source: Australian government
The Australian Senate has passed the Future Made in Australia (Production Tax Credit and Other Measures) Bill 2024, introducing significant production tax incentives aimed at accelerating the development of renewable hydrogen and critical minerals.
Hydrogen Production Tax Incentive: $2 per kilogram of renewable hydrogen produced between 2027–28 and 2039–40, applicable for up to 10 years per project.
Critical Minerals Production Tax Incentive: Covers 10% of processing and refining costs for Australia’s 31 critical minerals, supporting projects between 2027–28 and 2039–40, for up to 10 years per project.
These incentives are set to strengthen Australia’s role in the global energy transition by supporting industrial decarbonization and enhancing domestic production and processing of essential minerals.
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