Treasury, IRS issue frequently asked questions regarding registration for the Clean Fuel Production Credit

IR-2024-184, July 10, 2024

WASHINGTON — The Internal Revenue Service today issued frequently asked questions (FAQs) in Fact Sheet 2024-25 related to which entities must apply for registration for the Clean Fuel Production Credit.

The Inflation Reduction Act of 2022 (IRA) added a new income tax credit for clean fuel production, available beginning Jan. 1, 2025. To claim a Clean Fuel Production Credit the taxpayer must be registered as a producer of clean fuel at the time of production.

Notice 2024-49 provides guidance on the registration procedures for the Clean Fuel Production Credit, including how to apply for registration and what information a clean fuel producer must submit with its application.

These FAQs address which entity must apply for registration pursuant to Notice 2024-49, including if the entity producing the clean fuel is a disregarded entity, and also which entity will be able to claim the credit when the registrant is a disregarded entity.

More information about IRA credits and deductions can be found at Credits and deductions under the Inflation Reduction Act of 2022.

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