WASHINGTON, D.C. — The Treasury Department and Internal Revenue Service (IRS) recenlty announced Notice 2024-49, detailing the Clean Fuel Production Credit set to take effect on January 1, 2025. This credit, established by the Inflation Reduction Act, incentivizes the production of clean transportation fuels.
The credit applies to two categories: sustainable aviation fuel (SAF) and non-SAF transportation fuel. The amount of the credit is based on the volume of fuel produced and its emissions factor, as determined by IRS guidelines.
To qualify, fuel producers must be registered at the time of production. The notice emphasizes the need for early registration and urges eligible producers to apply promptly.
The announcement provides comprehensive guidance on registering for both SAF and non-SAF production. It also explains how the credit works, helping producers understand the benefits.
This initiative aims to reduce greenhouse gas emissions and promote cleaner transportation fuels. By offering financial incentives, it encourages investment in green energy solutions, supporting national environmental goals.
Fuel producers are encouraged to register early and take advantage of this opportunity to contribute to a cleaner future.
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