Read the recent LawFlash prepared by our energy and tax lawyers discussing several key provisions of the Inflation Reduction Act of 2022 (IRA) that bolster a broad spectrum of new and existing activities in the nuclear industry.
Among the key provisions, the IRA
- allows for new production tax credits (PTCs) for existing nuclear plants;
- allows for technology-neutral credits related to renewable energy that focus not on specific technology, but on low or zero-carbon energy production;
- includes credits focused on the production of clean hydrogen (which can be generated by nuclear reactors) and clean electricity (including future new-build nuclear power projects), and on the investment in clean energy (allowing certain nuclear facilities to qualify for investment tax credits (ITCs)); and
- provides additional funding to establish a domestic supply of High-Assay Low-Enriched Uranium (HALEU) fuel, which is needed by many next-generation reactors.