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
