Treasury Sends ‘45Z’ Proposal to White House for Review
The U.S. Department of Treasury sent its proposed regulation governing implementation of the ‘45Z’ Clean Fuel Production Tax Credit to the White House Office of Management and Budget on Dec. 18 for review. This marks the final step before the agency releases its proposal for public comment. NATSO will meet with OMB in coming days; although the exact timeline for issuing the proposal remains unknown. Despite a Congressional requirement for Treasury to issue guidance by January 2025, the agency issued a piecemeal preliminary proposal, forcing fuel retailers and the biofuels supply chain to navigate a climate of uncertainty.
NATSO has repeatedly urged Treasury and the Internal Revenue Service to publish guidance that includes disclosure of precise credit values for fuel originating from different production facilities to ensure price transparency; additional stringency for the model that calculates the lifecycle emissions of aviation fuels to ensure that implementation of the Clean Fuel Production Tax Credit is consistent with the Inflation Reduction Act; strategies that ensure the 45Z credit does not shut off renewable diesel and biodiesel imports which help to lower fuel prices and emissions; and policies that limit the migration of feedstock away from renewable diesel and biodiesel to ensure that feedstocks continue to gravitate toward the most environmentally compelling end-use.
April 2025: NATSO Submits Comments to Department of Treasury and Internal Revenue Service on ’45Z’
June 2025: NATSO Letter to Senate Finance Committee
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