New Bill to Supercharge Renewable Investments
Nov 26
1 min read
0
0
The Future Made in Australia (Production Tax Credit and Other Measures) Bill 2024 has been introduced to Parliament, aiming to drive investment in renewable hydrogen and critical minerals, bolstering Australia's role in the global net-zero transition.
Key Incentives
Hydrogen Production Tax Credit:
Value: $2 per kg of renewable hydrogen.
Timeline: Projects active between 2027–28 and 2039–40, up to 10 years per project.
Critical Minerals Tax Credit:
Value: Covers 10% of processing and refining costs for 31 critical minerals.
Timeline: Same eligibility as hydrogen projects.
Economic and Community Benefits
The bill ensures:
Boosted Private Investment: Strengthens Australia's clean energy industries, creating secure, well-paid jobs nationwide.
Community Focus: Projects must align with six Community Benefit Principles, ensuring local workers and industries bene