Select U.S. Clean Energy and Fuel Incentives Face Uncertainty
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Jay Cruz
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Select U.S. Clean Energy and Fuel Incentives Face Uncertainty

The future of clean energy tax credits established or modified under the Inflation Reduction Act (IRA) impacting the liquid terminal industry face increasing uncertainty as the U.S. transitions to the Trump administration. While a full repeal of the IRA is unlikely given the bipartisan support for certain provisions, Congress and the Trump administration are likely to take a targeted approach to certain policies through the budget reconciliation process in 2025. For example, tax credits for electric vehicles are a likely target, while incentives to support carbon capture and storage are widely believed to be safely in place. 

For policies where the federal government has not yet published final regulation, the Trump administration will have the ability to propose and finalize its own regulations. One such example is the Section 45Z Clean Fuel Production tax credit, which replaces the biodiesel blenders tax credit and a sustainable aviation fuel tax credit. Reuters is reporting that the Biden administration will not finalize the highly anticipated guidelines for new clean fuel production tax credits before it leaves office in January. The tax credit, planned to take effect on January 1, was expected to drive the new production of billions of gallons of biofuels. However, the lack of detailed guidance from the U.S. Treasury would slow renewable fuels markets down amidst persisting uncertainty while industry awaits direction on these critical policy dynamics. 

ILTA will continue to monitor and provide insights on policy updates impacting liquid fuel markets for members. 

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