Agency: Department of the Treasury
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Biodiesel tax credit
Agency: Department of the Treasury Description: Tax credit of $1/gallon for biomass-based diesel (biodiesel and renewable diesel) fuel, plus tax credit for alternative fuels Bill Section: 13201 US Code: 26 USC 40A New or Existing: Existing Potential Cost: $5,600,000,000 Timeline: Calendar years 2023-2024, with costs incurred in FY23-25 TCS Notes: Most…
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CCS/45Q tax credit
Agency: Department of the Treasury Description: Tax credit for carbon oxide captured and sequestered. Bill Section: 13104 US Code: 26 USC 45Q New or Existing: Existing Potential Cost: $3,200,000,000 Timeline: Through 2032 TCS Notes: The Joint Committee on Taxation (JCT) estimated that the IRA’s expansion of the 45Q tax credit would…
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Cellulosic tax credit
Agency: Department of the Treasury Description: $1.01/gallon tax credit for production of cellulosic based biofuel. Bill Section: 13202 US Code: 26 USC 40 New or Existing: Existing Potential Cost: $540,000,000 Timeline: Calendar years 2022-2024 (2022 is retroactive). Cost projection is for FY23-25. TCS Notes: The cellulosic biofuel industry was intended to…
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Sustainable Aviation Fuel Credit
Agency: Department of the Treasury Description: Tax credit of $1.25/gallon or more for aviation fuel meeting certain GHG and other requirements Bill Section: 13203 US Code: 26 USC 40B New or Existing: New Potential Cost: $490,000,000 Timeline: 2023-2024 (later folds into Clean Fuel Production credit) Implementation Status/Rulemaking: On December 19, 2022,…
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Credit for Production of Clean Hydrogen
Agency: Department of the Treasury Description: Tax credit of up to $0.60/kg for production of hydrogen, defined as 4 kilograms of CO2e per kilogram or less; credit varies by lifecycle GHG emissions rate, with lower emission hydrogen receiving higher credits Bill Section: 13204 US Code: 26 USC 45V New or Existing: New Potential Cost:…
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Energy Efficient Commercial Buildings Deduction
Agency: Department of the Treasury Description: Tax deduction of for the cost of energy efficient commercial building property, calculated by the size of the building. Bill Section: 13303 US Code: 26 USC 179D New or Existing: Existing Potential Cost: $362,000,000 Timeline: Property placed in service in 2023 and after Implementation Status/Rulemaking: …
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Clean Vehicle Credit
Agency: Department of the Treasury Description: Tax credit for the purchase of certain new electric vehicles. Bill Section: 13401 US Code: 26 USC 30D New or Existing: Existing Potential Cost: $7,541,000,000 Timeline: 2023 – 2032 Implementation Status/Rulemaking: On October 5, 2022, the Internal Revenue Service issued Notice 2022-46 which requests comments…
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Credit for Previously-Owned Clean Vehicles
Agency: Department of the Treasury Description: Tax credit of 30% of the sale price of a previously owned electric vehicle but no more than $4,000 Bill Section: 13402 US Code: 26 USC 25E New or Existing: New Potential Cost: $1,347,000,000 Timeline: 2023 – 2032 Implementation Status/Rulemaking: Guidance on the Used Clean…
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Credit for Qualified Commercial Clean Vehicles
Agency: Department of the Treasury Description: Tax credit for certain electric and hydrogen powered fuel cell commercial vehicles Bill Section: 13403 US Code: 26 USC 45W New or Existing: New Potential Cost: $3,583,000,000 Timeline: 2023 – 2032 Implementation Status/Rulemaking: On November 3, 2022, the Internal Revenue Service issued Notice 2022-56 which…
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Clean Fuel Production Credit
Agency: Department of the Treasury Description: Tax credit of $0.20-$1.00/gallon for production of fuels with carbon intensity reductions (less than 50 kilograms of CO2e per mmBTU); sustainable aviation fuel could receive credit of up to $1.75/gallon, with a minimum of $0.35/gallon. Bill Section: 13704 US Code: 26 USC 45Z New or Existing: New Potential…