U.S. Treasury Department and IRS Issue Guidelines to Boost American Innovation and Reduce Aviation Sector Emissions

Biden-Harris Administration Partners Announce Update to GREET Model to Measure Lifecycle Emissions of Sustainable Aviation Fuels

WASHINGTON Today, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) released guidance on the Sustainable Aviation Fuel (SAF) credit established by the Inflation Reduction Act (IRA), as part of the President Biden's investment program in America to create good-paying jobs. and reduce climate pollution by boosting innovation in the aviation industry.

The Treasury Department has worked closely with Biden-Harris Administration partners, including the Environmental Protection Agency (EPA), Department of Transportation (DOT), Department of Agriculture (USDA ) and the Department of Energy (DOE) in today's notice.

President Biden's Inflation Reduction Act spurs American innovation to create good-paying jobs and help the United States overcome obstacles to our transition to clean energy, said U.S. Treasury Secretary Janet L . The incentives provided by the law help increase the production of low-carbon fuels and reduce emissions from the aviation sector, one of the most difficult to transition sectors of our economy. Today's guidance provides greater clarity and certainty for businesses and producers.

Sustainable aviation fuel is a key part of the Biden-Harris administration's efforts to transition the U.S. economy to a clean energy future and rebuild the middle class from the bottom up in rural America, the secretary said American Agriculture, Tom Vilsack. Today's announcement is an important step because it recognizes the important role that farmers can play in reducing greenhouse gas emissions and begins to reward them for this contribution to the production of new fuels. This is a good start as we develop new markets for sustainable aviation fuel that use local crops produced using climate-smart agricultural practices. USDA will continue to work with its partner federal agencies to expand future opportunities for climate-smart agriculture by producing sustainable aviation fuel.

The guidance released today reflects the latest data and science needed to help create new economic opportunities for the U.S. agricultural sector, said U.S. Secretary of Energy Jennifer M. Granholm. This cross-agency effort will help our climate goals take off with sustainable, cheaper, cleaner aviation fuel, ensuring America stays ahead of the global clean-tech stage.

Innovation in aviation has brought our country and our world closer together and now fuels the solution to achieving our ambitious net-zero carbon goals, said U.S. Transportation Secretary Pete Buttigieg. Today's announcement will strengthen America's position as a leader in the production of sustainable aviation fuels, help reduce carbon emissions, and create a better future for all Americans.

The Inflation Reduction Act tax credit for sustainable aviation fuels is a critical tool for decarbonizing air transportation, said John Podesta, senior adviser to the president for international climate policy. Today's announcement of an updated GREET model and Treasury guidance is a big step forward for American farmers, for American innovation, for American jobs, and for the Americas' ability to reduce poverty. carbon pollution from our transport sector and to protect our planet.

The Treasury Department's guidance provides important clarification on eligibility for the SAF credit. The credit encourages the production of SAF which provides a reduction in life cycle greenhouse gas emissions of at least 50% compared to petroleum-based jet fuel. SAF producers are eligible for a tax credit of $1.25 to $1.75 per gallon. SAF that achieves a 50% GHG emissions reduction is eligible for the $1.25 per gallon credit, and SAF that achieves more than 50% GHG emissions reduction is eligible for an additional 0.00 credit. $01 per gallon for each percentage point the reduction exceeds 50%. , up to $0.50 per gallon.

As part of today's guidance, the agencies comprising the SAF Interagency Working Group (IWG) are jointly announcing the 40B SAF-GREET 2024 Model. This model provides an alternative methodology for SAF producers to determine emissions rates of GHGs over the life cycle of their production for the purposes of the SAF credit.

The modified version of GREET incorporates new data, including updated modeling of key raw materials and processes used in aviation fuel and indirect emissions. The modified GREET model also incorporates key greenhouse gas emissions reduction strategies such as carbon capture and storage, renewable natural gas, and renewable electricity.

The notice issued today also incorporates, on a pilot basis, a USDA pilot program to encourage the use of certain climate-smart agriculture (CSA) practices for SAF feedstocks. Integrating CSA practices into SAF production provides multiple benefits, including an overall reduction in GHG emissions associated with SAF production and increased adoption of agricultural practices associated with other environmental benefits, such as improved water quality and soil health.

For jet corn ethanol, the pilot provides a greenhouse gas reduction credit if a combination of certain CSA practices (no-till, cover crop, and efficiency-enhanced fertilizers) are used. Similarly, it would allow a greenhouse gas reduction credit for jet soybeans if the soybean feedstock is produced using a set of applicable CSA practices (no-till and cover crop). This is a pilot program specific to the 40B credit, effective for 2023 and 2024.

To credit CSA practices under the Clean Fuel Production Credit (45Z), which will be available in 2025, the agencies will continue their work on modeling, data and assumptions, as well as verification. A new 45Z-GREET will be developed for use with the 45Z tax credit.

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