January 5, 2024
Treasury Department and IRS Issue Guidance on SAF Credit
On December 14, 2023, the Treasury Department and the Internal Revenue Service (IRS) issued Notice 2024-06 for the new Sustainable Aviation Fuel (SAF) credit created by the Inflation Reduction Act of 2022 (IRA). According to the IRS’s December 15, 2023, press release, the SAF credit applies to a qualified fuel mixture containing SAF for certain sales or uses in calendar years 2023 and 2024. The SAF credit is $1.25 for each gallon of SAF in...