IR-2024-153: Treasury, IRS issue guidance on Clean Fuel Production Credit

IRS Newswire May 31, 2024
News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscriptions The Newsroom Topics Multimedia Center Noticias en Español Radio PSAs Tax Scams The Tax Gap Fact Sheets IRS Tax Tips Armed Forces Latest News Home IRS Resources Contact My Local Office Filing Options Forms & Instructions Frequently Asked Questions News Taxpayer Advocate Where to File IRS Social Media	Issue Number:    IR-2024-153 Inside This Issue Treasury, IRS issue guidance on Clean Fuel Production Credit IR-2024-153, May 31, 2024 WASHINGTON — The Treasury Department and Internal Revenue Service (IRS) today issued Notice 2024-49 for the Clean Fuel Production Credit. The Inflation Reduction Act allows a credit for the production of clean transportation fuels beginning on January 1, 2025. For purposes of the Clean Fuel Production Credit, transportation fuel is divided into two broad categories of fuel: sustainable aviation fuel (SAF) and non-SAF transportation fuel. The credit is equal to the product of the applicable amount per gallon (or gallon equivalent) for any transportation fuel that is produced by the taxpayer at a qualified facility during the taxable year and the emissions factor for such fuel as determined under the code. One of the requirements to qualify for the credit is that the fuel producer must be registered at the time the fuel is produced. The notice emphasizes this point and encourages fuel producers who may be eligible for the credit to apply for registration as soon as possible. Today's notice provides guidance for registering for both SAF and non-SAF production and provides background on the credit. Back to Top         Thank you for subscribing to the IRS Newswire, an IRS e-mail service. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message.

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