When we talk about the IRS we usually talk in terms of what we have to pay. However, sometimes the government provides opportunities from which we may be relieved from our usual dues. The Clean Fuel Production Credit is one of such opportunities.
The Inflation Reduction Act rewards people for the production of fuel for transportation by giving them a tax credit. The credit is only available for registered organization during the relevant tax year. Additionally, there are two categories to consider: sustainable aviation fuel (SAF) and non-SAF transportation fuel. It is tallied by the applicable gallon produced in conjunction to the emission factor. Naturally, the fuel needs to be of a certain quality for the credit to apply.
One must register under Code Sec. 4101. For SAF, there needs to be third-party certification of production standards. In order to be registered for the credit in 2025, one must get a letter from the IRS before January 1, 2025. This should be done by filing Form 637, Application for Registration (for Certain Excise Tax Activities).
Work Cited
https://www.irs.gov/newsroom/treasury-irs-issue-guidance-on-clean-fuel-production-credit
https://tax.thomsonreuters.com/news/irs-provides-guidance-on-clean-fuel-production-credit-registration/
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