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Updated Guidance on Sustainable Aviation Fuel Tax Credit Released by Treasury and IRS

The Treasury Department and the Internal Revenue Service (IRS) have recently released updated guidance on the sustainable aviation fuel tax credit, providing clarity and direction for airlines and other stakeholders in the aviation industry. The tax credit, which was first introduced in 2020 as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, aims to incentivize the use of sustainable aviation fuels (SAF) as a way to reduce greenhouse gas emissions and combat climate change.

Under the updated guidance, the tax credit will be available to airlines and other aviation fuel producers who use SAF in their operations. The credit is equal to $1.50 per gallon of SAF used, with a maximum credit of $200 million per taxpayer per year. To qualify for the credit, the SAF must meet certain environmental and sustainability criteria, including a reduction in lifecycle greenhouse gas emissions compared to traditional jet fuel.

In addition to providing guidance on the eligibility requirements for the tax credit, the Treasury Department and IRS have also clarified the process for claiming the credit. Airlines and other eligible taxpayers will need to file Form 8911, which is used to calculate and claim the credit, along with their annual tax return. The guidance also outlines the documentation that taxpayers will need to provide to substantiate their claim for the credit.

The release of updated guidance on the sustainable aviation fuel tax credit comes at a critical time for the aviation industry, as airlines and other stakeholders are increasingly looking for ways to reduce their carbon footprint and meet sustainability goals. By providing clarity and direction on how the tax credit can be claimed, the Treasury Department and IRS are helping to support the growth of the SAF market and encourage greater adoption of sustainable aviation fuels.

Overall, the updated guidance on the sustainable aviation fuel tax credit is a positive development for the aviation industry, providing a clear framework for airlines and other stakeholders to take advantage of this important incentive. As the industry continues to work towards reducing its environmental impact, the tax credit will play a key role in promoting the use of sustainable aviation fuels and driving progress towards a more sustainable future for air travel.