FutureFuel Corp. announced on January 3, 2025, that it has received Excise Tax Registration approval from the Internal Revenue Service. This approval is a foundational requirement for the company to be eligible to claim the Internal Revenue Code 45Z credit, also known as the clean fuel production tax credit, which became effective on January 1, 2025.
This registration marks a crucial step for FutureFuel's biofuel segment, as it positions the company to potentially benefit from the new federal tax incentive. The company, along with other renewable fuel producers, is awaiting full guidance from the IRS regarding the comprehensive rules for this tax credit.
FutureFuel possesses the capacity to produce up to 60 million gallons of biodiesel annually. Securing this initial registration is essential for the company to eventually recognize the financial benefits associated with the new clean fuel production credit.
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