2012
Jul. 1, 2012–Sep. 30, 2012
Oct. 1, 2012–Dec. 31, 2012
Jan. 1, 2013–Mar. 31, 2013
Apr. 1, 2013–Jun. 30, 2013
Jul. 1, 2013–Sep. 30, 2013
Oct. 1, 2013–Dec. 31, 2013
Jan. 1, 2014–Mar. 31, 2014
Apr. 1, 2014–Jun. 30, 2014
Jul. 1, 2014–Sep. 30, 2014
Oct. 1, 2014–Dec. 31, 2014
Jan. 1, 2015–Mar. 31, 2015
Apr. 1, 2015–Jun. 30, 2015
Jul. 1, 2015–Sep. 30, 2015
Oct. 1, 2015–Dec. 31, 2015
Jan. 1, 2016–Mar. 31, 2016
Apr. 1, 2016–Jun. 30, 2016
Jul. 1, 2016–Sep. 30, 2016
Oct. 1, 2016–Dec. 31, 2016
Jan. 1, 2017–Mar. 31, 2017
Apr. 1, 2017–Jun. 30, 2017
Jul. 1, 2017–Sep. 30, 2017
Oct. 1, 2017–Dec. 31, 2017
Jan. 1, 2018–Mar. 31, 2018
Apr. 1, 2018–Jun. 30, 2018
Jul. 1, 2018–Sep. 30, 2018
Oct. 1, 2018–Dec. 31, 2018
Jan. 1, 2019–Mar. 31, 2019
Apr. 1, 2019–Jun. 30, 2019
Jul. 1, 2019–Sep. 30, 2019
Oct. 1, 2019–Dec. 31, 2019
Jan. 1, 2020–Mar. 31, 2020

March 24, 2025

4%
3%
3%
3%
3%
3%
3%
3%
2%
3%
3%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
2%
3%
3%
3%
3%
3%
3%
3%
3%
4%
4%
4%
5%
5%
4%
4%
4%

13
11
11
11
11
11
11
11
9
11
11
9
57
57
57
57
9
9
9
9
9
9
9
9
9
9
9
9
57
59
59
59
11
11
11
11
11
13
13
13
15
15
13
13
61

1250

567
565
565
565
565
565
565
565
563
565
565
563
611
611
611
611
563
563
563
563
563
563
563
563
563
563
563
563
611
613
613
613
565
565
565
565
565
567
567
567
569
569
567
567
615

5%
4%
4%
4%
4%
4%
4%
4%
3%
4%
4%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
3%
4%
4%
4%
4%
4%
4%
4%
4%
5%
5%
5%
6%
6%
5%
5%
5%

15
13
13
13
13
13
13
13
11
13
13
11
59
59
59
59
11
11
11
11
11
11
11
11
11
11
11
11
59
61
61
61
13
13
13
13
13
15
15
15
17
17
15
15
63

569
567
567
567
567
567
567
567
565
567
567
565
613
613
613
613
565
565
565
565
565
565
565
565
565
565
565
565
613
615
615
615
567
567
567
567
567
569
569
569
571
571
569
569
617

Bulletin No. 2025–13

Apr. 1, 2020–Jun. 30, 2020
Jul. 1, 2020–Sep. 30, 2020
Oct. 1, 2020–Dec. 31, 2020
Jan. 1, 2021–Mar. 31, 2021
Apr. 1, 2021–Jun. 30, 2021
Jul. 1, 2021–Sep. 30, 2021
Oct. 1, 2021–Dec. 31, 2021
Jan. 1, 2022–Mar. 31, 2022
Apr. 1, 2022–Jun. 30, 2022
Jul. 1, 2022–Sep. 30, 2022
Oct. 1, 2022–Dec. 31, 2022
Jan. 1, 2023–Mar. 31, 2023
Apr. 1, 2023–Jun. 30, 2023
Jul. 1, 2023–Sep. 30, 2023
Oct. 1, 2023–Dec. 31, 2023
Jan. 1, 2024–Mar. 31, 2024
Apr. 1, 2024–Jun. 30, 2024
Jul. 1, 2024–Sep. 30, 2024
Oct. 1, 2024–Dec. 31, 2024
Jan. 1, 2025–Mar. 31, 2025
Apr. 1, 2025–Jun. 30, 2025

Bulletin No. 2025–13

4%
2%
2%
2%
2%
2%
2%
2%
3%
4%
5%
6%
6%
6%
7%
7%
7%
7%
7%
6%
6%

61
57
57
9
9
9
9
9
11
13
15
17
17
17
19
67
67
67
67
17
17

1251

615
611
611
563
563
563
563
563
565
567
569
571
571
571
573
621
621
621
621
571
571

5%
3%
3%
3%
3%
3%
3%
3%
4%
5%
6%
7%
7%
7%
8%
8%
8%
8%
8%
7%
7%

63
59
59
11
11
11
11
11
13
15
17
19
19
19
21
69
69
69
69
19
19

617
613
613
565
565
565
565
565
567
569
571
573
573
573
575
623
623
623
623
573
573

March 24, 2025

TABLE OF INTEREST RATES
FOR LARGE CORPORATE UNDERPAYMENTS
FROM JANUARY 1, 1991 – PRESENT

Jan. 1, 1991–Mar. 31, 1991
Apr. 1, 1991–Jun. 30, 1991
Jul. 1, 1991–Sep. 30, 1991
Oct. 1, 1991–Dec. 31, 1991
Jan. 1, 1992–Mar. 31, 1992
Apr. 1, 1992–Jun. 30, 1992
Jul. 1, 1992–Sep. 30, 1992
Oct. 1, 1992–Dec. 31, 1992
Jan. 1, 1993–Mar. 31, 1993
Apr. 1, 1993–Jun. 30, 1993
Jul. 1, 1993–Sep. 30, 1993
Oct. 1, 1993–Dec. 31, 1993
Jan. 1, 1994–Mar. 31, 1994
Apr. 1, 1994–Jun. 30, 1994
Jul. 1, 1994–Sep. 30, 1994
Oct. 1, 1994–Dec. 31, 1994
Jan. 1, 1995–Jun. 30, 1995
Apr. 1, 1995–Jun. 30, 1995
Jul. 1, 1995–Sep. 30, 1995
Oct. 1, 1995–Dec. 31, 1995
Jan. 1, 1996–Mar. 31, 1996
Apr. 1, 1996–Jun. 30, 1996
Jul. 1, 1996–Sep. 30, 1996
Oct. 1, 1996–Dec. 31, 1996
Jan. 1, 1997–Mar. 31, 1997
Apr. 1, 1997–Jun. 30, 1997
Jul. 1, 1997–Sep. 30, 1997
Oct. 1, 1997–Dec. 31, 1997
Jan. 1, 1998–Mar. 31, 1998
Apr. 1, 1998–Jun. 30, 1998
Jul. 1, 1998–Sep. 30, 1998
Oct. 1, 1998–Dec. 31, 1998
Jan. 1, 1999–Mar. 31, 1999
Apr. 1, 1999–Jun. 30, 1999
Jul. 1, 1999–Sep. 30, 1999
Oct. 1, 1999–Dec. 31, 1999
Jan. 1, 2000–Mar. 31, 2000
Apr. 1, 2000–Jun. 30, 2000
Jul. 1, 2000–Sep. 30, 2000
Oct. 1, 2000–Dec. 31, 2000
Jan. 1, 2001–Mar. 31, 2001

RATE
13%
12%
12%
12%
11%
10%
10%
9%
9%
9%
9%
9%
9%
9%
10%
11%
11%
12%
11%
11%
11%
10%
11%
11%
11%
11%
11%
11%
11%
10%
10%
10%
9%
10%
10%
10%
10%
11%
11%
11%
11%

March 24, 2025

1252

1995-1 C.B.
TABLE
31
29
29
29
75
73
73
71
23
23
23
23
23
23
25
27
27
29
27
27
75
73
75
75
27
27
27
27
27
25
25
25
23
25
25
25
73
75
75
75
27

PG
585
583
583
583
629
627
627
625
577
577
577
577
577
577
579
581
581
583
581
581
629
627
629
629
581
581
581
581
581
579
579
579
577
579
579
579
627
629
629
629
581

Bulletin No. 2025–13

Apr. 1, 2001–Jun. 30, 2001
Jul. 1, 2001–Sep. 30, 2001
Oct. 1, 2001–Dec. 31, 2001
Jan. 1, 2002–Mar. 31, 2002
Apr. 1, 2002–Sep. 30, 2002
Jul. 1, 2002–Sep. 30, 2002
Oct. 1, 2002–Dec. 31, 2002
Jan. 1, 2003–Mar. 31, 2003
Apr. 1, 2003–Jun. 30, 2003
Jul. 1, 2003–Sep. 30, 2003
Oct. 1, 2003–Dec. 31, 2003
Jan. 1, 2004–Mar. 31, 2004
Apr. 1, 2004–Jun. 30, 2004
Jul. 1, 2004–Sep. 30, 2004
Oct. 1, 2004–Dec. 31, 2004
Jan. 1, 2005–Mar. 31, 2005
Apr. 1, 2005–Jun. 30, 2005
Jul. 1, 2005–Sep. 30, 2005
Oct. 1, 2005–Dec. 31, 2005
Jan. 1, 2006–Mar. 31, 2006
Apr. 1, 2006–Jun. 30, 2006
Jul. 1, 2006–Sep. 30, 2006
Oct. 1, 2006–Dec. 31, 2006
Jan. 1, 2007–Mar. 31, 2007
Apr. 1, 2007–Jun. 30, 2007
Jul. 1, 2007–Sep. 30, 2007
Oct. 1, 2007–Dec. 31, 2007
Jan. 1, 2008–Mar. 31, 2008
Apr. 1, 2008–Sep. 30, 2008
Jul. 1, 2008–Sep. 30, 2008
Oct. 1, 2008–Dec. 31, 2008
Jan. 1, 2009–Mar. 31, 2009
Apr. 1, 2009–Jun. 30, 2009
Jul. 1, 2009–Sep. 30, 2009
Oct. 1, 2009–Dec. 31, 2009
Jan. 1, 2010–Mar. 31, 2010
Apr. 1, 2010–Jun. 30, 2010
Jul. 1, 2010–Sep. 30, 2010
Oct. 1, 2010–Dec. 31, 2010
Jan. 1, 2011–Mar. 31, 2011
Apr. 1, 2011–Jun. 30, 2011
Jul. 1, 2011–Sep. 30, 2011
Oct. 1, 2011–Dec. 31, 2011
Jan. 1, 2012–Mar. 31, 2012
Apr. 1, 2012–Jun. 30, 2012

10%
9%
9%
8%
8%
8%
8%
7%
7%
7%
6%
6%
7%
6%
7%
7%
8%
8%
9%
9%
9%
10%
10%
10%
10%
10%
10%
9%
8%
7%
8%
7%
6%
6%
6%
6%
6%
6%
6%
5%
6%
6%
5%
5%
5%

Bulletin No. 2025–13

1253

25
23
23
21
21
21
21
19
19
19
17
65
67
65
67
19
21
21
23
23
23
25
25
25
25
25
25
71
69
67
69
19
17
17
17
17
17
17
17
15
17
17
15
63
63

579
577
577
575
575
575
575
573
573
573
571
619
621
619
621
573
575
575
577
577
577
579
579
579
579
579
579
625
623
621
623
573
571
571
571
571
571
571
571
569
571
571
569
617
617

March 24, 2025

Jul. 1, 2012–Sep. 30, 2012
Oct. 1, 2012–Dec. 31, 2012
Jan. 1, 2013–Mar. 31, 2013
Apr. 1, 2013–Jun. 30, 2013
Jul. 1, 2013–Sep. 30, 2013
Oct. 1, 2013–Dec. 31, 2013
Jan. 1, 2014–Mar. 31, 2014
Apr. 1, 2014–Jun. 30, 2014
Jul. 1, 2014–Sep. 30, 2014
Oct. 1, 2014–Dec. 31, 2014
Jan. 1, 2015–Mar. 31, 2015
Apr. 1, 2015–Jun. 30, 2015
Jul. 1, 2015–Sep. 30, 2015
Oct. 1, 2015–Dec. 31, 2015
Jan. 1, 2016–Mar. 31, 2016
Apr. 1, 2016–Jun. 30, 2016
Jul. 1, 2016–Sep. 30, 2016
Oct. 1, 2016–Dec. 31, 2016
Jan. 1, 2017–Mar. 31, 2017
Apr. 1, 2017–Jun. 30, 2017
Jul. 1, 2017–Sep. 30, 2017
Oct. 1, 2017–Dec. 31, 2017
Jan. 1, 2018–Mar. 31, 2018
Apr. 1, 2018–Jun. 30, 2018
Jul. 1, 2018–Sep. 30, 2018
Oct. 1, 2018–Dec. 31, 2018
Jan. 1, 2019–Mar. 31, 2019
Apr. 1, 2019–Jun. 30, 2019
Jul. 1, 2019–Sep. 30, 2019
Oct. 1, 2019–Dec. 31, 2019
Jan. 1, 2020–Mar. 31, 2020
Apr. 1, 2020–Jun. 30, 2020
Jul. 1, 2020–Sep. 30, 2020
Oct. 1, 2020–Dec. 31, 2020
Jan. 1, 2021–Mar. 31, 2021
Apr. 1, 2021–Jun. 30, 2021
Jul. 1, 2021–Sep. 30, 2021
Oct. 1, 2021–Dec. 31, 2021
Jan. 1, 2022–Mar. 31, 2022
Apr. 1, 2022–Jun. 30, 2022
Jul. 1, 2022–Sep. 30, 2022
Oct. 1, 2022–Dec. 31, 2022
Jan. 1, 2023–Mar. 31, 2023
Apr. 1, 2023–Jun. 30, 2023
Jul. 1, 2023–Sep. 30, 2023

5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
6%
6%
6%
6%
6%
6%
6%
6%
7%
7%
7%
8%
8%
7%
7%
7%
7%
5%
5%
5%
5%
5%
5%
5%
6%
7%
8%
9%
9%
9%

March 24, 2025

1254

63
63
15
15
15
15
15
15
15
15
15
15
15
15
63
65
65
65
17
17
17
17
17
19
19
19
21
21
19
19
67
67
63
63
15
15
15
15
15
17
19
21
23
23
23

617
617
569
569
569
569
569
569
569
569
569
569
569
569
617
619
619
619
571
571
571
571
571
573
573
573
575
575
573
573
621
621
617
617
569
569
569
569
569
571
573
575
577
577
577

Bulletin No. 2025–13

Oct. 1, 2023–Dec. 31, 2023
Jan. 1, 2024–Mar. 31, 2024
Apr. 1, 2024–Jun. 30, 2024
Jul. 1, 2024–Sep. 30, 2024
Oct. 1, 2024–Dec. 31, 2024
Jan. 1, 2025–Mar. 31, 2025
Apr. 1, 2025–Jun. 30, 2025

10%
10%
10%
10%
10%
9%
9%

Bulletin No. 2025–13

1255

25
73
73
73
73
23
23

579
627
627
627
627
577
577

March 24, 2025

TABLE OF INTEREST RATES FOR CORPORATE
OVERPAYMENTS EXCEEDING $10,000
FROM JANUARY 1, 1995 – PRESENT
1995-1 C.B.
RATE

TABLE

PG

Jan. 1, 1995–Mar. 31, 1995

6.5%

18

572

Apr. 1, 1995–Jun. 30, 1995

7.5%

20

574

Jul. 1, 1995–Sep. 30, 1995

6.5%

18

572

Oct. 1, 1995–Dec. 31, 1995

6.5%

18

572

Jan. 1, 1996–Mar. 31, 1996

6.5%

66

620

Apr. 1, 1996–Jun. 30, 1996

5.5%

64

618

Jul. 1, 1996–Sep. 30, 1996

6.5%

66

620

Oct. 1, 1996–Dec. 31, 1996

6.5%

66

620

Jan. 1, 1997–Mar. 31, 1997

6.5%

18

572

Apr. 1, 1997–Jun. 30, 1997

6.5%

18

572

Jul. 1, 1997–Sep. 30, 1997

6.5%

18

572

Oct. 1, 1997–Dec. 31, 1997

6.5%

18

572

Jan. 1, 1998–Mar. 31, 1998

6.5%

18

572

Apr. 1, 1998–Jun. 30, 1998

5.5%

16

570

Jul. 1, 1998–Sep. 30, 1998

5.5%

16

570

Oct. 1, 1998–Dec. 31, 1998

5.5%

16

570

Jan. 1, 1999–Mar. 31, 1999

4.5%

14

568

Apr. 1, 1999–Sep. 30, 1999

5.5%

16

570

Jul. 1, 1999–Sep. 30, 1999

5.5%

16

570

Oct. 1, 1999–Dec. 31, 1999

5.5%

16

570

Jan. 1, 2000–Mar. 31, 2000

5.5%

64

618

Apr. 1, 2000–Jun. 30, 2000

6.5%

66

620

Jul. 1, 2000–Sep. 30, 2000

6.5%

66

620

Oct. 1, 2000–Dec. 31, 2000

6.5%

66

620

Jan. 1, 2001–Mar. 31, 2001

6.5%

18

572

Apr. 1, 2001–Jun. 30, 2001

5.5%

16

570

Jul. 1, 2001–Sep. 30, 2001

4.5%

14

568

Oct. 1, 2001–Dec. 31, 2001

4.5%

14

568

Jan. 1, 2002–Mar. 31, 2002

3.5%

12

566

Apr. 1, 2002–Jun. 30, 2002

3.5%

12

566

Jul. 1, 2002–Sep. 30, 2002

3.5%

12

566

Oct. 1, 2002–Dec. 31, 2002

3.5%

12

566

Jan. 1, 2003–Mar. 31, 2003

2.5%

10

564

Apr. 1, 2003–Jun. 30, 2003

2.5%

10

564

Jul. 1, 2003–Sep. 30, 2003

2.5%

10

564

Oct. 1, 2003–Dec. 31, 2003

1.5%

8

562

Jan. 1, 2004–Mar. 31, 2004

1.5%

56

610

Apr. 1, 2004–Jun. 30, 2004

2.5%

58

612

March 24, 2025

1256

Bulletin No. 2025–13

Jul. 1, 2004–Sep. 30, 2004

1.5%

56

610

Oct. 1, 2004–Dec. 31, 2004

2.5%

58

612

Jan. 1, 2005–Mar. 31, 2005

2.5%

10

564

Apr. 1, 2005–Jun. 30, 2005

3.5%

12

566

Jul. 1, 2005–Sep. 30, 2005

3.5%

12

566

Oct. 1, 2005–Dec. 31, 2005

4.5%

14

568

Jan. 1, 2006–Mar. 31, 2006

4.5%

14

568

Apr. 1, 2006–Jun. 30, 2006

4.5%

14

568

Jul. 1, 2006–Sep. 30, 2006

5.5%

16

570

Oct. 1, 2006–Dec. 31, 2006

5.5%

16

570

Jan. 1, 2007–Mar. 31, 2007

5.5%

16

570

Apr. 1, 2007–Jun. 30, 2007

5.5%

16

570

Jul. 1, 2007–Sep. 30, 2007

5.5%

16

570

Oct. 1, 2007–Dec. 31, 2007

5.5%

16

570

Jan. 1, 2008–Mar. 31, 2008

4.5%

62

616

Apr. 1, 2008–Jun. 30, 2008

3.5%

60

614

Jul. 1, 2008–Sep. 30, 2008

2.5%

58

612

Oct. 1, 2008–Dec. 31, 2008

3.5%

60

614

Jan. 1, 2009–Mar. 31, 2009

2.5%

10

564

Apr. 1, 2009–Jun. 30, 2009

1.5%

8

562

Jul. 1, 2009–Sep. 30, 2009

1.5%

8

562

Oct. 1, 2009–Dec. 31, 2009

1.5%

8

562

Jan. 1, 2010–Mar. 31, 2010

1.5%

8

562

Apr. 1, 2010–Jun. 30, 2010

1.5%

8

562

Jul. 1, 2010–Sep. 30, 2010

1.5%

8

562

Oct. 1, 2010–Dec. 31, 2010

1.5%

8

562

Jan. 1, 2011–Mar. 31, 2011

0.5%*

Apr. 1, 2011–Jun. 30, 2011

1.5%

8

562

Jul. 1, 2011–Sep. 30, 2011

1.5%

8

562

Oct. 1, 2011–Dec. 31, 2011

0.5%*

Jan. 1, 2012–Mar. 31, 2012

0.5%*

Apr. 1, 2012–Jun. 30, 2012

0.5%*

Jul. 1, 2012–Sep. 30, 2012

0.5%*

Oct. 1, 2012–Dec. 31, 2012

0.5%*

Jan. 1, 2013–Mar. 31, 2013

0.5%*

Apr. 1, 2013–Jun. 30, 2013

0.5%*

Jul. 1, 2013–Sep. 30, 2013

0.5%*

Oct. 1, 2013–Dec. 31, 2013

0.5%*

Jan. 1, 2014–Mar. 31, 2014

0.5%*

Apr. 1, 2014–Jun. 30, 2014

0.5%*

Jul. 1, 2014–Sep. 30, 2014

0.5%*

Oct. 1, 2014–Dec. 31, 2014

0.5%*

Bulletin No. 2025–13

1257

March 24, 2025

Jan. 1, 2015–Mar. 31, 2015

0.5%*

Apr. 1, 2015–Jun. 30, 2015

0.5%*

Jul. 1, 2015–Sep. 30, 2015

0.5%*

Oct. 1, 2015–Dec. 31, 2015

0.5%*

Jan. 1, 2016–Mar. 31, 2016

0.5%*

Apr. 1, 2016–Jun. 30, 2016

1.5%

56

610

Jul. 1, 2016–Sep. 30, 2016

1.5%

56

610

Oct. 1, 2016–Dec. 31, 2016

1.5%

56

610

Jan. 1, 2017–Mar. 31, 2017

1.5%

8

562

Apr. 1, 2017–Jun. 30, 2017

1.5%

8

562

Jul. 1, 2017–Sep. 30, 2017

1.5%

8

562

Oct. 1, 2017–Dec. 31, 2017

1.5%

8

562

Jan. 1, 2018–Mar. 31, 2018

1.5%

8

562

Apr. 1, 2018–Jun. 30, 2018

2.5%

10

564

Jul. 1, 2018–Sep. 30, 2018

2.5%

10

564

Oct. 1, 2018–Dec. 31, 2018

2.5%

10

564

Jan. 1, 2019–Mar. 31, 2019

3.5%

12

566

Apr. 1, 2019–Jun. 30, 2019

3.5%

12

566

Jul. 1, 2019–Sep. 30, 2019

2.5%

10

564

Oct. 1, 2019–Dec. 31, 2019

2.5%

10

564

Jan. 1, 2020–Mar. 31, 2020

2.5%

58

612

Apr. 1, 2020–Jun. 30, 2020

2.5%

58

612

Jul. 1, 2020–Sep. 30, 2020

0.5%*

Oct. 1, 2020–Dec. 31, 2020

0.5%*

Jan. 1, 2021–Mar. 31, 2021

0.5%*

Apr. 1, 2021–Jun. 30, 2021

0.5%*

Jul. 1, 2021–Sep. 30, 2021

0.5%*

Oct. 1, 2021–Dec. 31, 2021

0.5%*

Jan. 1, 2022–Mar. 31, 2022

0.5%*

Apr. 1, 2022–Jun. 30, 2022

1.5%

8

562

Jul. 1, 2022–Sep. 30, 2022

2.5%

10

564

Oct. 1, 2022–Dec. 31, 2022

3.5%

12

566

Jan. 1, 2023–Mar. 31, 2023

4.5%

14

568

Apr. 1, 2023–Jun. 30, 2023

4.5%

14

568

Jul. 1, 2023–Sep. 30, 2023

4.5%

14

568

Oct. 1, 2023–Dec. 31, 2023

5.5%

16

570

Jan. 1, 2024–Mar. 31, 2024

5.5%

64

618

Apr. 1, 2024–Jun. 30, 2024

5.5%

64

618

Jul. 1, 2024–Sep. 30, 2024

5.5%

64

618

Oct. 1, 2024–Dec. 31, 2024

5.5%

64

618

Jan. 1, 2025–Mar. 31, 2025

4.5%

14

568

Apr. 1, 2025–Jun. 30, 2025

4.5%

14

568

* The asterisk reflects the interest factors for daily compound interest for annual rates of 0.5 percent published in Appendix A of
this Revenue Ruling.

March 24, 2025

1258

Bulletin No. 2025–13

26 CFR 1.45V-1; 26 CFR 1.45V-2; 26 CFR 1.45V-4;
26 CFR 1.45V-5; 26 CFR 1.45V-6

T.D. 10023
DEPARTMENT OF THE
TREASURY
Internal Revenue Service
26 CFR Part 1
Credit for Production
of Clean Hydrogen and
Energy Credit
AGENCY: Internal Revenue Service
(IRS), Treasury.
ACTION: Final regulations.
SUMMARY: This document contains
final regulations implementing the credit
for production of clean hydrogen and
certain provisions of the energy credit as
enacted by the Inflation Reduction Act
of 2022. The regulations provide rules
for: determining lifecycle greenhouse gas
emissions rates resulting from hydrogen
production processes; petitioning for provisional emissions rates; verifying production and sale or use of clean hydrogen;
modifying or retrofitting existing qualified clean hydrogen production facilities;
using electricity from certain renewable or
zero-emissions sources to produce qualified clean hydrogen; and electing to treat
part of a specified clean hydrogen production facility instead as property eligible
for the energy credit. These regulations
affect all taxpayers who produce qualified
clean hydrogen and claim the clean hydrogen production credit, elect to treat part
of a specified clean hydrogen production
facility as property eligible for the energy
credit, or produce electricity from certain
renewable or zero-emissions sources used
by taxpayers or related persons to produce
qualified clean hydrogen.
DATES: Effective date: These regulations
are effective January 10, 2025.
Applicability dates: For dates of applicability, see §§1.45V-1(d), 1.45V-2(d),
1.45V-4(g), 1.45V-5(l), 1.45V-6(d), and
1.48-15(h).

Bulletin No. 2025–13

FOR FURTHER INFORMATION
CONTACT: Courtney Hutson at (202)
317-5319 or Alan Tilley at (202) 3176512 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
Authority
This document contains final regulations that amend the Income Tax Regulations (26 CFR Part 1) by adding regulations authorized to be issued by the
Secretary of the Treasury or her delegate
(Secretary) under sections 48 and 45V
of the Internal Revenue Code (Code).
The final regulations are issued under the
authority granted under sections 45V(c)
(1)(B), 45V(e)(5), 45V(f), 48(a)(15)
(C), 48(a)(15)(E), 48(a)(16), 6001, and
7805(a) of the Code.
Section 45V(c)(1)(B) provides that
lifecycle greenhouse gas emissions (lifecycle GHG emissions) shall only include
emissions through the point of production
(well-to-gate), as determined under the
most recent Greenhouse gases, Regulated
Emissions, and Energy use in Transportation model (commonly referred to as the
“GREET model”) developed by Argonne
National Laboratory, or a successor model
(as determined by the Secretary).
Section 45V(e)(5) directs the Secretary
to issue regulations and guidance as she
determines to be necessary to carry out the
purposes of section 45V(e), which relates
to the increased credit amount for qualified clean hydrogen production facilities
that satisfy certain prevailing wage and
apprenticeship requirements.
Further, section 45V(f) directs the Secretary to issue regulations or other guidance to carry out the purposes of section
45V, including for determining lifecycle
GHG emissions.
Section 48(a)(15)(C) provides that the
term “specified clean hydrogen production facility” means any qualified clean
hydrogen production facility (as defined
in section 45V(c)(3))(i) that is placed in
service after December 31, 2022, (ii) with
respect to which (I) no section 45V credit
or section 45Q credit has been allowed,
and (II) the taxpayer makes an irrevocable
election to have section 48(a)(15) apply,
and (iii) for which an unrelated third party
has verified (in such form or manner as the

1259

Secretary may prescribe) that such facility
produces hydrogen through a process that
results in lifecycle GHG emissions that
are consistent with the hydrogen that such
facility was designed and expected to produce under section 48(a)(15)(A)(ii).
Section 48(a)(15)(E) directs the Secretary to issue such regulations or other
guidance as she determines necessary to
carry out the purposes of the section 48
energy credit, including regulations or
guidance related to the recapture of such
credit that exceeds the allowed amount “if
the expected production were consistent
with the actual verified production (or all
of the credit so allowed in the absence of
such verification).”
Section 48(a)(16) directs the Secretary
to issue regulations or other guidance as
she determines necessary to carry out the
purposes of the section 48 energy credit,
including for recordkeeping or information reporting requirements necessary for
the administration of the credit.
Section 6001 provides an express delegation of authority to the Secretary, stating that, “[e]very person liable for any tax
imposed by this title, or for the collection
thereof, shall keep such records, render
such statements, make such returns, and
comply with such rules and regulations
as the Secretary may from time to time
prescribe. Whenever in the judgment of
the Secretary it is necessary, [s]he may
require any person, by notice served upon
such person or by regulations, to make
such returns, render such statements, or
keep such records, as the Secretary deems
sufficient to show whether or not such person is liable for tax under this title.”
These regulations are also issued
under the express delegation of authority
under section 7805(a), which provides that
“[t]he Secretary shall prescribe all needful
rules and regulations for the enforcement
of [the Code], including all rules and regulations as may be necessary by reason of
any alteration of law in relation to internal
revenue.”
Background
This document contains final regulations to implement the statutory provisions of sections 45V and 48(a)(15) of
the Code, as enacted by section 13204 of
Public Law 117-169, 136 Stat. 1818, 1935

March 24, 2025

(August 16, 2022), commonly known as
the Inflation Reduction Act of 2022 (IRA).
The IRA added several provisions to
the Code related to the production of, and
investment in, clean hydrogen, which,
along with the provisions of sections 45V
and 48(a)(15), are described in part I of
this Background section. Part II of this
Background section describes a previous
request for public comment on these provisions, and part III describes the proposed
regulations promulgated under these provisions that the final regulations in this
document adopt or modify as explained in
the Summary of Comments and Explanation of Revisions.
I. IRA Provisions for Clean Hydrogen
Production and Investment
This part I describes the credit for production of clean hydrogen as determined
under section 45V (section 45V credit)
and the irrevocable election to claim an
energy credit under section 48 (section 48
credit) in lieu of the section 45V credit.
Also described are statutory exceptions to
the requirement that electricity be sold to
an unrelated person to be eligible for the
renewable electricity production credit
determined under section 45 (section
45 credit) or the zero-emission nuclear
power production credit determined under
section 45U (section 45U credit). Under
these exceptions, electricity produced by
a taxpayer from a qualified facility under
section 45(d) or a qualified nuclear power
facility under section 45U(b)(1) may be
treated as sold by the taxpayer to an unrelated person during the taxable year if the
electricity is used by the taxpayer or a
related person at a qualified clean hydrogen production facility to produce qualified clean hydrogen.
A. Section 45V
1. Amount of Credit
Section 45V provides an income tax
credit for the production of qualified clean

hydrogen. For purposes of section 38, section 45V(a) provides that the clean hydrogen production credit for any taxable year
is an amount equal to the product of (i)
the kilograms of qualified clean hydrogen produced by the taxpayer during such
taxable year at a qualified clean hydrogen
production facility during the 10-year
period beginning on the date such facility was originally placed in service, and
(ii) the applicable amount as determined
under section 45V(b) with respect to such
hydrogen.
Section 45V(b)(1) provides that, for
purposes of section 45V(a)(2), the applicable amount is an amount equal to the
applicable percentage of $0.60. If the
amount so determined is not a multiple of
0.1 cent, then such amount is rounded to
the nearest multiple of 0.1 cent.
Section 45V(b)(2) provides that, for
purposes of section 45V(b)(1), the applicable percentage is determined based on
the lifecycle GHG emissions rate of the
process used to produce any qualified
clean hydrogen as follows: (i) if the lifecycle GHG emissions rate is not greater
than 4 kilograms of carbon dioxide equivalent (CO2e) per kilogram of hydrogen,
and not less than 2.5 kilograms of CO2e
per kilogram of hydrogen, then the applicable percentage is 20 percent; (ii) if the
lifecycle GHG emissions rate is less than
2.5 kilograms of CO2e per kilogram of
hydrogen, and not less than 1.5 kilograms
of CO2e per kilogram of hydrogen, then
the applicable percentage is 25 percent;
(iii) if the lifecycle GHG emissions rate is
less than 1.5 kilograms of CO2e per kilogram of hydrogen, and not less than 0.45
kilograms of CO2e per kilogram of hydrogen, then the applicable percentage is 33.4
percent; and (iv) if the lifecycle GHG
emissions rate is less than 0.45 kilograms
of CO2e per kilogram of hydrogen, then
the applicable percentage is 100 percent.
Section 45V(b)(3) provides that the
$0.60 amount in section 45V(b)(1) is
adjusted by multiplying such amount by
the inflation adjustment factor (as determined under section 45(e)(2), determined

by substituting “2022” for “1992” in section 45(e)(2)(B)) for the calendar year in
which the qualified clean hydrogen is produced. If any amount as increased under
section 45V(b)(3) is not a multiple of 0.1
cent, such amount is rounded to the nearest multiple of 0.1 cent.1
Section 45V(e)(1) provides that, in the
case of any qualified clean hydrogen production facility that satisfies the requirements of section 45V(e)(2), the amount
of the section 45V credit with respect to
qualified clean hydrogen described in
section 45V(b)(2) is equal to the amount
determined under section 45V(a) (determined without regard to section 45V(e)
(1)) multiplied by five.
A qualified clean hydrogen production
facility meets the requirements of section 45V(e)(2) if: (i) the facility began
construction before January 29, 2023, and
with respect to any taxable year, for any
portion of such taxable year that is within
the 10-year period beginning on the date
the facility is originally placed in service,
the prevailing wage requirements of section 45V(e)(3)(A) are met for any alteration or repair of the facility that occurs
after January 29, 2023 (to the extent applicable);2 or (ii) the facility satisfies the prevailing wage and apprenticeship (PWA)
requirements of section 45V(e)(3)(A) and
(4).3
Generally, the prevailing wage requirements under section 45V(e)(3)(A) with
respect to any qualified clean hydrogen
production facility require the taxpayer
to ensure that any laborers and mechanics employed by the taxpayer or by any
contractor or subcontractor in (i) the construction of such facility, and (ii) with
respect to any taxable year, for any portion of such taxable year that is within the
10-year period beginning on the date such
facility was originally placed in service,
the alteration or repair of such facility, are
paid wages at rates not less than the prevailing rates for construction, alteration,
or repair of a similar character in the
locality in which such facility is located as
most recently determined by the Secretary

The IRS will publish the inflation-adjusted section 45V applicable amount annually. The section 45V applicable amounts for calendar years 2023 and 2024 were published in Notice 202445, 2024-26 I.R.B. 1747.
2
Section 45V(e)(3)(A)(ii) requires the payment of wages at prevailing rates “with respect to any taxable year, for any portion of such taxable year which is within the period described in
subsection (a)(2)”, with respect to the alteration or repair of the facility. There is no “period described in subsection (a)(2).” The Treasury Department and the IRS interpret the reference to
“subsection (a)(2)” as a reference to section 45V(a)(1) where the 10-year credit period is identified.
3
See §§1.45-7, 1.45-8, 1.45-12, and 1.45V-3, as published in the Federal Register (89 FR 53184) on June 25, 2024.
1

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Bulletin No. 2025–13

of Labor, in accordance with subchapter
IV of chapter 31 of title 40 of the United
States Code, commonly known as the
Davis-Bacon Act. Correction and penalty
rules similar to the rules of section 45(b)
(7)(B) also apply.
Section 45V(e)(4) provides that rules
similar to the apprenticeship requirements
of section 45(b)(8) apply for purposes of
section 45V(e)(2)(B).4
For purposes of section 45V(a), in the
case of a qualified clean hydrogen production facility that does not satisfy the
requirements of section 45V(e)(2), the
amount of the clean hydrogen production
credit for any taxable year is $0.12, $0.15,
$0.20, or $0.60 per kilogram of qualified
clean hydrogen produced (before taking into account any inflation adjustment
under section 45V(b)(3)), depending on
the lifecycle GHG emissions rate associated with the facility’s hydrogen production process. For facilities meeting the
requirements of section 45V(e)(2), the
credit amount determined under section
45V(a) (as adjusted for inflation subject
to section 45V(b)(3)) is multiplied by five.
2. Definitions
a. Lifecycle Greenhouse Gas Emissions
Section 45V(c)(1)(A) provides that,
subject to section 45V(c)(1)(B), the term
“lifecycle greenhouse gas emissions” has
the same meaning given such term under
section 211(o)(1)(H) of the Clean Air Act
(42 U.S.C. 7545(o)(1)(H)), as in effect on
August 16, 2022. Under section 45V(c)
(1)(B), the term “lifecycle greenhouse
gas emissions” includes emissions only
through the point of production (wellto-gate), as determined under the most
recent Greenhouse gases, Regulated
Emissions, and Energy use in Transportation model, referred to as the “GREET
model” commonly and in this document,
developed by Argonne National Laboratory, or a successor model as determined
by the Secretary.

b. Qualified Clean Hydrogen
Section 45V(c)(2)(A) provides that the
term “qualified clean hydrogen” means
hydrogen that is produced through a process that results in a lifecycle GHG emissions rate of not greater than 4 kilograms
of CO2e per kilogram of hydrogen. Section 45V(c)(2)(B) further provides that
the term “qualified clean hydrogen” does
not include any hydrogen unless (i) such
hydrogen is produced (A) in the United
States (as defined in section 638(1) of the
Code) or a United States territory (having the meaning of the term “possession”
as defined in section 638(2)), (B) in the
ordinary course of a trade or business of
the taxpayer, and (C) for sale or use; and
(ii) the production and sale or use of such
hydrogen is verified by an unrelated party.
c. Provisional Emissions Rate
Section 45V(c)(2)(C) provides that, in
the case of any hydrogen for which a lifecycle GHG emissions rate has not been
determined for purposes of section 45V, a
taxpayer producing such hydrogen may file
a petition with the Secretary for a determination of the lifecycle GHG emissions rate
with respect to such hydrogen, referred to
as a “provisional emissions rate” or PER.
d. Qualified Clean Hydrogen Production
Facility
Section 45V(c)(3) provides that the
term “qualified clean hydrogen production facility” means a facility (i) owned by
the taxpayer, (ii) that produces qualified
clean hydrogen, and (iii) the construction
of which begins before January 1, 2033.5
3. Special Rules
a. Treatment of Facilities Owned by More
Than One Taxpayer
Section 45V(d)(1) provides that rules
similar to the rules of section 45(e)(3)

apply for purposes of section 45V. Section 45(e)(3) provides that, in the case of
a facility in which more than one person
has an ownership interest, except to the
extent provided in regulations prescribed
by the Secretary, production from the
facility is allocated among such persons
in proportion to their respective ownership interests in the gross sales from such
facility.
b. Coordination with Section 45Q
Section 45V(d)(2) provides that no
section 45V credit is allowed with respect
to any qualified clean hydrogen produced
at a facility that includes carbon capture
equipment for which a credit is allowed to
any taxpayer under section 45Q (section
45Q credit) for the taxable year or any
prior taxable year.
c. Credit Reduced for Tax-Exempt Bonds
Section 45V(d)(3) provides that rules
similar to the rules under section 45(b)
(3) (credit reduced for tax-exempt bonds)
apply for purposes of section 45V. Section 45V(d)(3) is effective for facilities
that begin construction after August 16,
2022. See §13204(a)(5)(B) of the IRA.
Section 45(b)(3) provides that the amount
of the credit determined under section
45(a) with respect to any facility for any
taxable year (determined after the application of section 45(b)(1) and (2) regarding phaseout and inflation adjustment
rules) is reduced by the amount that is the
product of the amount so determined for
such year and the lesser of 15 percent or
a fraction (A) the numerator of which is
the sum, for the taxable year and all prior
taxable years, of proceeds of an issue of
any obligations the interest on which is
exempt from tax under section 103 and
that is used to provide financing for the
qualified facility, and (B) the denominator of which is the aggregate amount of
additions to the capital account for the
qualified facility for the taxable year and

Under §1.45V-3, the PWA requirements for purposes of section 45V(e)(2)(B) are satisfied if a facility meets the prevailing wage requirements of section 45(b)(7) and §1.45-7, the apprenticeship requirements of section 45(b)(8) and §1.45-8, and the recordkeeping and reporting requirements of §1.45-12. Those regulations are not a part of this Treasury decision and §1.45V-3
is addressed only to the extent necessary for purposes of formatting the final regulations that are the subject of this decision in accordance with CFR standards.
5
Section 45V does not specify an earliest date on which a qualified clean hydrogen production facility must begin construction or be placed in service to be eligible for the section 45V credit.
However, the section 45V credit is available for qualified clean hydrogen produced after December 31, 2022. See §13204(a)(5)(A) of the IRA. Thus, the owner of a qualified clean hydrogen
production facility originally placed in service after December 31, 2012, could claim the section 45V credit for qualified clean hydrogen produced during at least some portion of the 10-year
period described in section 45V(a)(1), provided all other requirements are met.
4

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March 24, 2025

all prior taxable years. Section 45(b)(3)
further provides that the amounts determined under section 45(b)(3) for any taxable year are determined as of the close
of the taxable year.
d. Modification of Existing Facilities
Section 45V(d)(4) provides that for
purposes of section 45V(a)(1), in the
case of any facility that (A) was originally placed in service before January
1, 2023, and, prior to the modification
described in section 45V(d)(4)(B), did
not produce qualified clean hydrogen,
and (B) after the date such facility was
originally placed in service (i) is modified to produce qualified clean hydrogen,
and (ii) amounts paid or incurred with
respect to such modification are properly
chargeable to the capital account of the
taxpayer, such facility is deemed to have
been originally placed in service as of the
date the property required to complete
the modification described in section
45V(d)(4)(B) is placed in service. Section 45V(d)(4) is effective for modifications made after December 31, 2022. See
§13204(a)(5)(C) of the IRA.
B. Electricity Used at a Qualified Clean
Hydrogen Production Facility
Section 45(e)(13) provides that
electricity produced by the taxpayer is
treated as sold by such taxpayer to an
unrelated person during the taxable year
if (i) such electricity is used during such
taxable year by the taxpayer or a person related to the taxpayer at a qualified
clean hydrogen production facility (as
defined in section 45V(c)(3)) to produce
qualified clean hydrogen (as defined in
section 45V(c)(2)); and (ii) such use and
production is verified (in such form or
manner as the Secretary may prescribe)
by an unrelated third party. Section 45(e)
(13) is effective for electricity produced
after December 31, 2022. See §13204(b)
(3) of the IRA.
Section 45U(c)(2) provides that rules
similar to the rules of section 45(e)(13)
apply for purposes of section 45U. Generally, section 45U is effective for electricity produced at a qualified nuclear power
facility and sold after December 31, 2023,
in taxable years beginning after that date.

March 24, 2025

C. Election To Treat Clean Hydrogen
Production Facilities as Energy Property

tion facility or any carbon capture equipment included at such facility.

Section 48(a)(15)(A)(i) provides that,
in the case of any qualified property (as
defined in section 48(a)(5)(D)) that is
part of a specified clean hydrogen production facility, such property is treated
as energy property. Section 48(a)(15)(A)
(ii) provides that the energy percentage of
the basis of any qualified property that is
treated as energy property is, for a facility
that is designed and reasonably expected
to produce qualified clean hydrogen with
a lifecycle GHG emissions rate that is:
(i) not greater than 4 kilograms of CO2e
per kilogram of hydrogen, and not less
than 2.5 kilograms of CO2e per kilogram of hydrogen, 1.2 percent; (ii) less
than 2.5 kilograms of CO2e per kilogram
of hydrogen, and not less than 1.5 kilograms of CO2e per kilogram of hydrogen,
1.5 percent; (iii) less than 1.5 kilograms
of CO2e per kilogram of hydrogen, and
not less than 0.45 kilograms of CO2e per
kilogram of hydrogen, 2 percent; and (iv)
less than 0.45 kilograms of CO2e per
kilogram of hydrogen, 6 percent. Under
section 48(a)(9), the amount of the section 48 credit determined for a specified
clean hydrogen production facility under
section 48(a)(15) is multiplied by five if
the facility meets the requirements of section 48(a)(9)(B) (regarding application
of certain maximum net output levels of
electrical or thermal energy or prevailing wage and apprenticeship requirements). However, the domestic content
and energy communities bonuses under
section 48(a)(12) and (14) do not apply
to a specified clean hydrogen production
facility.
Section 48(a)(15) is effective for property placed in service after December
31, 2022, and for any property the construction of which began before January
1, 2023, only to the extent of the basis
thereof attributable to construction, reconstruction, or erection after December 31,
2022. See §13204(c)(3) of the IRA.

2. Specified Clean Hydrogen Production
Facility

1. Denial of Production Credit
Section 48(a)(15)(B) provides that no
section 45V credit or section 45Q credit is
allowed for any taxable year with respect
to any specified clean hydrogen produc-

1262

Section 48(a)(15)(C) provides that the
term “specified clean hydrogen production facility” means any qualified clean
hydrogen production facility (as defined
in section 45V(c)(3)) (i) that is placed in
service after December 31, 2022, (ii) with
respect to which (I) no section 45V credit
or section 45Q credit has been allowed,
and (II) the taxpayer makes an irrevocable
election to have section 48(a)(15) apply,
and (iii) for which an unrelated third party
has verified (in such form or manner as the
Secretary may prescribe) that such facility
produces hydrogen through a process that
results in lifecycle GHG emissions that
are consistent with the hydrogen that such
facility was designed and expected to produce under section 48(a)(15)(A)(ii).
3. Qualified Clean Hydrogen
Section 48(a)(15)(D) provides that, for
purposes of section 48(a)(15), the term
“qualified clean hydrogen” has the meaning given such term by section 45V(c)(2).
4. Regulations
Section 48(a)(15)(E) requires the Secretary to issue regulations or other guidance as she determines necessary to carry
out the purposes of section 48, including
regulations or other guidance that recaptures so much of any section 48 credit
allowed as exceeds the amount of the
credit that would have been allowed if the
expected production were consistent with
the actual verified production (or all of the
credit so allowed in the absence of verification).
II. Notice 2022-58
On November 3, 2022, the Department
of the Treasury (Treasury Department)
and the IRS published Notice 2022-58,
2022-47 I.R.B. 483. The notice requested
general comments on issues arising under
section 45V and the associated clean
hydrogen production and investment
incentives in sections 45 and 48. The

Bulletin No. 2025–13

notice also requested specific comments
concerning (i) definitions; (ii) boundaries of the well-to-gate analysis for determining the lifecycle GHG emissions rate;
(iii) the PER process; (iv) recordkeeping
and reporting; (v) verification by unrelated parties; and (vi) coordination with
sections 45, 48, and 45Q. Stakeholders
submitted more than 200 comments in
response to Notice 2022-58, and those
comments informed the development of
the proposed regulations.
III. Proposed Regulations
On December 26, 2023, the Treasury
Department and the IRS published proposed regulations under sections 45V
and 48(a)(15) (REG-117631-23) in the
Federal Register (88 FR 89220) to provide guidance on the credit for production
of clean hydrogen and the energy credit,
respectively (proposed regulations). The
provisions of the proposed regulations are
explained in greater detail in the preamble
to the proposed regulations.
On April 11, 2024, the Treasury
Department and the IRS published a supplemental notice of proposed rulemaking
under sections 45V and 48(a)(15) in the
Federal Register (89 FR 25551) inviting comments on the U.S. Department of
Energy’s (DOE) information collection
related to the DOE’s Emissions Value
Request Process (EVRP) for use by applicants in obtaining an emissions value in
support of a petition for a PER, as set forth
in the proposed regulations. The EVRP is
explained in greater detail in the supplemental notice of proposed rulemaking. On
September 30, 2024, the DOE announced
the opening of the EVRP. See Notice of
Availability of the 45V Emissions Value
Request Process (89 FR 80898).
Summary of Comments and
Explanation of Revisions
This Summary of Comments and
Explanation of Revisions summarizes
the proposed regulations and all the substantive comments submitted in response

to the proposed regulations. The Treasury Department and the IRS received
approximately 30,000 written comments
in response to the proposed regulations.
The comments are available for public
inspection at www.regulations.gov or
upon request. A hearing was conducted in
person and telephonically on March 25,
26, and 27, 2024, during which approximately 100 individuals testified.6 After
full consideration of the hearing testimony
and the comments received, these final
regulations adopt the proposed regulations with modifications in response to the
comments described in this Summary of
Comments and Explanation of Revisions.
The Treasury Department and the IRS
also consulted extensively with scientific
and technical experts from across the Federal government, including personnel from
the DOE and the U.S. Environmental Protection Agency (EPA), in developing and
drafting these final regulations. The Treasury Department and the IRS had regular meetings with these experts from the
time that sections 45V and 48(a)(15) were
enacted through the drafting and publication of the proposed regulations and the
final regulations. The conclusions reached
in these final regulations and explained in
this Summary of Comments and Explanation of Revisions were deeply informed
by the scientific and technical expertise
that was shared by these experts.
Comments merely summarizing the
proposed regulations, expressing generic,
non-specific, or extraneous concerns,
recommending statutory revisions to sections 45V, 48(a)(15), or other statutes, or
addressing issues that do not pertain to
the purposes of sections 45V and 48(a)
(15) are not applicable to this rulemaking and are not adopted. Additionally,
except to the extent discussed in this
Summary of Comments and Explanation
of Revisions, comments addressing the
features of 45VH2-GREET or the contents of any supporting documentation
to be provided in seeking an emissions
value from the DOE are outside the scope
of this rulemaking and therefore are not
addressed herein.

I. General Rules and Definitions
Proposed §1.45V-1 provided definitions of key terms used in proposed
§§1.45V-1 through 1.45V-6 and 1.4815, to determine eligibility for, and the
amount of, the section 45V credit for
production of clean hydrogen. Comments
addressed several of the proposed definitions, as described in this part I.A of the
Summary of Comments and Explanation
of Revisions.
In addition, these final regulations add
the new terms “hydrogen gas stream,”
“mixed gas or impurity,” and “productive
use,” which are discussed in part I.A.5 of
the Summary of Comments and Explanation of Revisions, as well as the terms
“process” and “primary feedstock,” which
are discussed in part I.A.7. With respect
to the definition of “lifecycle GHG Emissions,” the final regulations add a new rule
for certain emissions related to purification treated as through the point of production, which is discussed in part I.A.6.d
of the Summary of Comments and Explanation of Revisions. The final regulations
renumber the definitions to incorporate
the added definitions.
A. Definitions
1. Applicable Amount
Section 45V(b)(1) defines applicable
amount, and section 45V(b)(3) provides
the inflation adjustment that applies when
calculating the applicable amount. Proposed §1.45V-1(a)(2) would have adopted
this definition and its related inflation
adjustment provision. No comments
addressed these provisions, and these final
regulations adopt them as proposed.
2. Applicable Percentage
Section 45V(b)(2) defines the term
“applicable
percentage.”
Proposed
§1.45V-1(a)(3) adopted this definition. No
comments addressed this provision, and
these final regulations adopt the definition
as proposed.

A comment requested that the Treasury Department and the IRS (1) hold additional public hearings in, at a minimum, each of the seven regions where hydrogen hubs have been proposed;
(2) provide virtual options for attending and presenting; and (3) clarify the process for participation at the public hearing. The Treasury Department and the IRS held a hearing over three days,
which provided the public an opportunity to present testimony either in person or over the telephone. Individuals, whether testifying or not, could attend the hearing either in person or by
telephone. Notice of the hearing was published as part of the proposed regulations in the Federal Register on December 26, 2023, which provided details to the public on how to participate.
Accordingly, the public was provided a meaningful opportunity to participate in the hearing process.
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March 24, 2025

3. Claim
Proposed §1.45V-1(a)(4) would have
provided that, with respect to the section
45V credit determined for qualified clean
hydrogen produced by the taxpayer at a
qualified clean hydrogen production facility, the term “claim” means the filing of
a completed Form 7210, Clean Hydrogen Production Credit, or any successor form(s), with the taxpayer’s Federal
income tax return or annual information
return for the taxable year in which the
credit is determined, and includes the
making of an election under section 6417
or section 6418 and the regulations thereunder, with respect to such section 45V
credit on the applicable entity’s or eligible
taxpayer’s timely filed (including extensions) Federal income tax return or annual
information return.
One comment requested that the final
regulations offer a streamlined process
to claim the section 45V credit for small
producers of hydrogen. Section 45V does
not make any distinction based on the size
of the hydrogen producer, and the importance of reporting and compliance are the
same regardless of the producer’s size.
Accordingly, providing a more streamlined process for claiming the section 45V
credit for small producers is not appropriate. Additionally, to clarify, section
1.45V-1(a)(4) has no effect on the procedures for making an election under section
6417 or 6418, the requirements for which
are described in the regulations for each
provision. For procedures for making an
election under section 6417, see §1.64172(b). For procedures for making an election under section 6418, see §1.6418-2.
Accordingly, section 1.45V-1(a)(4) is
adopted without change.
4. Facility
a. Equipment Included in the Definition
of Facility
Proposed §1.45V-1(a)(7)(i) would
have provided that, for purposes of the
definition of qualified clean hydrogen production facility provided at section 45V(c)
(3), the term “facility” means a single production line that is used to produce qualified clean hydrogen, unless otherwise
specified. Further, proposed §1.45V-1(a)

March 24, 2025

(7)(i) would have provided that a “single
production line” includes all components
of property that function interdependently
to produce qualified clean hydrogen.
Components of property would be functionally interdependent if the placing in
service of each component were dependent upon the placing in service of each of
the other components to produce qualified
clean hydrogen. Proposed §1.45V-1(a)(7)
(iii) would have provided that components
that have a purpose in addition to the production of qualified clean hydrogen may
be part of a facility if such components
function interdependently with other components to produce qualified clean hydrogen. Proposed §1.45V-1(a)(7)(iv) would
have provided an example to illustrate the
definition of facility for purposes of section 45V.
Comments asked a variety of questions
about the definition of “facility,” including whether specific equipment is part
of a facility. Some comments requested
clarification on the meaning of “single
production line” and “functional interdependence” and whether components
of a facility that produce hydrogen as a
by-product of another production process
are part of a “single production line” that
is used to produce hydrogen. Other comments asked for clarification on whether
designated spaces and equipment necessary for commercial operation, but not
necessary for hydrogen production (for
example, break rooms and lighting) are
part of the “facility.” Another comment
requested that the final regulations specify a method for allocating lifecycle GHG
emissions across multipurpose components. The comment suggested that, in
many cases, it would not be appropriate
to include, through the point of production, all lifecycle GHG emissions from
multipurpose components that are part of
the balance of plant, such as the cooling
tower or air compressor if the hydrogen
production process does not consume a
significant amount of energy from the use
of such equipment.
One comment recommended that the
final rules modify the definition of “facility” to include all electrolyzers within
the balance of plant to prevent hydrogen
producers from designating one electrolyzer as having produced hydrogen without energy attribute certificates (EACs)

1264

should a producer not have EACs sufficient to ensure all hydrogen produced at a
facility is qualified clean hydrogen.
Another comment asked whether
the definition of “facility” in proposed
§1.45V-1(a)(7) would create a “circular
loop” wherein the hydrogen producer
would need to identify the components of
the facility in order to obtain an emissions
rate under 45VH2-GREET, but could
not identify the components of the facility without knowing whether the facility
produces hydrogen at an emissions rate of
not greater than 4 kilograms of CO2e per
kilogram of hydrogen.
One comment requested clarification
that the definition of facility in proposed
§1.45V-1(a)(7) does not apply for purposes of the definition of “industrial facility” in §1.45Q-2(d).
One comment requested clarification
on whether a facility includes downstream
property that uses the hydrogen produced
at a qualified clean hydrogen production
facility. Similarly, one comment requested
clarification on whether hydrogen production equipment that is installed on the
property of an industrial plant or a gas
utility qualifies as a “facility.” Although
unclear, this comment appears to be
requesting clarification whether an existing industrial plant or gas utility becomes
a hydrogen production facility if hydrogen production equipment is added to the
existing plant or utility.
In response to these comments seeking clarification on what is included in the
definition of facility, these final regulations
modify proposed §1.45V-1(a)(7)(i) and
(iv), as well as §1.45V-1(a)(7)(ii), which
identifies equipment that is not included
in the definition of facility. Generally, the
definition of “facility” is sufficiently clear
as an established tax concept. The concept
of “functional interdependence” has been
used by courts for many years to decide
whether property was placed in service
for depreciation and the investment tax
credit. See, for example, Armstrong World
Industries, Inc. v. Commissioner, 974 F.2d
422, 434 (3d Cir. 1992) (“[C]ourts appear
to agree that individual components will
be considered as a single property for tax
purposes—when the component parts are
functionally interdependent when each
component is essential to the operation of
the project as a whole and cannot be used

Bulletin No. 2025–13

separately to any effect.”). The general
definition of facility in proposed §1.45V1(a)(7)(i) uses this “functional interdependence” concept by indicating that a
single production line includes all components of property that function interdependently to produce qualified clean
hydrogen. To ease the determination of
what equipment is included, the final regulations add to this definition the phrase
“through a process that results in the lifecycle GHG emissions rate used to determine the credit.” This clarifies that all
equipment used to produce the qualified
clean hydrogen for which the section 45V
credit is determined is included as part of
the qualified clean hydrogen facility. For
example, carbon capture equipment is part
of the facility if it contributes to the lifecycle GHG emissions rate of the process
by which the qualified clean hydrogen
for which the credit is determined is produced. In addition, these final regulations
update the example in §1.45V-1(a)(7)(iv)
to reflect the modifications made to the
text in §1.45V-1(a)(7)(i).
Purification equipment is part of the
facility if such equipment contributes to
the purity content of the qualified clean
hydrogen for which the section 45V credit
is determined. As discussed in part I.A.6.c
of this Summary of Comments and Explanation of Revisions, purification equipment that is used downstream of the facility’s process of producing qualified clean
hydrogen is not part of the facility, but
in certain circumstances, emissions from
such purification equipment are within
the well-to-gate system boundary for purposes of the lifecycle GHG emissions rate
analysis.
Regarding multipurpose components,
these final regulations adopt proposed
§1.45V-1(a)(7)(iii) with a clarification that
production is for qualified clean hydrogen. Proposed §1.45V-1(a)(7)(iii) already
clarifies that components can have multiple purposes, including but not limited to
the production of qualified clean hydrogen, so long as the components function
interdependently with other components
to produce qualified clean hydrogen. With
respect to the allocation of lifecycle GHG
emissions attributed to multipurpose components, taxpayers must use a reasonable
method to allocate the inputs used to
determine such emissions.

Bulletin No. 2025–13

To the extent a facility produces hydrogen as a by-product of another production
process, any components of the facility
that function interdependently to produce
qualified clean hydrogen—regardless of
whether they serve a purpose in addition
to the production of qualified clean hydrogen—are part of the qualified clean hydrogen production facility.
With respect to whether equipment
necessary for commercial operation, but
not for hydrogen production, is part of the
“facility” (such as break room lighting),
§1.45V-1(a)(7)(i) answers this question. If
the placing in service of such equipment
is not necessary to produce qualified clean
hydrogen and is not part of the process
that results in the lifecycle GHG emissions rate used to determine the credit,
such equipment does not function interdependently with the qualified clean hydrogen production equipment and is not part
of the “facility.” If such non-functionally
interdependent equipment draws from the
same electricity source as the facility, to
the extent it is separately metered, such
electricity usage would not be an input
into 45VH2-GREET. To the extent such
equipment is not separately metered, taxpayers must use a reasonable method to
allocate such electricity usage.
The final regulations do not adopt the
comment to revise the definition of “facility” to include all electrolyzers within the
balance of plant. Under §1.45V-1(a)(7)
(i), to the extent each electrolyzer produces qualified clean hydrogen separately
from the other electrolyzers (that is, does
not function interdependently with the
other electrolyzers), each electrolyzer is
treated as a separate facility. Treating each
electrolyzer within the balance of plant
as a separate facility is consistent with
Revenue Ruling 94-31, 1994-1 C.B. 16,
which held that each wind turbine within
a windfarm is a separate “qualified facility” under section 45 because each wind
turbine can be separately operated and
metered to produce electricity. Similar
to a wind turbine within a wind farm, an
electrolyzer within the balance of plant
functions separately from the other electrolyzers to produce hydrogen. As to the
concern that EACs may be shifted from
one electrolyzer to another electrolyzer
within the balance of plant, a hydrogen
producer is free to acquire and retire

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EACs for some electrolyzers and not for
others, no matter the production technology the electrolyzers use and no matter
the extent of their co-location, so long as
the retired EACs are matched to a particular electrolyzer’s electricity consumption
from which hydrogen is produced. Imposing a rule that co-located electrolyzers are
considered part of the same facility so that
they each receive an equal allocation of
EACs would not necessarily reflect each
electrolyzer’s electricity consumption and
would be inconsistent with existing tax
law’s treatment of the definition of “facility.”
In response to the comment that questioned whether the definition of “facility” in §1.45V-1(a)(7) creates a “circular
loop,” these final regulations modify proposed §1.45V-1(a)(7)(i) to provide that
equipment is part of the facility if it functions interdependently to produce qualified clean hydrogen through a process that
results in the lifecycle GHG emissions rate
used to determine the credit. The lifecycle
GHG emissions analysis of the hydrogen
production process is not coextensive
with the tax definition of a hydrogen production facility. For example, lifecycle
GHG emissions include emissions from
stages of the hydrogen production process
beyond the hydrogen production facility,
such as emissions from growth, gathering,
extraction, processing, and delivery of
feedstock to a hydrogen production facility. See section 45V(c)(1)(A) (defining
lifecycle GHG emissions by reference to
section 211(o)(1)(H) of the Clean Air Act)
and (B) (describing that lifecycle GHG
emissions include emissions through the
point of production (well-to-gate)); see
also Guidelines to Determine Well-toGate Greenhouse Gas (GHG) Emissions
of Hydrogen Production Pathways using
45VH2-GREET (45VH2-GREET User
Manual), § 2.4.1 (Emissions of Electricity
Generation), which can be found at www.
energy.gov/45vresources. The Summary
of Comments and Explanation of Revisions to these final regulations generally
refer to the 45VH2-GREET User Manual
as it is currently publicly available, but at
times references intended modifications
to it. As further discussed in the Summary of Comments and Explanation of
Revisions to these final regulations, the
DOE intends to release a new version of

March 24, 2025

45VH2-GREET with an accompanying
user manual in January 2025.
Regarding whether a “facility”
includes downstream property that uses
hydrogen produced at a qualified clean
hydrogen production facility, downstream property that does not contribute
to the facility’s process of producing
qualified clean hydrogen—but instead
only to the later use of such hydrogen
following its production—is not part of
the facility because it does not function
interdependently in the production of the
qualified clean hydrogen for which the
section 45V credit is determined. Further,
§1.45V-1(a)(7)(ii) provides that the facility does not include equipment used to
condition or transport hydrogen beyond
the point of production.
Regarding the effect of §1.45V-1(a)
(7) on the definition of industrial facility under §1.45Q-2(d), whether and the
extent to which the section 45V regulations affect terms defined in section 45Q
is a matter that falls within the scope of
section 45Q and is therefore not applicable to these regulations.
Regarding whether an industrial plant
or gas utility becomes part of the hydrogen
production “facility” when hydrogen production equipment is installed at the plant
or utility, such an inquiry will depend on
the facts and circumstances of the particular hydrogen production equipment
and whether such equipment functions
interdependently with the existing industrial plant or utility equipment to produce
hydrogen. Accordingly, these final regulations provide sufficient criteria to apply to
such an inquiry on a case-by-case basis.
b. Equipment Excluded from the
Definition of Facility
Proposed §1.45V-1(a)(7)(ii) would
have provided that a facility does not
include equipment used to condition or
transport hydrogen beyond the point of
production. Proposed §1.45V-1(a)(7)(ii)
also would have provided that a facility
does not include electricity production
equipment used to power the hydrogen
production process, including any carbon
capture equipment associated with the
electricity production process.
Some comments requested clarification
that a “facility” does not include upstream

March 24, 2025

facilities that generate and supply electricity, fuel, feedstock, water, ammonia, or
other inputs into or for use at the hydrogen production facility. Another comment
requested confirmation that a facility producing renewable natural gas (RNG) that
is supplied to a facility that uses the RNG
to produce hydrogen does not fall within
the definition of “facility.”
One comment recommended that the
final rules exclude from the definition
of “facility” any facility that includes an
electrolyzer stack that was assembled in
or by a “Covered Nation” as defined in 10
U.S.C. §4872(d)(2), or a “Foreign Entity
of Concern,” as referenced under §40207
of the Infrastructure Investment and Jobs
Act, Public Law 117-58.
The Treasury Department and the
IRS agree that clarification is needed on
whether feedstock production equipment
is part of the “facility.” In addition, clarification is needed on whether feedstock
recovery equipment is part of the “facility.” Although proposed §1.45V-1(a)(7)
(ii)(B) would have excluded electricity
production equipment from the definition
of “facility,” the proposed rules would not
have addressed other types of feedstock
production and recovery equipment,
such as RNG production equipment.
The intent of the proposed rules was to
exclude upstream feedstock production
and recovery equipment, such as RNG
production equipment, from the definition of facility. Accordingly, these final
regulations add “feedstock-related equipment, including production, purification,
recovery, transportation, or transmission
equipment” to the list of items excluded
from the definition of facility in §1.45V1(a)(7)(ii)(B). As discussed in this part
I.A.6.c of this Summary of Comments
and Explanation of Provisions, however,
lifecycle GHG emissions associated with
feedstock growth, gathering, extraction,
processing, and delivery to a hydrogen
production facility are still included in
the lifecycle GHG analysis reflected in
45VH2-GREET.
As to excluding components assembled in or by a “Covered Nation” or a
“Foreign Entity of Concern” from the
definition of facility, there is no provision
of section 45V that imposes such a rule,
so these final regulations do not adopt this
comment.

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5. Hydrogen Gas Stream, Mixed Gas or
Impurity, and Productive Use
The final regulations add three new
definitions, “hydrogen gas stream,” to
§1.45V-1(a)(8); “mixed gas or impurity,”
to §1.45V-1(a)(10); and “productive use”
to §1.45V-1(a)(12). The term “hydrogen
gas stream” means a flow of gases that
includes hydrogen, either alone or with
one or more other gases. The term “mixed
gas or impurity” means a non-hydrogen
gas that is part of a hydrogen gas stream.
The term “productive use” means, with
respect to a hydrogen gas stream, a consumption of the hydrogen gas stream in a
manner that generates positive economic
value, which is determined without regard
to the availability of the section 45V
credit. The term “productive use” means,
with respect to qualified clean hydrogen, a
consumption of qualified clean hydrogen
in a manner that generates positive economic value, which is determined without
regard to the availability of the section
45V credit. Positive economic value is
determined without regard to the section
45V credit, consistent with the anti-abuse
rule of §1.45V-2(b). Thus, for example, a
hydrogen gas stream produced with the
primary purpose of obtaining the benefit
of the section 45V credit in a wasteful
manner would not have a productive use.
All three terms are relevant to the rule
where certain emissions related to purification are treated as through point of production, described in part I.A.6.d of this
Summary of Comments and Explanation
of Revisions. The term “productive use”
also relates to the anti-abuse rule described
in part II.B of this Summary of Comments
and Explanation of Revisions.
6. Lifecycle GHG Emissions
Section 45V(c)(1)(A) provides that,
subject to section 45V(c)(1)(B), the term
“lifecycle greenhouse gas emissions” has
the same meaning given such term under
section 211(o)(1)(H) of the Clean Air Act
(42 U.S.C. §7545(o)(1)) as in effect on
the date of enactment of section 45V. Section 45V(c)(1)(B) provides that the term
“lifecycle greenhouse gas emissions” only
includes emissions through the point of
production (well-to-gate), as determined
under the most recent GREET model,

Bulletin No. 2025–13

or a successor model (as determined by
the Secretary). Proposed §1.45V-1(a)(8)
would have defined “lifecycle GHG emissions.” The final regulations renumber
proposed §1.45V-1(a)(8) to §1.45V-1(a)
(9).
Proposed §1.45V-1(a)(8)(i) would
have incorporated the statutory definitions
provided in section 45V(c)(1)(A) and (B),
specifically providing that the term has the
same meaning as that in section 211(o)(1)
(H) of the Clean Air Act as in effect on
August 16, 2022, and includes emissions
only through the point of production
(well-to-gate) as determined under the
most recent GREET model, or a successor model. These final regulations modify proposed §1.45V-1(a)(8)(i) to provide
that, for purposes of section 45V, lifecycle
GHG emissions are determined under the
45VH2-GREET Model. No comments
were received on §1.45V-1(a)(8)(i), and
this provision is adopted as renumbered
§1.45V-1(a)(9)(i) without further changes.
By reference to section 211(o)(1)(H) of
the Clean Air Act, section 45V(c)(1)(A)
requires a complete assessment of direct
and significant indirect emissions associated with a hydrogen production process.
After consultation with the DOE and the
EPA, the Treasury Department and the
IRS interpret section 45V(c)(1)(A) with
its reference to section 211(o)(1)(H) of
the Clean Air Act as excluding emissions
related to the manufacturing of the equipment within the hydrogen production
pathway (for example, power generators,
hydrogen production facility), from the
definition of lifecycle GHG emissions.
This interpretation is consistent with how
EPA has implemented section 211(o)(1)
(H) of the Clean Air Act for the Renewable Fuel Standard (RFS) program7.
a. Most Recent GREET Model
Proposed §1.45V-1(a)(8)(ii) would
have provided that, for purposes of the
section 45V credit, the term “most recent
GREET model” means the latest version
of 45VH2-GREET developed by Argonne
National Laboratory and published by the

DOE, as provided in the instructions to the
latest version of Form 7210, Clean Hydrogen Production Credit, or any successor
form(s), on the first day of the taxable year
during which the qualified clean hydrogen
for which the taxpayer is claiming the section 45V credit was produced. Proposed
§1.45V-1(a)(8)(ii) would have further provided that, if a version of 45VH2-GREET
becomes publicly available after the first
day of the taxable year of production (but
still within such taxable year), then the
taxpayer could, in its discretion, treat such
later version of 45VH2-GREET as the
most recent GREET model.
Several comments recommended
changes to proposed §1.45V-1(a)(8)(ii).
Some comments requested that, instead
of identifying 45VH2-GREET as the
“most recent GREET model” under section 45V(c)(1)(B), the final regulations
identify the R&D GREET model developed by Argonne National Laboratory and
published by the DOE as the most recent
GREET model. Comments further recommended that the final regulations require
the use of 45VH2-GREET as a “successor model” only if 45VH2-GREET
closely aligns in function and principle
with the version of the R&D GREET
model as it existed at the time that section 45V was enacted. Other comments
supported 45VH2-GREET as the best
available open-source lifecycle analysis
methodology for determining lifecycle
GHG emissions for purposes of section
45V. Yet another comment recommended
that a model the comment had developed
should be able to be used as an alternative
to 45VH2-GREET.
Except for changing the nomenclature
of the “most recent GREET model” to the
“45VH2-GREET Model,” as further discussed in this part I.A.6.a of the Summary
of Comments and Explanation of Revisions, these final regulations do not adopt
the comments recommending changes to
proposed §1.45V-1(a)(8)(ii).
Though the Treasury Department
and the IRS continue to view 45VH2GREET as the most recent GREET model
for the reasons described in the pream-

ble to the proposed regulations and the
fact that it was developed more recently
than the R&D GREET model, the Treasury Department and the IRS recognize
that the continued existence of the R&D
GREET model and periodic updates
to both 45VH2-GREET and the R&D
GREET model have created some uncertainty in this regard. To avoid any potential uncertainty about the meaning of the
most recent GREET model, which would
be detrimental to the administration and
implementation of the section 45V credit,
the Secretary is invoking her express delegation of authority in section 45V(c)(1)
(B) to determine 45VH2-GREET to be a
“successor model” and to require its use.
In selecting 45VH2-GREET rather
than the R&D GREET model or some
other model, the Treasury Department and
the IRS considered the statutory definition
of lifecycle GHG emissions in section
211(o)(1)(H) of the Clean Air Act (as in
effect on August 16, 2022) and the specific
objectives of section 45V, and consulted
with the DOE. 45VH2-GREET best meets
these parameters. It is a model specifically
developed by the Argonne National Laboratory as a derivative of and successor to
the R&D GREET model, designed specifically to address hydrogen production processes and to meet the requirements and
objectives of section 45V.
The R&D GREET model has been
maintained by the DOE since 1995 to
enable research regarding lifecycle analyses of hundreds of different methods of
producing, delivering, and using energy.
The model includes many fuels other than
hydrogen (for example, biofuels, synthetic
fuels, fossil fuels, and electrification), and
includes information that is based on preliminary analyses (that is, analyses that
are not yet complete, have significant
technical uncertainties, or are still being
reviewed by laboratory staff, DOE staff,
or independent experts).8 Annual updates
to the model inform academic studies,
informally guide decarbonization strategies and research and development funded
by both the DOE and industry, and elicit
stakeholder feedback that can improve

Regulatory Impact Analysis, Renewable Fuel Standard Program, U.S. Environmental Protection Agency, EPA-420-R-10-10-006, at 311-312 (Feb. 2010), available at https://www.regulations.gov/document/EPA-HQ-OAR-2021-0324-0652.
8
See generally GREET, Office of Energy Efficiency & Renewable Energy, U.S. Department of Energy, available at https://www.energy.gov/eere/greet.
7

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March 24, 2025

the model, particularly with regard to
preliminary pathways. R&D GREET is
a valuable tool to characterize the benefits and impacts of energy technologies in
a directional manner and to test out new
and updated data and parameters, but it is
not appropriate for use in analyses where
a relatively high degree of precision and
certainty is required, given the preliminary nature of much of the information
represented, and where specific emissions
fluxes and their representation are needed
in a specific fashion (for example, to meet
specifications within the statute). Moreover, because the R&D GREET model
offers users many choices regarding analysis methodology (for example, co-product accounting, system boundaries, and
global warming potential values), different users can achieve significantly different estimated GHG emissions rates even
when representing the same facility. Many
of these choices would not be appropriate in the specific context of the section
45V credit given the preliminary nature of
much of the data underlying aspects of the
R&D GREET model and the fact that the
model does not require the use of specific
methodologies and accounting parameters. Accordingly, R&D GREET does not
provide the degree of certainty, structure,
and specificity necessary to meet the statutory requirement of reflecting lifecycle
GHG emissions as defined by section
211(o)(1)(H) of the Clean Air Act (as in
effect on August 16, 2022), nor does it
meet the specific objectives of such section or of the section 45V credit.
In addition, implementation of the section 45V credit will be aided by a userfriendly model that characterizes the lifecycle GHG emissions rates of different
hydrogen production processes consistently, with high levels of confidence, and
with higher fidelity than R&D GREET,
and consistent with the requirements, purposes, and objectives of the section 45V
credit. The DOE directed the Argonne
National Laboratory to develop 45VH2GREET to meet three key parameters:

1) consistency of background assumptions for all users and across hydrogen
production processes, while enhancing
user friendliness, 2) technical robustness
of the processes, and 3) consistency with
the other requirements and purposes of
section 45V. Each of these parameters is
explained in additional detail as follows.
First, 45VH2-GREET facilitates consistent analyses across different processes
while enhancing user friendliness. While
R&D GREET allows users to simulate hundreds of different fuel pathways
(including but not limited to those that
involve hydrogen) and several different
system boundaries with different user-defined assumptions, 45VH2-GREET exclusively allows simulations of the well-togate emissions associated with hydrogen
production (as specified in section 45V(c)
(1)(B) and in alignment with these final
regulations). The simpler interface in
45VH2-GREET as compared to R&D
GREET ensures that the model is accessible to a broad range of taxpayers, including those without significant prior experience in lifecycle analysis or a GREET
model.
Second, 45VH2-GREET achieves
technical robustness across hydrogen production pathways. Hydrogen production
pathways represented in 45VH2-GREET
are a subset of those in R&D GREET and
were included following rigorous interagency review for technical fidelity and
alignment with the statute. While additional hydrogen production pathways
are available in R&D GREET, many are
preliminary in nature and inappropriate for analyses requiring relatively high
precision, data reliability, and analytical
rigor to support use in implementation of
the section 45V credit (as described previously in this part of the Summary of
Comments and Explanation of Revisions
and further in supporting documentation
to R&D GREET9). Implementation of the
section 45V credit necessitates the use of
lifecycle GHG emissions rate calculations
that are as precise and robust as feasible,

as section 45V(b)(2) provides differing
applicable percentages based on a range
of lifecycle GHG emissions rates and
section 45V(c)(2)(A) includes within the
definition of qualified clean hydrogen only
hydrogen produced with a lifecycle GHG
emissions rate below a threshold level.
Absent analytically robust emissions calculations, these final regulations would
fail to implement Congress’s directive
to incentivize qualified clean hydrogen
production, as distinguished among the
different applicable percentage brackets,
as well as fail to realize Congress’s underlying objective of crediting only qualified
clean hydrogen and providing greater
credit amounts to hydrogen produced with
lower lifecycle GHG emissions rates. As
data on and analyses of additional hydrogen production pathways in R&D GREET
become more robust, such pathways may
be incorporated into future versions of
45VH2-GREET.
Additionally, 45VH2-GREET was
developed to align with the text of section 45V, which requires that the credit
be based on the “lifecycle greenhouse
gas emissions” as defined under section
211(o)(1)(H) of the Clean Air Act, subject to the additional requirements of
section 45V(c)(1)(B), which references
the use of GREET or a successor model
as determined by the Secretary, and limits
the emissions estimates to “well-to-gate”
emissions. Lifecycle GHG emissions are
defined in section 211(o)(1)(H) of the
Clean Air Act to include both direct emissions and significant indirect emissions.
R&D GREET does not robustly account
for the variability in emissions estimates
of all potential significant indirect emissions of certain hydrogen production
pathways, particularly when representing
counterfactual scenarios. The model additionally does not address the risk of significant indirect emissions related to changes
in market behavior associated with the
incentives created by section 45V.10 The
proposed regulations therefore asked for
comments on lifecycle analysis (LCA)

Summary of Expansions and Updates in R&D GREET 2023 (2023), Argonne National Laboratory, available at https://greet.anl.gov/files/greet-2023-summary (R&D
GREET Supporting Documentation).
9

For example, in a December 13, 2023, letter to the Treasury Department, the EPA noted that it has interpreted section 211(o)(1)(H) of the Clean Air Act in the context of the Clean Air Act’s
RFS program. In that context, the EPA had previously determined that the version of ANL GREET that existed in 2010 (that is, R&D GREET) was not sufficient to calculate lifecycle GHG
emissions for purposes of 211(o)(1)(H) of the Clean Air Act. The EPA also explained that the more recent version of ANL GREET that existed as of December 2023 similarly did not satisfy
the relevant Clean Air Act criteria because it did not include the significant direct and indirect emissions that the EPA had previously determined were necessary. See Letter from Joseph
Goffman, Principal Deputy Assistant Administrator for the Office of Air and Radiation, U.S. Environmental Protection Agency, to Lily Batchelder, Assistant Secretary for Tax Policy, U.S.
Department of the Treasury (Dec. 13, 2023), available at https://home.treasury.gov/system/files/136/Final-EPA-letter-to-UST-on-SAF-signed.pdf.
10

March 24, 2025

1268

Bulletin No. 2025–13

considerations associated with hydrogen
production pathways.
In characterizing the lifecycle GHG
emissions rate of a given hydrogen production pathway, 45VH2-GREET reflects
key drivers of “lifecycle greenhouse gas
emissions” as defined by section 45V(c)
(1)(A) by cross-reference to section 211(o)
(1)(H) of the Clean Air Act, subject to the
additional requirements of section 45V(c)
(1)(B). Consistent with the Clean Air Act,
45VH2-GREET, in conjunction with the
broader regulatory framework, addresses
direct GHG emissions (for example, at
a hydrogen production facility) and significant indirect emissions (for example,
upstream emissions associated with electricity consumption at a hydrogen production facility).
Third, 45VH2-GREET is consistent
with the other requirements and purposes of section 45V. The accurate and
fair administration of the section 45V
credit requires the use of fixed “background data” assumptions for parameters
for which bespoke inputs from hydrogen
producers would present challenges for
tax administration, which requires high
fidelity to ensure the accurate assessment
and reporting of lifecycle GHG emissions
rates associated with the production of
hydrogen. Allowing taxpayers to provide
bespoke values for parameters that cannot
be accurately determined at an individual taxpayer level or cannot be verified
would invite exaggerated or understated
estimates that could result in inaccurate
section 45V credit determinations. Use of
verifiable data ensures that the section 45V
credit is available only to those facilities
that meet statutory requirements and that
the appropriate section 45V credit amount
is determined with respect to those facilities. To facilitate the use of bespoke values
where feasible and the use of appropriate
alternative values where that is not feasible, as well as consistency across taxpayers, the proposed regulations introduced
the concepts of “background data” (which
cannot be changed by 45VH2-GREET
users) and “foreground data” (which
allows for bespoke inputs by 45VH2GREET users), and 45VH2-GREET distinguishes between them in a consistent
manner. For example, 45VH2-GREET
incorporates the GHG emissions rates of
regional grids as a fixed background data

Bulletin No. 2025–13

parameter that users cannot change. The
values incorporated in 45VH2-GREET as
background data are based on individual
power generators’ reporting to the U.S.
Energy Information Administration (EIA),
emissions factors derived from the EPA’s
Emissions & Generation Resource Integrated Database (eGRID), estimates of
upstream emissions derived by Argonne
National Laboratory, and estimates of
transmission and distribution losses based
on State level reporting to the EIA. Given
that GHG emissions estimates of regional
grids are derived using the best available data and science, it is unlikely that a
given taxpayer would be able to establish
a value that differs materially from the
45VH2-GREET default and also has high
fidelity. Moreover, given that this parameter is expected to be consistent across
all taxpayers within a given region, it is
appropriate to require that all such taxpayers utilize the same value rather than
allowing for deviation across facilities.
Thus, 45VH2-GREET is consistent
with the specific requirements of section
45V while maintaining R&D GREET’s
overall modeling approach and much of
R&D GREET’s background assumptions.
This furthers the purposes reflected in
section 45V(c)(1)(A) and (B). For these
reasons, the Secretary has determined that
45VH2-GREET is a successor model for
purposes of section 45V(c)(1)(B), and the
final regulations require its use. Accordingly, proposed §1.45V-1(a)(8)(ii) is
modified and renumbered as §1.45V-1(a)
(9)(ii) to provide that the term “45VH2GREET Model” means the latest publicly available version of 45VH2-GREET
developed by Argonne National Laboratory and published by the DOE, as identified in the instructions to the latest version of Form 7210, or a successor form(s),
on the first day of the taxable year during
which the qualified clean hydrogen for
which the taxpayer is claiming the section
45V credit was produced. Additionally,
as further discussed in this Summary of
Comments and Explanation of Revisions,
proposed §1.45V-4(a) is modified to provide that the lifecycle GHG emissions
rate of each hydrogen production process
at a qualified clean hydrogen production
facility is determined under the 45VH2GREET Model. Conforming changes
have also been made throughout the regu-

1269

latory text to replace “most recent GREET
model” with “45VH2-GREET Model.”
b. Differences from R&D GREET
Several comments requested that
45VH2-GREET include all the pathways
and technologies that are present in R&D
GREET. Some of these comments also
requested that 45VH2-GREET employ
the same methodology used for measuring
lifecycle GHG emissions as those used in
R&D GREET. Some comments specifically requested that the transportation-related emissions be consistent between the
two models.
The final regulations do not adopt these
comments. As described in the 45VH2GREET User Manual and as described in
this part I.A.6 of the Summary of Comments and Explanation of Revisions,
some pathways may be included in R&D
GREET but not in a given version of
45VH2-GREET because the pathways
were still preliminary when such version
of 45VH2-GREET was developed and/or
because the pathways did not adequately
address all key sources of direct and significant indirect emissions (as required for
consistency with section 211(o)(1)(H) of
the Clean Air Act). Uncertainties around
many of these pathways may include
parameters such as identification of all relevant feedstocks or the choice of counterfactual scenarios. These uncertainties are
described in sections 2.1.1 and 2.1.4 of the
R&D GREET Supporting Documentation.
Some pathways, such as those using certain types of biomass, also had uncertainties and had not completed the 45VH2GREET technical review process at the
time the most recent version was released,
but may be added in future updates as data
and other parameters become more robust.
The proposed regulations requested comments on lifecycle analysis considerations
associated with some of the pathways that
were not included in the initial 45VH2GREET release (for example, certain
RNG pathways and fugitive methane),
which could inform future updates to the
model.
Some specific aspects of hydrogen production pathways within R&D GREET
have completed an interagency review
process, have been deemed sufficiently
robust and, have therefore also been

March 24, 2025

included in 45VH2-GREET. Examples
include default assumptions associated
with methane leakage during natural gas
transportation to a facility or assumptions of the emissions that result from
electricity generation from specific generators. Thus, some assumptions related
to transportation emissions have been
made consistent between R&D GREET
and 45VH2-GREET, while other assumptions are still too uncertain to include in
45VH2-GREET but may be included if
deemed sufficiently robust in the future
based on evaluation by interagency technical experts.
R&D GREET is used for a range of
purposes, including academic studies and
research that do not necessarily require
verification of assumptions with realworld data at specific facilities and at
times rely on small and therefore uncertain sample sizes or datasets. Implementation of the section 45V credit, however,
requires that information used to calculate
the lifecycle GHG emissions rate reflect
a given taxpayer’s actual operation with
a reasonable degree of certainty and be
subject to independent verification where
possible or, where not, that values used
appropriately reflect the range of possibilities rather than allowing use of unverifiable inputs that inappropriately maximize
the amount of the section 45V credit. As
described previously, use of verifiable data
is necessary in the context of tax administration and in particular with respect to the
section 45V credit where eligibility for the
amount of the credit is based on the facility’s lifecycle GHG emissions rate.
c. Emissions Through the Point of
Production (Well-to-Gate)
Proposed §1.45V-1(a)(8)(iii) would
have provided that, for purposes of section 45V(c)(1)(B) and proposed §1.45V1(a)(8)(i), the term “emissions through the
point of production (well-to-gate)” means
the aggregate lifecycle GHG emissions
related to hydrogen produced at a hydrogen production facility during the taxable
year through the point of production. Further, proposed §1.45V-1(a)(8)(iii) would
have provided that such term includes
emissions associated with feedstock
growth, gathering, extraction, processing,
and delivery to a hydrogen production

March 24, 2025

facility. Finally, proposed §1.45V-1(a)(8)
(iii) would have provided that such term
includes the emissions associated with the
hydrogen production process, inclusive
of the electricity used by the hydrogen
production facility and any capture and
sequestration of carbon dioxide generated
by the hydrogen production facility.
Some comments requested clarification
on the definition of “well-to-gate” and
whether emissions related to hydrogen
purification, compression, liquefaction,
transport, storage, and other activities are
included in the definition for purposes of
calculating the lifecycle GHG emissions
rate of the hydrogen. Other comments
provided feedback on the requirement in
proposed §1.45V-1(a)(8)(iii) that taxpayers calculate the lifecycle GHG emissions
rate of hydrogen produced at a hydrogen
production facility based on the aggregate
amount of hydrogen produced at the facility over the taxable year (in other words,
use the average annual emissions rate).
While some comments supported requiring taxpayers to calculate the lifecycle
GHG emissions rate of hydrogen on an
annual basis, other comments requested
that taxpayers be permitted to calculate the
lifecycle GHG emissions rate of hydrogen
produced at their facility on a more granular basis. One comment expressed disappointment that the Treasury Department
and the IRS did not engage States in defining lifecycle GHG emissions. Another
comment recommended that the final
regulations require State governments
to adopt regulations to complement and
enhance section 45V. Finally, one comment requested that the term “emissions
through the point of production (well-togate)” exclude emissions from the production of hydrogen during natural disasters,
emergency events, start-ups, shut-downs,
and maintenance activities.
Regarding the request for clarification
of whether specific activities fall within
the well-to-gate system boundary, the
definition of “emissions beyond the point
of production (well-to-gate)” in proposed
§1.45V-1(a)(8)(iii) and renumbered as
§1.45V-1(a)(9)(iii) is sufficiently clear.
Comments have indicated confusion,
however, as to how the well-to-gate system boundary and the definition of facility
interact. To clarify, the well-to-gate system boundary for purposes of determin-

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ing the lifecycle GHG emissions rate of a
process is distinct from the definition of
facility for Federal income tax purposes.
First, as specified in §1.45V-1(a)(9)(iii),
the well-to-gate system boundary includes
certain emissions that occur upstream of
the facility. For example, the well-to-gate
system boundary includes emissions associated with feedstock growth, gathering,
extraction, processing, and delivery to a
hydrogen production facility. While such
emissions are included in the well-to-gate
system boundary, equipment used in such
upstream activities—such as electricity generating equipment—is not part of
the facility, as specified in §1.45V-1(a)
(7)(ii)(B). Second, as further specified
in §1.45V-1(a)(9)(iii), the well-to-gate
system boundary also includes all emissions resulting from the facility’s hydrogen production process, inclusive of the
production of a mixed gas or impurity
and the electricity used by the hydrogen
production facility and any capture and
sequestration of carbon dioxide generated
by the hydrogen production facility. This
includes emissions resulting from the use
of all components that function interdependently to produce the qualified clean
hydrogen for which the section 45V credit
is determined. Emissions from activities
that occur after the facility’s hydrogen
production process is complete, such as
liquefaction, storage, or transport, are
generally beyond the well-to-gate system
boundary. The final regulations include a
non-exhaustive list of examples of such
activities in §1.45V-1(a)(9)(iii). Finally,
as explained in part I.A.6.d, §1.45V-1(a)
(9)(iv) is added to provide that emissions
that result from certain purification activities that occur downstream of the facility’s qualified clean hydrogen production
process are still within the well-to-gate
system boundary. Even though equipment
used in such purification activities is not
part of the facility, emissions associated
with such purification are nevertheless
within the well-to-gate system boundary
for purposes of determining the section
45V credit.
However, the Treasury Department
and the IRS, based on advice of the DOE,
note that, in situations where a man-made
chemical is produced using hydrogen
feedstock (for example, ammonia), and
is later cracked or “dehydrogenated” to

Bulletin No. 2025–13

release the hydrogen, the chemical represents a means of hydro

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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Airs%3A223febf58da99b8e. Public record. Not legal advice.