Technology for Energy Security Act

The Technology for Energy Security Act would extend the federal energy credit for qualified fuel cell property. Specifically, it changes the expiration date for this credit from January 1, 2025 to January 1, 2033. The extension applies to property for which construction begins after December 31, 2024, making the benefit available for projects started in the near future. The bill codifies this extension in the Internal Revenue Code, under Section 48(c)(1)(E). In short, the bill keeps in place and broadens a tax incentive to encourage investment in fuel cell technology by extending the window during which taxpayers can claim the energy credit, with the extension taking effect for projects that begin construction after the end of 2024.