Throughout the week, we highlight selected developments involving state tax legislative, judicial, and administrative matters. The alerts provide a brief summary of specific multistate developments relevant to taxpayers, tax professionals, and other interested persons. Read the recent alerts below or visit the archive.
IRS releases additional guidance for sustainable aviation fuel credit The IRS released Notice 2024-6 (the “Notice”) on December 15, 2023, providing additional guidance regarding the sustainable aviation fuel (“SAF”) credits under Internal Revenue Code (“IRC”) sections 40B and 6426(k). The guidance provides additional safe harbors for calculating the lifecycle greenhouse gas (“GHG”) emissions reduction percentage for the SAF credits and for certifying the related sustainability requirements. Furthermore, the Notice updates the Model Certificate for SAF Synthetic Blending Component, which is required to make a claim for the SAF credits under IRC section 34(a)(3), 40B, 6426(k), or 6427(e)(1). Additionally, the Notice announces that a modified version of the Argonne National Laboratory’s Greenhouse gases, Regulated Emissions, and Energy use in Transportation (“GREET”) model, which will satisfy the lifecycle GHG emissions reduction percentage requirements in section 40B, is being developed.
This Multistate Tax Alert summarizes the SAF credit-related guidance included in the Notice. [Issued: February 8, 2024] More
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