The U.S. Department of the Treasury and the Internal Revenue Service (IRS) released Notice 2024-49 on how to register for the Section 45Z Clean Fuel Production Credit. Section 45Z of the Inflation Reduction Act (IRA) provides a tax credit for the domestic production of clean transportation fuels.
June 18, 2024
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The U.S. Department of the Treasury and the Internal Revenue Service (IRS) released Notice 2024-49 on how to register for the Section 45Z Clean Fuel Production Credit. Section 45Z of the Inflation Reduction Act (IRA) provides a tax credit for the domestic production of clean transportation fuels.
Fuel producers must be registered on or before January 1, 2025, to qualify for the § 45Z credit and be eligible to claim the credit for production starting January 1, 2025. The guidance encourages those who may be eligible for the credit to apply for registration as soon as possible.
The Notice provides guidance for registering for two categories of fuel, Sustainable Aviation Fuels (SAF) and non-SAF, and provides background on the Clean Fuel Production Credit. View the IRS guidance to learn more about how to register for the credit.