One of the core focal elements of the bill is investments in clean energy. One way to do this is to offer consumers tax incentives and rebates for purchasing energy efficient goods such as electric cars and appliances. Another way is to invest in businesses that build clean energy goods and develop new technology.

Development of Clean Hydrogen – Green hydrogen and Blue hydrogen – is one of the major positive results of the Inflation Reduction Act. There is now an economic incentive for major companies to develop sources of clean hydrogen. As the supply of cheaper clean hydrogen increases, new use-cases will be found and ultimately a much larger market for clean hydrogen will develop. Once that market is created, the subsidies may be removed and the market can become self-sustaining. Hydrogen is a wonderful fuel source, but in addition to cost, creating enough hydrogen fuel in a clean way has been a major barrier.

Here are just a few of the incentives that the Inflation Reduction Act provides to consumers:

• $1,000 electric vehicle tax credits for families.
• $14,000 in direct rebates for energy efficient appliances such as heat pumps.
• 30% tax credit on solar roof installations
• $7,500 tax credit for new electric vehicles and $4,000 for used electric vehicles

Direct investment in the Clean Energy Industry, made possible by the Inflation Reduction Act, will result in:

• 950 million solar panels by 2030
• 120,000 wind turbines by 2030
• 2,300 grid-scale battery plants by 2030
• Support rural electric cooperatives that serve 42 million people

To read some of the highlights of the Inflation Reduction Act, see this publication by The White House.

To see a summary of the budgetary costs and savings of the Inflation Reduction Act (IRA), see this publication.

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If other states follow in Wyoming’s footsteps, this could pave the way for industry-wide acceptance of how to integrate the DAO organizational structure that is so popular in Ethereum and DeFi developer communities.

Wyoming Governor Mark Gordon signed bill SF0038 into law on April 21, 2021 and the bill became effective later that year on July 1, 2021.

The bill allows for DAOs to exist as a special type of LLC, or Limited Liability Corporation. It also allows for existing LLCs to elect to become a DAO. In order to be registered as a DAO LLC, the bill requires, among other things, the following:

• Registration of Smart Contract addresses
• Statement on how the DAO is governed, including the extent to which any governance is automated.
• Election of “member managed” or “algorithmically managed”
• “DAO LLC” must be included in the title of the organization

What advantage is there from registering as a DAO LLC instead of simply an LLC? One reason may be in membership responsibilities. In a DAO, members do not necessarily have a fiduciary responsibility to the LLC.

One important note is that DAOs may only be formed for lawful activities, and the bill allows the Secretary of State to dissolve the DAO LLC if it is determined to no longer serve a lawful purpose.

The full text of Wyoming’s DAO law may be found here: https://www.wyoleg.gov/Legislation/2021/SF0038

Some Frequently Asked Questions on Wyoming’s DAO LLC can be found here: https://sos.wyo.gov/Business/Docs/DAOs_FAQs.pdf

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