The potential price tag of foregone state tax revenue is roughly $3.6 billion if the credits are claimed in full.
for environmental permits, according to the state Department of Environmental Protection.
In particular, the package would provide $50 million a year to a company that develops a so-called hydrogen hub, or a system of facilities — including pipelines and compressor stations — to convert fracked natural gas into hydrogen. The proposed credit would piggyback off funding included in the 2021 federal infrastructure bill, which allocated $7 billion in federal aid to develop at least six such hubs around the country.of their plan by Nov. 7 and submit a full application by April 2023.
But beyond these specialized purposes, the process of creating hydrogen from natural gas will still release carbon, adding to the millions of tons of the element released from drilling and transporting it from wells to facilities.