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 SAF, pilot USDA program, and SAF GREET model The IRS released Notice 2024-37 (the “Notice”) on April 30, 2024, providing additional guidance regarding the sustainable aviation fuel (“SAF”) credits under Internal Revenue Code sections 40B and 6426(k). The guidance provides an additional safe harbor for calculating the lifecycle greenhouse gas (“GHG”) emissions reduction percentage for SAF under a modified version of the Argonne National Laboratory’s Greenhouse gases, Regulated Emissions, and Energy use in Transportation (“GREET”) model, the 40BSAF-GREET 2024 model, that was released on April 30, 2024. Furthermore, the Notice provides an additional safe harbor under the US Department of Agriculture’s (“USDA”) Climate Smart Agriculture (“CSA”) pilot program that can be used in conjunction with the 40BSAF-GREET 2024 model for an additional reduction in the calculation of the GHG emissions reduction percentage.
The Notice also provides Model Certificates for: (1) Climate Smart Agriculture Crops; (2) SAF Synthetic Blending Component Using the 40BSAF-GREET 2024 Model; and (3) SAF Synthetic Blending Component Using the 40BSAF-GREET 2024 Model and USDA CSA Pilot Program for Corn and Soybean.
This Multistate Tax Alert summarizes some of the provisions in the Notice. [Issued: August 7, 2024] More
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