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.
IRS-FAQ
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
