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IRS Newswire October 18, 2024
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Issue Number: IR-2024-272
Inside This Issue
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*Treasury, IRS **issue guidance for the Sustainable Aviation Fuel Credit** *
WASHINGTON – The Treasury Department and Internal Revenue Service today issued Notice 2024-74 [ [link removed] ] for the Sustainable Aviation Fuel (SAF) credit created by the Inflation Reduction Act.
The SAF credit ranges from $1.25 to $1.75 for each gallon of sustainable aviation fuel in a qualified mixture. To qualify for the credit, the sustainable aviation fuel must have a minimum reduction of 50% in lifecycle greenhouse gas emissions.
The Treasury Department and IRS have issued several notices regarding the SAF credit, including Notice 2024-37 [ [link removed] ], which allows a SAF producer to use the 40BSAF-GREET 2024 model, to calculate the greenhouse gas emissions reduction percentage for purposes of the SAF credits.
The DOE released an updated version of the 40BSAF-GREET 2024 model [ [link removed] ] and accompanying user manual in October 2024 that addresses a calculation issue related to catalyst inputs for the Alcohol to Jet (ATJ) SAF pathways. * *
Notice 2024-74 provides that a taxpayer who uses a 40BSAF-GREET 2024 safe harbor in Notice 2024-37 to calculate its emissions reduction percentage with respect to claims that relate to the sale or use of a SAF qualified mixture after the effective date, must use the October 2024 version of the 40BSAF-GREET 2024 model.
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