 Internal Revenue Service, IRS Tax News, Treasury, IRS Issues, Guidance on New Sustainable Aviation Fuel Credit. It does seem important that the fuel sustain, you know, the airplane and the air and everything. But first, first a joke. Ex-Twitter employees insist that Twitter did not shadowban people. They continue. You see, the problem here is that you just don't even understand what the term shadowbanning even is. What's the matter with this thing? What's all that churning and bubbling? You call that a radar screen? No, sir. We call it Mr. Coffee. Careful, sir. And I mean, how could you? We haven't even decided on what we're going to change the official dictionary definition to yet, you know, for the current hour. Yes! I always have coffee when I watch radar. You know that. Of course I do, sir. Everybody knows that. Of course we do, sir! Now that I have my coffee, I'm ready to watch radar. Where is it? And without our latest hourly update of the definition of stuff, the things you say are nonsense. I realize that now. You want to take a dingy? No, no. I took care of that at the press conference. Lieutenant, the feeling is mutual. Let me explain. First, when people say the term shadowban, they're often confusing it with the term shadowband. Cuban? No, Dutch Irish. My father was from Wales. Shadowband being a popular rock group whose lyrics talk about Never Neverland and Peter's pans constant struggles with his shadows. So they were able to get him to the hospital in time. Yes, he's in the intensive care ward at our lady of the worthless miracle. Another common misconception about shadowbands is that we don't actually allow shades to tweet. You know, like dead people? He's Caucasian. Caucasian? Yeah, you know, a white guy with a mustache about six foot three. Not a big mustache. Robots and bots, they're okay, but not shades or shadows. So like, for example, we shadowband Casper, the friendly ghost who happened to be friendily explaining how biology worked at the time we canceled. I mean, justifiably, politically correctly and equitably shadowband him. Lieutenant Frank Driven, police squad, this is my captain Ed Hocken. Is this some kind of bust? Well, it's very impressive, yes, but we need to ask you a few questions. Because he was causing harm, even though he doesn't physically exist on this plane. But anyways, also, when people misuse the term shadowband, they're often mistaking it for our much more detailed, technical and completely justifiable policy of don't like it, delete it. I'll call Spaceball City and notify President Scrooge immediately. I already called him, sir. He knows everything. You went over my helmet? Or DD for short. Some people just call the policy communism, but I wouldn't go that far believing that we need to be modest. I mean, we're not to Utopia yet, you know, but we're on our way and we were doing our part. I'll always call you first. It'll never happen again. Never, ever. So anyways, DD is a very complex process where we had to hire thousands of people to both determine what we didn't like, which involved a long Q&A with like powerful politicians. And then we had to find the stuff we didn't like so we could delete it. Oh, shit. No, no, no, no. No, no, no. Please, please, please. No, no, not that. And then we had a saying. If you violate DD, you go the way of the do-do, meaning we'll destroy you. Yes, bet. And once you're gone and have no means of defending your reputation, we will disparage you relentlessly until your very name is synonymous with the term stupid. That's what you get for violating DD, you do-do. But I don't even have to call you do-do anymore. Thanks to our DD policy, I can just say your name now, which means do-do, which means stupid. IR 2022-223 December 19, 2022 Washington, the Treasury Department and Internal Revenue Service today issued a notice regarding the Sustainable Aviation Fuel SAF Credit. This is a new credit created by the Inflation Reduction Act of 2022. Hey, I know that act. Doesn't it have something to do with reducing inflation? Given the name, Inflation Reduction Act. Answer, no. We've been talking, there's a whole bunch of stuff in this thing. We've been talking about it for many different IRS news articles. I haven't seen a thing that's related to the Inflation Reduction Act. I'm sure it was just an honest mistake though. You know what I think happened? Is they had like a list of bill names and they're like Excel worksheet in one column, and then what the bill actually did in the other column of the Excel worksheet, and then some like rookie that was in the office kind of jumbled up the names so they didn't match like what the bill actually did anymore. It's a totally honest mistake. No, it wasn't you idiot. There are a bunch of liars. Okay, maybe they were less than on any case, whatever. It applies to qualified fuel mixture containing sustainable aviation fuel for certain sales or uses in calendar year 2023 and 2024. Notice 2023-06, there's a link to that here, explains the requirements for the fuel to be eligible for the SAF credit, the various methods in which a claimant may claim the credit and which parties must be registered for the different activities in the process. The notice also asks for public comments on various aspects of the statute which will help Treasury and IRS in developing additional guidance, additional guidance. Wow, I can't wait to see that. They're really going to help, they're going to really help out the aviation industry. So the SAF credit is $1.25 for each gallon of sustainable aviation fuel in a qualified mixture. To qualify for the credit, the sustainable aviation fuel must have a minimum reduction of 50% in lifecycle greenhouse gas emissions. Additionally, there is a supplemental credit of one cent for each percent that the reduction exceeds 50%. So basically, if you get in the next airplane, it's got to be up there with a half a tank of water mixed with kind of fuel, like half water down fuels, like taking a shot out of the whiskey bottle that someone drank half of it and then filled the other half up with water. I don't think it's going to do the same job. I don't think it's going to do the job like it's supposed to. I don't know. Maybe I'm just paranoid. So the notice provides a safe harbor for the calculating the lifecycle greenhouse gas emissions reduction percentage. Finally, the notice explains that a climate may choose how to claim the sustainable aviation fuel credit one more time. Finally, the notice explains that a claimant may choose how to claim the sustainable aviation fuel credit. The first is through the excise tax system. The second is a general business credit that is non refundable and must be included in income. Notice 2023-06 also clarifies that what constitutes sustainable aviation fuel and a qualified mixture. I'm telling you, I almost guarantee. I'm not an expert on this, but I'm thinking half gas, half water is what they're looking for here. But in any case, it's good to know that the Inflation Reduction Act is achieving the goal purpose that's inherently implied in the name of the act. And if you want to check it out in more detail, there's a link to that notice here so you can check that out and there'll be a link to this in the description.