The U.S. Department of the Treasury and Internal Revenue Service announced proposed regulations for the clean fuel production credit under the One, Big, Beautiful Bill (OBBB). The credit applies to domestic producers of clean transportation fuel manufactured after Dec. 31, 2024, and sold by Dec. 31, 2029. Taxpayers must register with the IRS using Form 637 to claim the credit. The rules clarify eligibility, emissions rate calculations, and registration requirements. Key OBBB changes include extending the credit deadline, restricting feedstocks to U.S., Mexican, or Canadian sources, adding foreign entity prohibitions, and modifying sale attribution rules. The regulations also eliminate a sustainable aviation fuel rate, introduce anti-abuse provisions, and exclude indirect land use changes from emissions calculations. Public comments and a hearing are invited via the Federal e-Rulemaking portal or mail to CC:PA:01:PR (REG-121244-23).
https://www.irs.gov/newsroom/treasury-irs-issue-proposed-regulations-on-the-clean-fuel-production-credit-under-the-one-big-beautiful-bill
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