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Notice 2024-74: Additional guidance on safe harbors for sustainable aviation fuel credit

Guidance applies as of October 18, 2024.

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October 18, 2024

The IRS today released Notice 2024-74 providing additional guidance to taxpayers using the safe harbors in Notice 2024-37 with respect to the new sustainable aviation fuel (SAF) credits under sections 40B and 6426(k), created by Pub. L. No. 117-169 (commonly called the “Inflation Reduction Act of 2022” (IRA)).

Specifically, Notice 2024-74 instructs taxpayers using the 40BSAF-GREET 2024 safe harbor to calculate emissions reduction percentage with respect to claims that relate to the sale or use of a SAF qualified mixture on or after October 18, 2024, to use the newly released October 2024 version of the 40BSAF-GREET 2024 model and accompanying user manual for purposes of Notice 2024-37. Read TaxNewsFlash

Read the related IRS release—IR-2024-272 (October 18, 2024)

Background

The SAF credit applies to a qualified fuel mixture containing sustainable aviation fuel for certain sales or uses in calendar years 2023 and 2024. The SAF credit is $1.25 for each gallon of sustainable aviation fuel in a qualified mixture. To qualify for the credit, the sustainable aviation fuel must have a minimum reduction of 50% in lifecycle greenhouse gas emissions. Additionally, there is a supplemental credit of one cent for each percent that the reduction exceeds 50%. 

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