Biden Signs New SAF, Hydrogen, Clean Fuel Tax Credits into Law
President Joe Biden on August 16 signed the Inflation Reduction Act into law, calling the legislation the “biggest step forward in climate—ever” and stressing it will allow the U.S. to boldly take additional steps towards meeting its climate goals.
Of interest to the biofuel and bioenergy industries, the newly signed law establishes new tax credits for sustainable aviation fuel (SAF), clean transportation fuels and clean hydrogen. It also extends several existing tax credits that benefit transportation biofuels, such as renewable diesel and biodiesel, and includes funding for biofuel infrastructure development. Other provisions of the bill support the production of biogas- and biomass-based electricity and offer tax incentives for homeowners to install biomass-fired residential heating appliances.