WASHINGTON, D.C. NIA Executive Director Judi Greenwald provided the following statement on President Biden’s signing of the Inflation Reduction Act of 2022 into law today:
"NIA applauds the President for signing the Inflation Reduction Act into law. This monumental legislation includes major clean energy and infrastructure investments and incentives that will drive advanced nuclear energy innovation and commercialization.
“Key advanced nuclear energy-related provisions in the Inflation Reduction Act include:
- Two technology-neutral clean electricity tax credits that include advanced nuclear energy as an eligible zero-emitting energy source: a production tax credit (PTC) and an investment tax credit (ITC). A nuclear project developer can elect either tax credit based on their specific project needs.
- An investment tax credit (ITC) and production tax credit (PTC) for clean hydrogen production that includes hydrogen produced using nuclear energy.
- Federal funding of $700 million to help make high-assay low-enriched uranium (HALEU) available for advanced reactor demonstration and commercialization through public and private partnerships and actions. This funding will catalyze the creation of a domestic commercial HALEU market.
“To be clear, enactment of the IRA is just the beginning: swift and effective implementation of this law will be crucial to ensuring it meets the goals intended by Congress and supported by the President with his signature today.”
About NIA
The Nuclear Innovation Alliance (NIA) is a non-profit think-and-do-tank working to enable nuclear power as a global solution to mitigate climate change. Through policy analysis, research, and education, we are catalyzing the next era of nuclear energy. Our organization is funded primarily through charitable grants and philanthropic donations from climate-concerned individuals and organizations.